EX-99.1
3
v128219_ex99-1.htm
Unassociated Document
The
Allied Defense Group, Inc.
FOR
IMMEDIATE RELEASE
For
More Information, Contact:
October
1, 2008
Jim
Drewitz Investor Relations
830-669-2466
THE
ALLIED DEFENSE GROUP, INC. CLOSES SALE OF
GLOBAL
MICROWAVE SYSTEMS, INC.
VIENNA,
Virginia, October 1, 2008
- The
Allied Defense Group, Inc. (AMEX:ADG) announces it has closed the previously
announced sale of its California subsidiary, Global Microwave Systems, Inc.
to a
wholly owned subsidiary of Cobham plc, an international company engaged in
the
development, delivery and support of advanced aerospace and defense systems
for
land, sea and air platforms.
Allied
Defense Group received $26 million in cash in this transaction.
Major
General (Ret) John J. Marcello, President and Chief Executive Officer of The
Allied Defense Group said, "GMS has been an important part of our Electronic
Security business segment. It has shown meaningful growth since we acquired
the
business in late 2005. The divestiture of GMS will allow the Company to reduce
and repay debt, and focus efforts on its key strengths in the Ammunition market
place. The completion of the sale of GMS represents another step in our
strategic plan to dispose of non-core assets to reduce and repay our outstanding
debt and strengthen our balance sheet. ADG continues to restructure and
recapitalize to maximize value for all of our shareholders".
Houlihan
Lokey advised the Allied Defense Group, Inc. in connection with the
transaction.
About
The Allied Defense Group:
The
Allied Defense Group, Inc. is a diversified international defense firm which
develops and produces conventional medium caliber ammunition marketed to defense
departments worldwide; designs, produces and markers sophisticated microwave
security systems. For more information, please visit the Company website:
www.allieddefensegroup.com/
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.

EX - 99 . 1 3 v128219 _ ex99 - 1 . htm Un associated Document The Allied Defense Group , Inc . FOR IMMEDIATE RELEASE For More Information , Contact : October 1 , 2008 Jim Drewitz Investor Relations 830 - 669 - 2466 THE ALLIED DEFENSE GROUP , INC . CLOSES SALE OF GLOBAL MICROWAVE SYSTEMS , INC . VIENNA , Virginia , October 1 , 2008 - The Allied Defense Group , Inc . ( AMEX : ADG ) announces it has closed the previously announced sale of its California subsidiary , Global Microwave Systems , Inc . to a wholly owned subsidiary of Cobham plc , an international company engaged in the development , delivery and support of advanced aerospace and defense systems for land , sea and air platforms . Allied Defense Group received $ 26 million in cash in this transaction . Major General ( Ret ) John J. Marcello , President and Chief Executive Officer of The Allied Defense Group said , " GMS has been an important part of our Electronic Security business segment . It has shown meaningful growth since we acquired the business in late 2005 . The divestiture of GMS will allow the Company to reduce and repay debt , and focus efforts on its key strengths in the Ammunition market place . The completion of the sale of GMS represents another step in our strategic plan to dispose of non - core assets to reduce and repay our outstanding debt and strengthen our balance sheet . ADG continues to restructure and recapitalize to maximize value for all of our shareholders " . Houlihan Lokey advised the Allied Defense Group , Inc . in connection with the transaction . About The Allied Defense Group : The Allied Defense Group , Inc . is a diversified international defense firm which develops and produces conventional medium caliber ammunition marketed to defense departments worldwide ; designs , produces and markers sophisticated microwave security systems . For more information , please visit the Company website : www.allieddefensegroup.com/ 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 .