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Cyber
Defense Systems Files Form 10-KSB/A-2 and Form 10QSB
Cyber Defense Systems, Inc. (OTCBB:CYDF) reports
the filing of Form 10-KSB/A-2 on May 19, 2005 to amend the
Form 10-KSB/A filed on April 26, 2005. The Form 10-KSB/A-2
includes changes to the audited financial statements, signature
pages and the certifications made by the Company''s CEO and
CFO. The Company also filed its 10QSB for the quarter ended
March 31, 2005. Please refer to the filed documents for further
information.
"We amended revenue numbers on our December
31, 2004 10KSB/A to record certain service-related revenue
and associated expenses in accordance with generally accepted
accounting practice on service and testing revenue so that
rather than reporting gross sales and expenses, the net difference
is recognized. Further, in our 10QSB for the three month quarterly
period ended March 31, 2005, we reported the acquisition of
the minority interest in our subsidiary Cyber Aerospace, and
its merger with and into Cyber Defense. In connection with
the merger transaction, goodwill of $4,577,000, generated
due to purchase accounting adjustments, was impaired and accordingly,
written off. In addition, the Company recorded $517,000 as
interest expense relative to various debt conversions to equity
during the quarter, which included a beneficial conversion
feature. Excluding these two non-cash charges, the loss for
the three months ended March 31, 2005 was $597,000 or $0.02
per share. Despite the goodwill impairment, we believe our
financials accurately reflect the cash value and eliminate
the possibility of incurring charges against future profits,"
said Billy Robinson, CEO.
Cyber Defense Systems is an operating subsidiary
of Proxity, Inc. (Pink Sheets:PRXT).
About Cyber Defense Systems
Cyber Defense Systems, Inc. designs and is
in the process of building and developing a new generation
of Unmanned Aerial Vehicles ("UAV''s"). Cyber Defense
also holds the global government and military marketing rights
to Techsphere Systems International LLC Spherical and Semi-spherical
airships. Cyber Defense currently markets the Spherical and
Semi-spherical airships and Cyber Defense''s CyberBug(TM)
UAV''s to various branches of the U.S. government and U.S.
allies as multi-use platform vehicles capable of deployment
in surveillance and communication operations. (http://www.cyberdefensesystems.com).
About Proxity
Proxity, Inc. is a developmental holding company
specializing in the deployment and marketing of security protection
technology and government contract fulfillment. Proxity currently
holds 18,750,000 shares in Cyber Defense, and is the majority
shareholder of Cyber Defense. Proxity seeks to acquire and
develop security technology. Proxity plans to enter into teaming
and exclusive and nonexclusive marketing and distribution
agreements with products developed for commercial, military
and homeland defense. (http://www.proxity.com).
This release contains statements that constitute
forward-looking statements. These statements appear in a number
of places in this release and include all statements that
are not statements of historical fact regarding the intent,
belief or current expectations of the Company, its directors
or its officers with respect to, among other things: (i) the
Company''s financing plans; (ii) trends affecting the Company''s
financial condition or results of operations; (iii) the Company''s
growth strategy and operating strategy; and (iv) the declaration
and payment of dividends. The words "may," "would,"
"will," "expect," "estimate,"
"anticipate," "believe," "intend,"
and similar expressions and variations thereof are intended
to identify forward-looking statements. Investors are cautioned
that any such forward-looking statements are not guarantees
of future performance and involve risks and uncertainties,
many of which are beyond the Company''s ability to control
and those actual results may differ materially from those
projected in the forward-looking statements as a result of
various factors.
SOURCE: Cyber Defense Systems, Inc.
CONTACT: Emerson Gerard Associates,
Inc., West Palm Beach, Fla.
Media Contact:
Jerry Jennings, 561-881-7318
mediareply@emersongerard.com
http://www.emersongerard.com
or
Investor Contact:
Equitilink LLC
Andy Arms, 877-788-1940
International or local: 858-824-1940
http://www.equitilinkpr.com
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statements in this 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
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