NAPC Defense, Inc. (OTCPK: BLIS) updates Progress with Saudi Arabia regarding Future Plans and CornerShot Demonstrations
Rhea-AI Summary
NAPC Defense, Inc. (OTCPK: BLIS) has provided an update on its progress in Saudi Arabia regarding future plans and CornerShot demonstrations. The company's representatives recently returned from meetings in Europe and Saudi Arabia, where they made progress with potential contracts. NAPC received a $253,000 Purchase Order to support technical activities for CornerShot, drones, and other munitions, including sending personnel to assist the Saudi Ministry of Defense with training.
Due to unexpected military activities on the Saudi Arabian border, civilian access was restricted, preventing the planned CornerShot demonstrations. However, NAPC representatives are expected to return by the end of August for a seven-day demo event to advance an existing large intended order for CornerShot. The company anticipates finalizing agreements for large CornerShot orders following live demonstrations.
Positive
- Received a $253,000 Purchase Order for technical support and training
- Potential for large CornerShot orders following upcoming demonstrations
- Expanded relationship with Saudi Arabian Ministry of Defense
- Planned seven-day demo event in Saudi Arabia by the end of August
Negative
- Delayed CornerShot demonstrations due to military activities on Saudi Arabian border
- Restricted access for civilian representatives during recent trip
News Market Reaction 1 Alert
On the day this news was published, BLIS declined 7.34%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
LARGO, Fla., Aug. 13, 2024 (GLOBE NEWSWIRE) -- NAPC Defense, Inc., (OTCPK: BLIS) (“NAPC” or “the Company”) announces that its representatives have returned from their meetings with interested parties in Europe and Saudi Arabia, concerning its CornerShot products, various munitions, and other military hardware.
The NAPC representatives made progress with their Saudi Arabian counterparts and the potential for proposed contracts remains promising. NAPC received a
Pictured from left to right are John Spence, NAPC CFO, Stephen Gurba, NAPC President, Eng. Abdullah Mohamed Al Bassami, and Eng. Abdul Qader AI Bassami; in front of Saudi Prince’s Palace, during their recent meetings.
NAPC representatives are expected to return to Saudi Arabia by the end of August to support a seven-day demo event and to advance its existing large intended order for CornerShot. Due to unexpected active military activities on the Saudi Arabian border during NAPC’s recent trip, civilians in general, including the Company’s representatives, were restricted access to conduct the necessary CornerShot demonstrations with MOD leaders and soldiers.
John Spence, NAPC Defense’s CFO and weapons specialist, stated, “Our visit with leaders in Saudi Arabia advanced our relationship in so many positive ways. We appreciated the hospitality and eagerness to conduct business with our team, opening the door to many new potential contracts. We also fully expect NAPC Defense to finalize agreements for large orders of CornerShot following live demonstrations.”
About NAPC Defense, Inc.
NAPC Defense, Inc. https://www.napcdefense.com/ is an armament sales and production company, fully licensed in the United States, with exclusive rights to produce and sell CornerShot USA weapons systems in the U.S. and Saudi Arabia, in addition to brokering arms and munitions throughout the world all with U.S. State Department approval. Additional smaller weapons platforms, a series of ballistics protection technologies and related products are in development or being finalized for sale.
FORWARD LOOKING STATEMENTS:
This press release and the statements of representatives of NAPC (the “Company”) related thereto contain, or may contain, among other things, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are “forward-looking statements,” including any other statements of non-historical information.
These forward-looking statements are subject to significant known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as “guidance,” “projects,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “ultimately” or similar expressions. All forward-looking statements involve material assumptions, risks and uncertainties, and the expectations contained in such statements may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results (including, without limitation, NAPC's ability to advance its business, generate revenue and profit and operate as a public company) could differ materially from those stated or anticipated in these forward-looking statements as a result of a variety of factors, including factors and risks discussed in the periodic reports that the Company files with the SEC. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.
COMPANY CONTACT:
Kenny West, CEO (754) 242-6272 Ext.713
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bfacedcc-0a5d-4443-9534-c3db982e152a
FAQ
What is the value of the Purchase Order NAPC Defense (BLIS) received from Saudi Arabia?
When is NAPC Defense (BLIS) planning to return to Saudi Arabia for CornerShot demonstrations?
Why were CornerShot demonstrations delayed during NAPC Defense's (BLIS) recent trip to Saudi Arabia?
What products does NAPC Defense (BLIS) have exclusive rights to produce and sell in the US and Saudi Arabia?
