MIAMI, March 29, 2004 (PRIMEZONE) -- American Ammunition, Inc. (OTCBB:AAMI) announced today that it has retained the investment-banking firm Andrew, Alexander, Wise & Company, Incorporated (http://www.aawco.com) of New York, NY. Under the terms of the agreement, AAWCO will provide general advisory and investment banking services which specifically includes sourcing and funding a new AAMI acquisition strategy. That strategy is to acquire existing businesses that complement current AAMI business activity and adds revenues and profits. Minimum funding committed is not less than $3,000,000 within 120 days and a total of $10,000,000 within 270 days on terms and conditions consented to by AAMI.
AAWCO acted as the investment banker for AAMI in connection with the planned acquisition by AAMI of the business and specified assets of Triton Ammunition Corporation and the related intellectual property rights used in the manufacturing of the Triton product line, which was announced on February 12, 2004.
Mr. Andres Fernandez, President and CEO of AMMI said, "Our relationship with AAWCO began with our planned acquisition of Triton. I believe that working together with AAWCO we will move AAMI's business to the next level." He added, "We are very excited about the opportunities before us and look forward to a long standing working relationship with AAWCO."
About American Ammunition, Inc. -- AAMI is an autonomous manufacturer of ammunition, with the technology and equipment to take advantage of the growing market. It has an excellent reputation within the industry. The ammunition industry has experienced a 28% average increase in revenues annually between 1991 through 1998, and the trend is expected to continue through the year 2005 and beyond. For further product information, please call 1-305-835-7400 or visit the website at: http://www.a-merc.com. For Investor Relations information, please call: 1-305-446-4800 or e-mail: CISintr@netscape.net.
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.