September 22, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — API Technologies Corp. (OTCBB: ATNY), a provider of engineered products and services to the global defense sector, and the United States Department of Defense have established a corporate structure through a proxy agreement that enables the company, through its direct subsidiary, API Defense USA,  to compete for classified programs and contracts from the DoD. According to API, the deal opens doors for API Defense USA to participate in the fastest growing segment of DoD contracting.

The company cites Bill Sweetman of Aviation Week, who reported that the R&D, procurement and operations budgets for 2010 is just over $50 billion for classified programs.

Under the proxy agreement, all of API Technologies' current operating subsidiaries will become direct subsidiaries of the company's Secret cleared subsidiary, API Defense USA, which will be governed by a proxy board with the required security clearances.  

New York-based API Technologies is a prime contractor in engineered systems, components and secure communications to the global defense and aerospace industry.

The customers of API Technologies and its subsidiaries include the governments of the U.S., Canada, the United Kingdom, NATO and the European Union, as well as various private sector companies.

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