S.A. Advisory Corporate News

December 2, 2002

Smith & Wesson and Defense Industries International Announce Exclusive Licensing Agreement for Armored Vests and Blast-Resistant Material
Monday December 2, 8:04 am ET

SCOTTSDALE, Ariz. and LOS ANGELES, Dec. 2 /PRNewswire-FirstCall/ -- Smith & Wesson Holding Corporation (Amex: SWB - News), parent company of handgun maker Smith & Wesson Corp., and Defense Industries International, Inc. (OTC Bulletin Board: DFNS - News), a leading manufacturer and global provider of military and civilian protective gear and equipment, jointly announced today a licensing agreement between the two companies for armored vests and apparel and a blast-resistant armored wall fabric designed to prevent injuries from explosions.

Under the agreement, Defense Industries International received the exclusive worldwide rights to market its range of protective and bulletproof vests under the Smith & Wesson name, including the Smith & Wesson Bodyguard® label. In addition, Defense Industries International will have the exclusive worldwide rights to market its ballistic wall covering designed for building interiors under the Smith & Wesson name.

"This agreement provides Smith & Wesson an excellent opportunity to offer a new line of high-technology products to the military, law enforcement agency and civilian markets at a time when the world has become more security conscious and the country is focusing on personal safety," stated Mitchell Saltz, chief executive officer and chairman of Smith & Wesson Holding Corporation. "Defense Industries International's versatile line of body armor and related products will make an important contribution to our Smith & Wesson Advanced Technologies(TM) (S.W.A.T.) Division. These advanced technology products will provide Smith & Wesson further entry into the broader and growing homeland security market."

Defense Industries International President Joseph Fostbinder said that the company is pleased to be associated with an outstanding, established and reputable company such as Smith & Wesson. "The worldwide name-recognition and reputation carried by Smith & Wesson will provide Defense Industries International a solid base for making further inroads into the U.S. market for protective gear and related equipment," Mr. Fostbinder said. "In addition, it will provide Defense Industries International a key distribution channel in its already established international market."

The licensing agreement comes at a time when Defense Industries International, with its home office and main manufacturing facility based in Ashkelon, Israel, is planning a major expansion program in the United States. "All of the products that are being licensed under the Smith & Wesson name will be produced at our new manufacturing facility in the U.S.," Mr. Fostbinder said. "We expect to have this plant up and running in early 2003."

About Smith & Wesson Holding Corporation

Smith & Wesson Holding Corporation ( www.smithandwesson.com ) is the parent company of Smith & Wesson Corp., one of the world's leading producers of quality handguns, law enforcement products and firearm safety and security products. Law enforcement personnel, military personnel, target shooters, hunters, collectors and firearms enthusiasts throughout the world have used the company's products with confidence for 150 years. Smith & Wesson Corp. also manufactures and markets Smith & Wesson branded handcuffs and other products utilizing its metal working expertise and providing products and services to many external customers through its Specialty Services division.

About Defense Industries International, Inc.

Defense Industries International, Inc. ( www.defenseindustries.net ) is a leading manufacturer and global provider of military and civilian protective gear and supplies. Defense Industries International's products are used by military, law enforcement, border patrol enforcement and other special security forces, corporations, non-governmental organizations and individuals throughout the world. Its main products include body armor, bomb disposal suits and bulletproof vests and jackets; ballistic helmets, plates, wall covers and one-way protective windows; personal military equipment, battle pouch units and combat harness units, dry storage units, liquid logistics, tents and vehicle covers; and winter suits, sleeping bags and backpacks. Customers include the Israel Defense Forces, the North Atlantic Treaty Organization (NATO), the United Nations Peacekeeping Forces and other U.N. organizations.

Safe Harbor Statement

Statements in this press release about Smith and Wesson Holding Corporation's and Defense Industries International's future expectations, including the licensing agreement and the potential for market expansion, other than historical facts, may be considered forward looking statements within the meaning of section 27A of the Securities Act of 1933, section 21E of the Securities Act of 1934, as that term is defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting both companies' business including increased competition; the ability of the companies to expand their marketing efforts, technological obsolescence; general economic conditions; and other risks detailed from time to time in the companies' filings with the U.S. Securities and Exchange Commission.

For further information, please contact: Peter Zoltan of Defense Industries International, Inc., +1-800-603-2192; or Ron Stabiner of The Wall Street Group, Inc., +1-212-888-4848, for Defense Industries International, Inc.; or Investor Relations, Shannon T. Squyres of Market Pathways, +1-949-955-1860, or Media Relations, Teri James of E.B. Lane Marketing Communications, +1-602-258-5263, both for Smith & Wesson Holding Corporation.

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