Ionatron Inc., one of Tucson's few publicly traded companies, is announcing today it plans to change its name and stock ticker to reflect a shift from its directed-energy weapons for the battlefield.
The new name, Applied Energetics Inc., will "reflect the broadening of our targeted markets and applications" to include a mix of engineering and production programs for military, aerospace and industrial customers, said Chairman and CEO Dana Marshall.
The former Ionatron focused on developing directed-energy products for the U.S. government. Last August, the company was awarded a $1 million contract from the Naval Surface Warfare Center's Crane (Ind.) Division, for technology to defeat improvised explosive devices.
The new company, however, will broaden its reach to include manufacturing high- performance lasers, optical systems and guided-energy systems, executives said. Ionatron pioneered the development of its trademark Laser-Guided Energy technology, which employs a laser to guide a high-powered stream of electricity used to disable electronics, such as a vehicle's ignition.
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The name change also further distances the company from its past, which included a shareholder suit in July 2006 under different management alleging former executives made false statements about an anti-bomb device. The case, filed in U.S. District Court for the District of Arizona, is ongoing.
"The Defense Department wants to know the company is well-focused, and that the product we're delivering is robust," Marshall said in an interview Thursday. Marshall, an optics industry veteran, became the company's CEO in August 2006.
Officials said the name change has been in the works for eight months. Starting Wednesday, Applied Energetics will be traded on Nasdaq under the symbol AERG.
"Our company has moved well beyond our foundation in scientific discovery," Marshall said.
Ionatron Inc.
Founded: 2004
Business: Directed energy technology and optics
Employees: 80
New name: Applied Energetics Inc.
New ticker symbol: AERG