VIENNA, Va., Jan. 18, 2001 (PRIMEZONE) -- Allied Research Corporation (AMEX:ALR), a diversified defense and commercial electronic security firm, announced today that, based on preliminary estimates, earnings for the year 2000 will be strong.
General (Retired) J.H. Binford Peay, III, recently named Chairman, President and Chief Executive Officer of Allied Research, said, "Based on the latest information from our operating units, we will report an excellent year 2000, with all indications pointing to a strong 2001 as well. Both of our operating units had profitable fourth quarters and have excellent prospects for the future.
"Our goal is clear: to increase shareholder value. We believe our stock continues to be undervalued by the market. Our new management team is committed to address the cyclical operating results, which we believe depress our stock price. I intend to commit the necessary resources to meet this challenge. We have significantly increased our management team to have the necessary manpower to fully explore alternate courses of action and to promptly and efficiently implement those steps we believe will benefit our shareholders. Allied Research is a great investment opportunity," General Peay added.
Allied Research Corporation is a defense and commercial electronic security firm. Its operating units develop and produce ammunition. In addition, they design, produce and market sophisticated commercial electronic security and access control systems.
Certain statements contained herein are "forward-looking" statements as such term is defined in the Private Securities Litigation Reform Act of 1995. Because statements include risks and uncertainties, actual results may differ materially from those expressed or implied and include, but are not limited to, those discussed in filings by the Company with the Securities and Exchange Commission.