DUNEDIN, Fla., Sept. 30, 2010 (GLOBE NEWSWIRE) -- ALAS Defense Systems, Inc. (Pink Sheets:VDSC) today announced that it has engaged Midtown Partners and Co, LLC as its exclusive adviser on capital formation for the purchase of Quality Performance, Inc. () of up to five million dollars ($5,000,000).
Edwin Salmon, CEO of ALAS Defense Systems, Inc. stated, "we are excited to have the opportunity to engage Midtown Partners and Co, LLC. In the year 2009 alone they were ranked the 5th most active boutique investment banking firm by Sagient Research Systems raising 71 million dollars for clients in healthcare, biotechnology, consumer goods and technology industries."
Mr. Salmon further stated that Pink Sheets has been brought up to date with current information and Financial statements.
About ALAS Defense Systems, Inc.:
ALAS Defense Systems, Inc. is a holding company which owns and operates through its wholly owned subsidiary, Redtide Defense Group, Inc. ( http://www.redtidedefense.com/ ) which is a manufacturer of UAV (Unmanned Aerial Vehicles). The Company has created an inexpensive and, it believes, technically superior solution to the growing $6 billion a year worldwide market demand for UAVs. The Company is looking to grow both organically and through strategic acquisitions.
About Quality Performance, Inc.:
Founded in 1990, QPI sells products to government and commercial customers in the United States. QPI also provides life cycle product support services including maintenance services for its products. Services include program management, engineering and technical support, installation and checkout support on site, factory training, spare parts logistics support, technical documentation, and depot-level maintenance repair. QPI's largest customer is the United States Navy.
Safe Harbor Act Disclaimer: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
CONTACT: ALAS Defense Systems, Inc. Investor Relations Edwin Salmon 727-736-4724 firstname.lastname@example.org