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Cyber
Defense Systems Amends Agreement with Techsphere Systems International
ST. PETERSBURG, Fla., Jun 06, 2005 (BUSINESS
WIRE) -- Cyber Defense Systems, Inc. (OTCBB:CYDF), a designer
and manufacturer of next generation unmanned aerial vehicles
(UAVs), today announced that it has modified its original
agreement with Techsphere Systems International ("TSI"),
and its respective majority controlling equity owners, Cyber
Defense Systems, and its controlling shareholders. Under the
terms of the agreement, the Company agreed to lend an additional
$250,000 to TSI.
Billy Robinson, CEO of Cyber Defense Systems
commented, "This amendment to our original agreement
with Techsphere Systems extends the maturity date and will
provide TSI with the additional capital required for further
research and development and product demonstrations and deployment."
For additional information please refer to
the 8K to be filed with respect to the transaction.
About Cyber Defense Systems:
Cyber Defense Systems, Inc. is designing and
building a new generation of UAV''s. Cyber Defense also has
the global government and military marketing rights to Techsphere
Systems International LLC Spherical and Semi-spherical airships.
Cyber Defense is currently marketing the airships and their
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
Cyber Defense Systems, Inc. (OTCBB:CYDF) is
an operating subsidiary of Proxity, Inc. (Pink Sheets:PRXT).
About Proxity:
Proxity, Inc. is a developmental holding company
specializing in the deployment and marketing of security protection
technology and government contract fulfillment. With 18,750,000
shares in CYDF, Proxity is the Company''s majority shareholder.
Proxity seeks to acquire and develop security technology.
The Company 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
About Techsphere Systems International, LLC:
Techsphere Systems International, LLC, located
in Atlanta and Columbus, GA, is the manufacturer of low, mid
and high altitude airships. Together with their teaming companies,
Techsphere will design and build unique airship platforms
for use in many areas including surveillance, the military
and wireless communications. The current spherical airship
design holds the world altitude record at over 20,000 feet.
http://www.techsphere.us
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: Cyber Defense Systems, Inc
Billy Robinson, 727-577-0878
or
Techsphere Systems
David Payne, 404-898-2275
http://www.techsphere.us
or
TTC Group, Inc
Victor Allgeier, 212-227-0997
Info@ttcominc.com
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