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Tue Dec 18 16:25:58 EST 2001

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Guardian Technologies Inc: (NASDAQ: GRDN)




``Guardian Technologies Merger Update''
VAIREX Corporation Signs Development Contract with Major Automotive OEM to Provide Air Delivery System for Fuel Cell Vehicle
CAREFREE, Ariz.--(BUSINESS WIRE)--Oct. 22, 2001--Guardian Technologies International, Inc. (Nasdaq:GRDN - news), in a follow-up to its previously announced intention to acquire VAIREX corporation, announced today that VAIREX has signed a contract to provide engineering and demonstration air delivery systems for the fuel cell power plant to be used in fuel cell vehicles under development by a leading multi-national automobile manufacturer. 

The dollar value of the contract and the name of the customer is being withheld at their request for reasons of competitive secrecy. Performance of the contract is expected to take five months. 

Assuming successful completion of this contract, VAIREX anticipates receiving a follow-on contract to build pre-production prototypes for vehicle use, although no assurance exists that follow-on work will occur. If future development contracts occur and are successful, they could ultimately result in long-lead purchase orders for production units once field trials are successfully completed. 

Said Ski Milburn, CEO of VAIREX, ``This order is a positive validation by a significant customer of the value of our technology and expertise. The most exciting aspect of this contract is that it is in support of a program that is focused on a production fuel cell vehicle. This change of focus from research to production bodes well for the future of the fuel cell industry in general and VAIREX specifically. We hope that this order will result in broader recognition of our position in the fuel cell industry and lead to further development contracts from industry leaders. 


VAIREX was founded in 1987, to develop advanced, proprietary, oil free compressor technology for automotive and industrial applications and has been engaged in the emerging fuel cell industry for over six years. The Company's technical leadership has led to two major DOE development contracts and prototype sales to industry leaders such as Ballard, GM, Energy Partners and others. Most recently VAIREX has delivered evaluation units to McDermott Technology and Fiat. 


Guardian, through its wholly-owned subsidiary Guardian Security & Safety Products, Inc. (GSSP), serves the law enforcement, security and military communities and the global security industry. GSSP's majority-owned subsidiary, ForceOne, LLC, manufactures a variety of high-end ballistic protective equipment including patented personal protection devices commonly referred to as body armor. Guardian, through its wholly-owned subsidiary Guardian Steel, is engaged in structural steel fabrication and provides among its products, structural steel used primarily in military base refurbishments and other projects under Federal contract. 

The statements made in this press release contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations. In addition to the matters described in this press release, risk factors listed from time to time in the Company's SEC reports and filings, including, but not limited to, its report on Form 10-QSB for the quarter ended September 30, 2000 and its report on Form 10-KSB for the year ended December 31, 1999, may affect the results achieved by the Company. 

[1868BVNf6-181zrJc2330WoGa6-681SkEw1042OiAs5-293KeXp1644JbTn4-703FxRj0154BtNf6-315 at 76]


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