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Cyber Defense Systems
Exercises Option to Acquire Techsphere Systems International
ST. PETERSBURG, Fla., Sep 20, 2005 (BUSINESS WIRE) -- Cyber
Defense Systems, Inc. (OTCBB:CYDF - News), a designer and
developer of next generation unmanned aerial vehicles (UAV''s)
and an operating subsidiary of Proxity, Inc. (Pink Sheets:
PRXT - News), today announces the acquisition of Techsphere
Systems International.
As a wholly-owned subsidiary of Cyber Defense, Techsphere
Systems will continue to design, manufacture, sell and lease
airships out of its facilities in Georgia. Cyber Defense will
continue to work with Techsphere on the sales and marketing
of its Airships as well as the marketing and development of
Cyber Defense products.
"This acquisition represents an important milestone
in our strategic plan. It is a tremendous growth opportunity
for both companies involved," said Mike Lawson, President
of Techsphere Systems.
Billy Robinson, CEO of Cyber Defense Systems commented, "We
have acquired TSI not only for what they are, but for what
we will become collectively. This acquisition will enable
us to offer and provide the latest technologies to new and
existing clients."
Cyber is issuing a total of 23,076,923 shares of Class A
Common Stock and 245,455 shares of Class B Common Stock for
all of the issued and outstanding stock of Techsphere Systems.
The total shares of Cyber Class A Common Stock issued and
outstanding immediately following the acquisition will be
51,745,875 shares, of which there are approximately 1,186,568
non-restricted shares held by non-affiliates. Cyber''s Class
A Common Stock is quoted on the OTC Bulletin Board under the
symbol "CYDF."
About Cyber Defense Systems:
Cyber Defense Systems, Inc. is a designer and developer of
next generation of UAV''s. Cyber Defense also has the exclusive
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.cduav.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
About Proxity, Inc:
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.
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
billy@proxity.com
or
TTC Group, Inc.
Victor Allgeier, 212-227-0997
Info@ttcominc.com
or
Techsphere Systems, LLC
Mike Lawson, 404-446-2203
mlawson@techsphere.us
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