SWAT vehicle maker Mattman merges with California security company

Published 31 January 2006

A leading manufacturer of specialty vehicles for law enforcement and other missions merges with a security consulting company

San Marcos, California-based Mattman Specialty Vehicle (OTC: MMSV) announced the completion of its combination with Murrieta, California-based J. Mattman Security (“JMS”). As part of the transaction, the controlling shareholders of JMS have taken control of Mattman Specialty Vehicle, and JMS will become a wholly owned subsidiary accounting for 100 percent of Mattman Specialty Vehicle’s operations going forward. The transaction will increase the combined company’s equity capital and liquidity by more than $750,000. Mattman Specialty Vehicles specializes in commercial grade specialty vehicles, especially for security applications. Since 1990 Mattman has built more than 500 units, including mobile command centers, SWAT transport units, surveillance vans, bomb trucks, mobile medical treatment units, and corporate promotion vehicles. Mattman is one of the largest security vehicle suppliers to law enforcement units, counting among its clients the Los Angeles Police Department, the New York Police Department, Sony Corporation, Black and Decker, and the U.S. State Department. Mattman is the first to admit that the growth it has experienced in recent years has been driven by homeland security spending domestically and military spending abroad. Sales for fiscal year ending 31 July 2005 totaled approximately $10 million, a 57 percent increase over the prior year. In addition, its existing nine-month backlog of $14 million should result in a growth rate of more than 40 percent in the current year. The company projects completing this fiscal year with a minimum of $14 million in gross revenues and an earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $1 million.

-read more in Mattman Specialty Vehicles Web site