NEW YORK, May 18, 2010 (GLOBE NEWSWIRE) -- Safer Shot, Inc. (Pink Sheets:SAFS) is improving its overall financial status as it moves forward to production. It has commenced the reduction of outstanding liabilities, which were in the form of accrued liabilities and financing notes. To date, a significant $425,000 has been settled, restructured or is pending completion, and more is expected to be retired soon.
This advancement will enhance the Company's financial position, improve cash flow and provide a pathway to profitability.
"We are pleased to be in the position to move forward with further development and marketing of Safer Shot's proprietary non-lethal weapon technology now that the Technology Transfer agreement is completed and most of the outstanding debt is eliminated. The improved balance sheet makes our company more attractive to partners, new business opportunities and significant investment," said John Lund, President.
The overall market for the Company's products is very large indeed and the Safer Shot technology is a significant improvement on the present state of non-lethal weapon usage. Non-Lethal munitions applications can be used by military personnel and law enforcement officers to apply the minimum force necessary while performing missions of crowd control and area security, for example. These devices will aid military forces/commanders in situations of hostage rescue, capture of criminals, terrorists, or control of other adversarial persons. The components are specifically designed and primarily employed to incapacitate personnel or material, while minimizing fatalities or permanent injury to intended targets and collateral damage to property and the environment. The non-lethal weapons field is a $5 billion industry, and the Company is confident that "Bouncer"™ will prove to be a premier product in this market.
About Safer Shot
Safer Shot, Inc. is a technology company with an initial focus on developing, marketing its Non-Lethal Weapons, and subsequently sold to the Military, Law Enforcement and Private Security sectors. Safer Shot's products include The "Bouncer"™, a series of handheld weapons providing law enforcement, military and security personnel the ability to incapacitate an assailant without the risk of serious injury. The proprietary Safer Shot Non-Lethal Weapon and cartridge system use kinetic energy to incapacitate a target at a range of up to 22 feet. Upon impact, the ammunition breaks into a putty-like substance, preventing it from entering the body, causing long term injury or even breaking the skin.
For further information please visit Safer Shot at www.safershot.com.
This press release may contain certain statements that are not descriptions of historical information, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. These forward-looking statements refer to matters that involve risks and uncertainties. Such statements reflect management's current views and are based on certain assumptions. Actual results could differ materially from the assumptions currently anticipated.