TUCSON, Ariz.--(BUSINESS WIRE)--Ionatron, Inc., (Nasdaq:IOTN), today announced that effective February 20, 2008 it will change its corporate name to Applied Energetics, Inc., and the company's shares will begin trading on the NASDAQ Global Market under the ticker symbol "AERG". The name change reflects the transition of the company from its roots in directed energy weapons research, to its emerging mix of engineering and production programs for military, aerospace, and industrial customers.
Commenting on the name change, Applied Energetics’ Chairman, President and Chief Executive Officer Dana Marshall stated, “Our company has moved well beyond our foundation in scientific discovery. Our new name is intended to better express this focus on delivering practical capability, and reflect the broadening of our targeted markets and applications. Our customers have embraced our innovative concepts for guided energy, and today we are meeting their needs for well engineered production hardware for their real-world applications. We also hope that this new name will highlight the significant changes we’ve made to our management approach as we have matured this business over the past two years.”
In conjunction with the name change, the company’s new website www.appliedenergetics.com will be online starting February 18, 2008.
The change in corporate name will not affect the validity or transferability of any existing stock certificates that bear the Ionatron name. Stockholders with Ionatron certificates should continue to hold them. No action is required.
About Applied Energetics, Inc.
Applied Energetics, Inc., based in Tucson Ariz., specializes in development and manufacture of high performance lasers, high voltage electronics, advanced optical systems, and integrated guided energy systems for defense, aerospace, industrial, and scientific customers worldwide. Applied Energetics pioneered the development of Laser Guided Energy (LGE™) technology, and related solutions for defense and security applications. For more information about Applied Energetics, please visit www.appliedenergetics.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Certain statements contained in this News Release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such factors include, but are not limited to: the dependence on sales of a limited number of products and the uncertainty of the timing and magnitude of government funding and orders, dependence on sales to government customers; the uncertainty of patent protection; the uncertainty of strategic alliances; the uncertainty of management tenure; the impact of third-party suppliers' manufacturing constraints or difficulties; management's ability to achieve business performance objectives, market acceptance of, and demand for, the Company's products, and resulting revenues; development and testing of technology and products; manufacturing capabilities; impact of competitive products and pricing; litigation and other risks detailed in the Company's filings with the Securities and Exchange Commission. The words "looking forward," "believe," "demonstrate," "intend," "expect," "contemplate," "estimate," "anticipate," "likely" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Applied Energetics undertakes no obligation to update any forward-looking statements contained in this news release.