RICHARDSON,
TX -- (Marketwire) -- 05/04/09 -- Optex Systems (Optex) (OTCBB: OPXS), a
subsidiary of Optex Systems Holdings Inc., a manufacturer of optical sighting
systems and assemblies primarily for Department of Defense applications,
announced today the March 30th completion of its share exchange with publicly
held Sustut Exploration (OTCBB: SSTX). As a result of the transaction, Optex has
become a publicly traded company and has applied for, and received, a ticker
symbol change. Effective with the start of trading on May 5, 2009, Optex will
trade under the ticker symbol (OTCBB: OPXS). The business of Optex Systems is
now carried on as the sole line of business.
The ISO
9001:2008 certified company manufactures optical sighting systems and assemblies
primarily for Department of Defense (DOD) applications. Its products are
installed on various types of U.S. military land vehicles, such as the Abrams
and Bradley fighting vehicles, Light Armored and Advanced Security Vehicles and
have been selected for installation on the Stryker family of vehicles. Optex
also manufactures and delivers numerous periscope configurations, rifle and
surveillance sights and night vision optical assemblies. Optex delivers its
products both directly to the military services and to prime
contractors.
Optex was
privately held from inception until being acquired by publicly traded Irvine
Sensors Corp. (NASDAQ: IRSN) on December 30, 2005 and was operated as a wholly
owned subsidiary. On October 14, 2008, Optex Systems Inc. (Delaware), of which
the Longview Fund LP was a majority shareholder, acquired Optex Systems. On
February 20, 2009, Longview Fund conveyed its ownership interests in the Company
to Sileas Corp., an entity owned by three of the Company's
officers.
Ronald F.
Richards, Chairman of Optex, commented, "We have reached a significant milestone
in our company's history. I want to personally thank everyone who has made this
possible including each and every one of our valuable and talented employees."
Mr. Richards continued, "For those investors new to our story, I hope to
continue to update you on the latest developments as we expand our operations.
We have a rich history delivering high volume products, under multi-year
contracts, to large defense contractors. Optex has the reputation and
credibility with those customers as a strategic supplier. These long-term,
stable government contracts have typically translated into steady growth for our
Company. For fiscal year 2008 we recorded revenues of $20.0 million, as compared
to $15.4 million in fiscal year 2007, which translated into a year over year
increase of $4.6 million or 29.9%."
ABOUT
OPTEX SYSTEMS
Optex,
which was founded in 1987, is a Richardson, Texas-based ISO 9001:2008 certified
concern, which manufactures optical sighting systems and assemblies primarily
for Department of Defense (DOD) applications. Its products are installed on a
majority of types of U.S. military land vehicles, such as the Abrams and Bradley
fighting vehicles, Light Armored and Advanced Security Vehicles and have been
selected for installation on the Stryker family of vehicles. Optex also
manufactures and delivers numerous periscope configurations, rifle and
surveillance sights and night vision optical assemblies. Optex delivers its
products both directly to the military services and to prime contractors. For
additional information, please visit the Company's website at www.optexsys.com.
Safe
Harbor Statement
This
Press Release and other written reports and oral statements made from time to
time by the Company may contain so-called "forward-looking statements," all of
which are subject to risks and uncertainties. You can identify these
forward-looking statements by their use of words such as "expects," "plans,"
"will," "estimates," "forecasts," "projects" and other words of similar meaning.
You can identify them by the fact that they do not relate strictly to historical
or current facts. These statements are likely to address the Company's growth
strategy, financial results and product and development programs. You must
carefully consider any such statement and should understand that many factors
could cause actual results to differ from the Company's forward-looking
statements. These factors include inaccurate assumptions and a broad variety of
other risks and uncertainties, including some that are known and some that are
not. No forward-looking statement can be guaranteed and actual future results
may vary materially.
The
Company does not assume the obligation to update any forward-looking statement.
You should carefully evaluate such statements in light of factors described in
the Company's filings with the SEC, especially on Forms 10-K, 10-Q and 8-K. In
various filings the Company has identified important factors that could cause
actual results to differ from expected or historic results. You should
understand that it is not possible to predict or identify all such factors.
Consequently, you should not consider any such list to be a complete list of all
potential risks or uncertainties.
Contact:
Howard
Gostfrand
American
Capital Ventures
(p)
305.918.7000
(e) Email Contact
Source:
Optex Systems