Simulator Companies To Combine Efforts
Arotech Corporation says it's
entered into a definitive agreement to acquire FAAC, a
privately-owned corporation with headquarters located in Ann Arbor
(MI). For more than 30 years, FAAC has provided simulators, systems
engineering and software products to the United States military,
government and private industry. This acquisition will
significantly expand Arotech's simulation business into the
military arena. The closing of this transaction is expected to take
place next week.
FAAC management will stay with the company and will continue to
manage FAAC as a wholly-owned subsidiary of Arotech.
FAAC is a leading provider of
driving simulators. FAAC's fully interactive driver-training
systems feature state-of-the-art vehicle simulator technology
enabling training in situation awareness, risk analysis and
decision making, emergency reaction and avoidance procedures, and
conscientious equipment operation. FAAC has an installed base of
169 simulators that have successfully trained over 78,000 drivers.
FAAC's customer base includes all branches of the Department of
Defense, state and local governments, and commercial entities.
FAAC is the premier developer of validated, high fidelity
analytical models and simulations of tactical air and land warfare
for all branches of the Department of Defense and its related
industrial contractors. Simulations developed by FAAC are found in
systems ranging from instrumented air combat and maneuver ranges
(such as Top Gun) to full task training devices such as the F-18
Weapon Tactics Trainer.
FAAC supplies on-board software to
support weapon launch decisions for the F-15, F-18, and Joint
Strike Fighter (JSF) fighter aircraft. Pilots benefit by having
highly accurate presentations of their weapon's capabilities,
including susceptibility to target defensive reactions.
FAAC designed and developed an Instructor Operator Station
(IOS), Mission Operator Station (MOS) and real-time, database
driven Electronic Combat Environment (ECE) for the Special
Operational Forces Aircrew Training System (SOF ATS). The SOF ATS
provides a full range of aircrew training, including initial
qualification, mission qualification, continuation, and upgrade
training, as well as combat mission rehearsal.
"This acquisition will significantly increase our revenues and
lead us to consistent EBITDA profitability in 2004," said Robert S.
Ehrlich, Arotech's Chairman, President and CEO. "Furthermore,
combining the strengths of FAAC, a leader in the military markets,
and IES Interactive, a leader in simulators for the law enforcement
market, clearly presents significant synergy advantages for
Aerotech."
Arotech also reported that it has not yet reached a satisfactory
agreement with the lithium battery company with which it signed a
letter of intent a few months ago. Arotech is continuing
negotiations, which it hopes will result in a definitive agreement
early in 2004.
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