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2006 PRESS RELEASES
Pompano Beach, Florida, December 29, 2006 – DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that Barry Berkman notified the Company’s Board of Directors on December 19, 2006 that he will not stand for reelection. Mr. Berkman will resign his position as a director of the Company effective December 31, 2006. Prior to his resignation, Mr. Berkman served on the executive committee of the Company’s Board of Directors.
William Campbell, Senator (Ret) Chairman of the Board of Directors, commented, “I would like to thank Barry for his service to the Board and our Company and especially for his professionalism and commitment to the interests of the Company over this past year as we have endured many difficult challenges.”
Larry Ellis, President and CEO added, “Barry has provided sage counsel to management and I am appreciative for his support and steadfastness on behalf of the Company.”
ABOUT DHB INDUSTRIES
DHB Industries Inc.’s highly recognized subsidiaries, Point Blank Body Armor, Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of America (PACA) (www.pacabodyarmor.com) are in the protective body armor industry and are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the U.S. and worldwide. Company subsidiary NDL Products, Inc. (www.ndlproducts.com) produces and markets a comprehensive line of athletic supports and braces which are merchandised through national superstore chains, as well as through private label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB Industries, Inc.visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) THE COMPANY'S LACK OF AUDITED FINANCIAL STATEMENTS AND ITS ABILITY TO FILE ITS PERIODIC REPORTS WITH THE SECURITIES AND EXCHANGE COMMISSION ON A TIMELY BASIS, (2) IMPROVEMENT IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (3) DE-LISTING FROM THE AMERICAN STOCK EXCHANGE, (4) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (5) ADDITIONAL FINANCING REQUIREMENTS, (6) DEVELOPMENT OF NEW PRODUCTS, (7) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (8) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (9) TECHNOLOGICAL CHANGES, (10) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (11) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, AND (12) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
DHB Industries PROVIDES UPDATE ON THE STATUS OF ITS FINANCIALS AND OTHER CORPORATE MATTERS
Pompano Beach, Florida, December 22, 2006 – DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, today provided updates on a variety of corporate matters.
Larry Ellis stated, “It was the Company’s intent to provide shareholders with some updates on our business, financial statements and outlook at our shareholders meeting scheduled for December 5, 2006, but we decided to postpone that meeting until further notice, due to several factors, including the inconvenience cited by some shareholders. Since that time, there have been a couple of other corporate developments that we wanted to convey to the market. We will provide updates from time to time on the state of our business and our plan to continue moving the Company through this challenging period. We also continue to review all options to increase shareholder value.”
Financial Update
In August of this year, the Company announced that its financial results for 2003, 2004 and the first nine-months of 2005 could no longer be relied upon due to discrepancies found in reported information, lack of appropriate documentation and material weaknesses in internal controls. Due to these circumstances affecting prior periods, the Company also is not in a position at this time to report its quarterly financials for 2006.
Over the past several months, the Company has brought in new directors, new management and financial advisors to mount an aggressive effort to bring the Company back into compliance as soon as feasible. This team has led the tasks of implementing new controls, upgrading information systems and attracting the right talent to allow the Company to develop an appropriate infrastructure to generate and file accurate and compliant financial information. The Company also is negotiating now with lenders and other financing parties to make sure the Company’s capital structure is appropriate for its business needs, while working with both internal and external auditors to complete the review of potential restatements of prior periods.
The Company has made significant progress in this effort and is now in a position to provide some updates on its financial performance through October 31, 2006 and to communicate a timeline for making financial statements available.
Year to date, the Company has announced contracts with potential awards of over $350 million. Through the first ten months of 2006, on a non-GAAP basis the Company had cash receipts of approximately $225 million. While no assurances can be given, over the next six to twelve months, the Company expects that it will continue to receive and fulfill orders under both new and prior-year contracts.
On July 31, 2006, the Company had approximately $22.0 million of debt, $3.8 million in cash and cash equivalents and $4.4 million available under its line of credit. As of October 31, 2006, the Company had $7.0 million of debt, $4.4 million in cash and cash equivalents and $18.6 million available under its credit facility.
Over this three month period, and despite the burden of higher professional services fees, the Company reduced its bank debt by $14.9 million and improved its liquidity position by $14.8 million.
Financial Restatements
Regarding the potential restatements for 2003, 2004 and the first nine-months of 2005, the Company anticipates it will report audited annual financial results through calendar year 2006 by the third quarter of 2007. Significant progress has been made and the Company is nearing completion of its internal numbers to present to its external auditors for review. In the interim, the Company will provide select financial information regarding its balance sheet and statement of operations, as it is able to do so.
Larry Ellis stated, “Despite all the issues that are challenging us today, our underlying business operation remains healthy. We continue to receive multi-year orders from all customer segments – Military, Federal and Law Enforcement. Internally, the Company is running at a high utilization rate and our employee headcount has remained constant at roughly 1,100. There are significant hurdles ahead and we will work through them. Rest assured, our customers continue to believe in our products.”
Ellis added, “There has been some confusion in the market regarding new contract orders, and I would like to clarify a few key points. The majority of our business has always come from the U.S. Army, and we expect that profile to continue. We are currently fulfilling multi-year orders under agreements reached in 2003, 2004 and 2005. We also have significant contracts in place with other large customers, such as the U.S. Navy and many federal, state and local law enforcement agencies.
“As awards for next generation body armor are granted, we see significant opportunities for our company. We continue to drive results from our strong R&D investment and are proud to be recognized by our customers as a first-to-market product innovator. We work closely with our customers in product design, development and testing, and we have a solid track record of delivering orders on time and according to specifications. Our commitment to responsiveness, innovation and quality will not change. Our products have proven their worth in the field – they save lives.”
Class Action and Derivative Lawsuits
As announced in July 2006, the Company signed a Memorandum of Understanding (“MOU”) to settle the Class Action and Derivative lawsuits for a total of $35.2 million, plus an issuance of 3,184,713 shares of its common stock, in addition to adopting certain corporate governance measures. In August 2006, the Company disclosed that of the $35.2 million, $22.3 million would be funded through a series of transactions with Mr. David Brooks, the Company’s former Chairman and CEO, and that $12.9 million would be paid for through a buyout of its directors’ and officers’ liability policy. As previously reported, these settlements are subject to review and approval of the U.S. District Court for the Eastern District of New York.
On December 15, 2006, a stipulation of settlement was filed with the court (United States District Court, 100 Federal Plaza, Central Islip, New York, 11722-4438). This stipulation represents the definitive documentation of the settlement. A claims administrator has been appointed to supervise and administer the notice procedure and will be responsible for mailing the Class Notice and the Proof of Claim and Derivative Notice to the Current DHB Shareholders, as defined in the settlement. Under the settlement documents, the class consists of all persons who purchased or otherwise acquired DHB shares on or after November 18, 2003 until and including November 30, 2006.
The Agreements will be subject to court approval and, therefore, to a public process for review by affected parties. The timetable for hearings and other aspects of the review process will be set by the court.
Larry Ellis stated, “At the time of the settlement, we were in default under our bank agreement and had very limited cash available. The Company also was incurring substantial professional service fees which, if not abated, undoubtedly would have had an adverse impact on our ability to continue in business. Furthermore, the burden of protracted litigation, government investigations and legal discovery represented material distractions at all levels of management that threatened to divert our focus on running the business effectively. The situation also was creating doubt in the minds of our customers, vendors and suppliers. As you may recall, the Board of Directors placed Mr. Brooks on administrative leave during this time, and as part of the negotiations, Mr. Brooks agreed to step down from all posts associated with DHB Industries, irrespective of any outcome. Additionally, no money was paid directly by DHB . I am proud to say that, as a result of finalizing this settlement, we have been able to turn full attention to the key issues for restoring compliance and credibility in the Company, including generating solid financial statements and serving our customers.”
“These settlements were negotiated and approved by a special litigation committee empowered by the Board, which committee consisted of Senator Campbell and me, as the Senator and I did not sell any stock during the period in question. It was the decision of the Company and the Plaintiffs that this action was in the best interest of all parties,” Ellis continued.
Securities and Exchange Commission/ Department of Justice Investigations
The Company and certain of its former executives remain the subjects of investigations by the SEC and Department of Justice. Ellis continued, “While there is no new information to report, the Company is cooperating fully with these authorities, and we believe our relationship with the investigators is constructive. No charges have been brought against the Company, and we will continue to cooperate in every way to bring closure on these issues.”
Changes in Corporate Officers
Effective December 22, 2006, the Company and AlixPartners mutually agreed to modify the Financial Advisory Consulting and Interim Management Services Agreement dated June 21, 2006, as part of a planned transition from outside management services towards more permanent internal resources. As part of the revised arrangements, Lawrence Young, Chief Financial Officer, Ryan Esko, SVP and Treasurer, and Mark Thorson, SVP and Controller, have stepped down from their official positions. All are employees of AlixPartners LLP and had been contracted to assist the Company in reorganizing its financial function and bringing the Company back into compliance. As the Company now has a clear timeline for its financial restatements, it will continue to bring on permanent officers to fill these positions and complete the task. To ensure a smooth transition, Mr. Esko and Mr. Thorson will continue to serve as financial advisors to the Company up to February 28, 2007 and March 30, 2007, respectively.
Jim Anderson, who had been named Senior Vice President and Chief Accounting Officer in September 2006, has been appointed to the position of Corporate Controller and interim Chief Financial Officer, reporting to Larry Ellis and Jack Henry, who was recently named to the Company’s Board of Directors and serves as the Chairman of the Audit Committee. Given his strong financial and accounting experience, Mr. Henry has agreed to take a more active consulting role until a permanent CFO is named, which is expected to occur in the near future.
Ellis commented, “I’d like to personally thank Larry, Mark and Ryan and the entire AlixPartners team for their contributions over the past six months. We were facing major challenges earlier this year and they, along with our own financial staff, were instrumental in stabilizing the Company and its financial function in particular. As we now have highly qualified personnel to continue to lead this transition effectively, we felt it was timely to move forward with a permanent team.”
Summary
In conclusion, Ellis said, “We have brought in exceptional talent to help lead this transition. The new management team and the Board of Directors have experience and qualifications in various areas of the Company’s businesses and we look forward to their contributions in the future. We recognize there is a lot of work ahead of us and that during recent months investors have not had the benefit of a normal flow of information to gauge our performance. I can only say that the development of proper internal controls and financial information takes time. We are committed to restoring credibility and will do all we can to move forward quickly to ensure DHB Industries emerges a stronger company, able to generate the types of returns we believe the Company is capable of and that our shareholders deserve.
“Several shareholders have asked me why I have stayed with this Company given the uncertainty and the challenges we have faced. The Company’s underlying business is solid, and I want to develop its full potential. On a personal note, as some of our shareholders may know, I retired from the U.S. Military after more than 35 years of service. As a soldier, I wore our products; my daughter is a soldier currently serving in Afghanistan and is wearing our products; a majority of the men and women of this nation with whom I have had the honor to serve wear and trust our products. We have received many letters from soldiers and law enforcement officers thanking us for saving their lives. That’s why I will continue to stand by this company. We are making a difference, and I believe strongly in our future.”
ABOUT DHB INDUSTRIES INC
DHB Industries Inc.’s highly recognized subsidiaries, Point Blank Body Armor, Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of America (PACA) (www.pacabodyarmor.com) are in the protective body armor industry and are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the U.S. and worldwide. Company subsidiary NDL Products, Inc. (www.ndlproducts.com) produces and markets a comprehensive line of athletic supports and braces which are merchandised through national superstore chains, as well as through private label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB Industries, Inc.visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) THE COMPANY'S LACK OF AUDITED FINANCIAL STATEMENTS AND ITS ABILITY TO FILE ITS PERIODIC REPORTS WITH THE SECURITIES AND EXCHANGE COMMISSION ON A TIMELY BASIS, (2) IMPROVEMENT IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (3) DE-LISTING FROM THE AMERICAN STOCK EXCHANGE, (4) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (5) ADDITIONAL FINANCING REQUIREMENTS, (6) DEVELOPMENT OF NEW PRODUCTS, (7) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (8) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (9) TECHNOLOGICAL CHANGES, (10) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (11) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, AND (12) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
DHB Industries ANNOUNCES THE POSTPONEMENT OF ITS ANNUAL MEETING OF STOCKHOLDERS
Pompano Beach, Florida, December 4, 2006 –DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK - News), a leader in the field of protective body armor, announced today that the Annual Meeting of Stockholders originally called for December 5, 2006 has been postponed by the Board of Directors of the Company, until further notice. On the evening of November 30, the Company received a motion to compel a temporary restraining order in a Federal court in Delaware, seeking to enjoin the stockholders’ meeting. The principal basis asserted for the motion was that the Company had not filed a SEC Form 14C information statement.
The Company is currently not in a position to produce audited financial information, an annual report or several other items required in a SEC Form 14C. The Company has reported this fact, including to the SEC. However, the stockholders’ meeting had been called and notified to shareholders in full compliance with Delaware law.
The purpose of the meeting was to elect directors, to meet directly with its stockholders and to provide an open forum for communication. Also, the Company intended to provide an update on its operations, its timeline for producing audited financial information, the status of the class and derivative actions and its direction for the future.
William Campbell, Chairman of the Board stated, “We felt that a meeting was appropriate at this time. However, given the late developments, we now believe it is in the best interests of the Company and our stockholders to postpone the meeting. We remain committed to continue to make information concerning our company available to our stockholders.”
ABOUTDHB INDUSTRIES INC
DHB Industries, Inc.s highly recognized subsidiaries, Point Blank Body
Armor, Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of
America (PACA) (www.pacabodyarmor.com) are in the protective body armor industry
and are focused on the design, manufacture, and distribution of bullet resistant
and protective body armor for military, law enforcement, and corrections in
the U.S. and worldwide. Company subsidiary NDL Products, Inc. (www.ndlproducts.com)
produces and markets a comprehensive line of athletic supports and braces
which are merchandised through national superstore chains, as well as through
private label distributors. The Company maintains facilities in Deerfield
Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington,
DC. To learn more about DHB Industries, Inc.visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS
RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S
EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES,
CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS,"
"ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES,"
"SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE
INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING
STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT
TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE,
ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN
ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO
SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) EXPECTATIONS AS TO THE
TIMING OF THE FILING OF THE REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED
DECEMBER 31, 2005 AND THE QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY
PERIOD ENDED MARCH 31, 2006, (2) ANY LISTING REQUIREMENTS WHICH MAY BE PRESCRIBED
OR ANY DETERMINATION WHICH MAY BE MADE BY THE AMERICAN STOCK EXCHANGE, (3)
UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (4) ADDITIONAL FINANCING REQUIREMENTS,
(5) DEVELOPMENT OF NEW PRODUCTS, (6) GOVERNMENT APPROVAL PROCESSES, INCLUDING
APPROVAL OF THE SETTLEMENT BY THE COURT, (7) THE IMPACT OF COMPETITIVE PRODUCTS
OR PRICING, (8) TECHNOLOGICAL CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC
CONDITIONS, (10) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY
IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS
REGARDING THE COMPANY, AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S
FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT
TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY
AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE
PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS
OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS,
OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
DHB Industries ANNOUNCES THE APPOINTMENTS OF DAVID BELL AND MAURICE HANNIGAN TO ITS BOARD OF DIRECTORS
Pompano Beach, Florida, November 28, 2006 –Pompano Beach, Florida, November 28, 2006 – – DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today the appointments of David Bell and Maurice (“Maury”) J. Hannigan to its Board of Directors.
David Bell - Mr. Bell is Chairman Emeritus of the Interpublic Group, a public company and one of the world’s leading organizations of advertising agencies and marketing services companies, a position he has held since January 2005. Mr. Bell was Chief Executive Officer of Interpublic from 2003 to 2005 and joined the Company as Vice Chairman in 2001. Previously, Mr. Bell was Chairman and Chief Executive Officer of True North Communications Inc., a public company, and prior to that was President and CEO of Bozell Worldwide. He came to Bozell in 1975 when the agency acquired Knox Reeves Advertising, where he had been President since 1972.
A member of the Ad Council’s Board of Directors since 1997, Bell served as its Chairman from June 2002 until May 2003. Bell also served as Chairman of the American Association of Advertising Agencies in 1996-1997 and was a two-time Chairman of the American Advertising Federation. He is currently Chairman of the Advertising Educational Foundation and of PRO-AD PAC, the industry's Political Action Committee. Additionally, Mr. Bell serves on the Board of Directors of Primedia Inc. and as an independent director for Warnaco Group, Inc., both public companies. Mr. Bell is a graduate of Macalester College in St. Paul, Minnesota and went on to become the college’s youngest trustee. He received both the Macalester College Distinguished Alumni Award and its Charter Centennial Medallion.
Maurice Hannigan - Mr. Hannigan enjoyed a thirty-one year career with the California Highway Patrol, holding a variety of positions, including the last 7 years as Commissioner, before retiring in 1995. Since his retirement, Mr. Hannigan has been involved in a number of academic and advisory programs and currently sits on the Board of Directors of the National Executive Institute Associates of the Federal Bureau of Investigation Academy in Quantico, Virginia. He is a member of the Advocates for Highway Safety Committee, California Peace Officer’s Association and the State and Provincial Division of the International Association of Chiefs of Police, where he served as Chairman from 1993-1995.
Mr. Hannigan also was Chairman of the NAFTA Law Enforcement Sub-Committee of the U.S. Department of Transportation from 1993-1995, Chairman of the 1988 U.S. Surgeon General’s Workshop on Driving Under the Influence, Law Enforcement Group and Chairman of the Occupant Restraint Committee, a Traffic Safety Summit sponsored by the U.S. Secretary of Transportation. He holds a Bachelor of Arts from Golden Gate University in the Administration of Justice program, in addition to several other educational honors.
Senator William Campbell, DHB s Chairman of the Board stated, “We are honored to have added both David Bell and Maury Hannigan to our Board of Directors. David’s expertise in the areas of business management and marketing will be a tremendous asset to our organization, and he is recognized as a highly distinguished and reputable business executive. Maury has enjoyed a long and diverse career in the law enforcement community and has strong ties within our target market, both with law enforcement personnel and federal agencies. We are delighted to have them on board as we continue to strengthen our organization and position our company as a leader in our industry.”
Concurrent with these two appointments, DHB Industries elected to increase the Board of Directors from six to eight members, of which seven are independent Directors.
ABOUT DHB INDUSTRIES INC
DHB Industries, Inc.s highly recognized subsidiaries, Point Blank Body Armor, Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of America (PACA) (www.pacabodyarmor.com) are in the protective body armor industry and are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the U.S. and worldwide. Company subsidiary NDL Products, Inc. (www.ndlproducts.com) produces and markets a comprehensive line of athletic supports and braces which are merchandised through national superstore chains, as well as through private label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB Industries, Inc.visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) EXPECTATIONS AS TO THE TIMING OF THE FILING OF THE REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 AND THE QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2006, (2) ANY LISTING REQUIREMENTS WHICH MAY BE PRESCRIBED OR ANY DETERMINATION WHICH MAY BE MADE BY THE AMERICAN STOCK EXCHANGE, (3) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (4) ADDITIONAL FINANCING REQUIREMENTS, (5) DEVELOPMENT OF NEW PRODUCTS, (6) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (7) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (8) TECHNOLOGICAL CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (10) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
DHB INDUSTRIES ANNOUNCES APPOINTMENT OF JACK. A. HENRY TO BOARD OF DIRECTORS
Pompano Beach, Florida, November 16, 2006– DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today the appointment of Jack A. Henry to its Board of Directors. In addition to his election as Director, Mr. Henry will also serve as Chairman of the Audit Committee.
Mr. Henry is the founder of Sierra Blanca Ventures, LLC, a private advisory and investment firm. Prior to founding the Company in 2000, he served as Managing Partner of the Phoenix office of Arthur Andersen LLP, and spent over 18 years there in various consulting and managerial positions. Mr. Henry currently serves on the Board of Directors of Vodavi Technology Inc. (NASDAQ: VTEK), a provider of communications solutions, White Electronic Designs Corporation (NASDAQ: WDEC), a provider of advanced technology solutions and Vista Care Inc. (NASDAQ: VSTA), a provider of hospice service in the U.S. Furthermore, Mr. Henry sits on various committees for each, including the Audit, Compensation, Corporate Governance and Nominating committees of Vodavi Technology; he serves as the Chairman of the Audit Committees of White Electronics and Vista Care, where he also serves on the Investment Committee. Mr. Henry previously served on the Board of Directors of Simula, Inc., Tickets.com and SOS Staffing Services, Inc., all publicly traded companies.
Senator William Campbell, DHB s Chairman of the Board stated, “It is with great pleasure that we welcome Jack to our Board of Directors. I look forward to working with him personally and believe he will be a tremendous asset to our organization given his extensive experience in finance, consulting and operations, as well as his diverse board experience. Jack’s knowledge and track record in the areas of corporate governance and compliance will serve our company well, both now and into the future.”
Mr. Henry is an active member in the Arizona community, serving as President of the Arizona Chapter of the National Association of Corporate Directors and previously served as Chairman of the Arizona Chamber of Commerce. Mr. Henry holds both a Bachelors and Masters of Business Administration from the University of Michigan.
Concurrent with Mr. Henry’s appointment, DHB Industries elected to increase the Board of Directors from five to six members, of which five are independent Directors.
ABOUT DHB INDUSTRIES INC DHB Industries, Inc.s highly recognized subsidiaries, Point Blank Body Armor, Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of America (PACA) (www.pacabodyarmor.com) are in the protective body armor industry and are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the U.S. and worldwide. Company subsidiary NDL Products, Inc. (www.ndlproducts.com) produces and markets a comprehensive line of athletic supports and braces which are merchandised through national superstore chains, as well as through private label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB Industries, Inc.visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) EXPECTATIONS AS TO THE TIMING OF THE FILING OF THE REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 AND THE QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2006, (2) ANY LISTING REQUIREMENTS WHICH MAY BE PRESCRIBED OR ANY DETERMINATION WHICH MAY BE MADE BY THE AMERICAN STOCK EXCHANGE, (3) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (4) ADDITIONAL FINANCING REQUIREMENTS, (5) DEVELOPMENT OF NEW PRODUCTS, (6) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (7) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (8) TECHNOLOGICAL CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (10) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
DHB Industries ANNOUNCES $10.6 MILLION IN NEW DELIVERY ODERS FROM THE U.S. ARMY
Pompano Beach, Florida, November 14, 2006 –DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that its wholly-owned subsidiary, Point Blank Body Armor, received two new delivery orders totaling $10.6 million to supply the United States Army with the its Interceptor™ Outer Tactical Vest (OTV). These new delivery orders were received in the fourth quarter of 2006 and are part of the $200 million contract, previously awarded in December 2004.
Larry Ellis, President and Acting CEO of DHB Industries commented, “We continue to supply the U.S. Armed Forces with protective body armor, including Interceptor vests, conversion kits and related components that provide more complete protection. We announced several purchase and delivery orders throughout the year and are fulfilling all contractual obligations, while exceeding our customers’ expectations at all times. Furthermore, we continue to focus our efforts on developing the industry’s best products, by driving innovation, aligning ourselves with the right partners and investing in R&D and next generation technologies.”
The U.S. Armed Forces worldwide are currently wearing the Interceptor™ OTV, the lightweight body armor system developed to protect against a variety of battlefield threats. Since 1998, Point Blank Body Armor has been a major supplier to the U.S. Military for the Interceptor™ OTV, which is credited for saving the lives of numerous soldiers serving in Iraq and Afghanistan."
ABOUT DHB INDUSTRIES INC
DHB Industries Inc.’s highly recognized subsidiaries, Point Blank Body Armor, Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of America (PACA) (www.pacabodyarmor.com) are in the protective body armor industry and are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the U.S. and worldwide. Company subsidiary NDL Products, Inc. (www.ndlproducts.com) produces and markets a comprehensive line of athletic supports and braces which are merchandised through national superstore chains, as well as through private label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB Industries, Inc.visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) EXPECTATIONS AS TO THE TIMING OF THE FILING OF THE REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 AND THE QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2006, (2) ANY LISTING REQUIREMENTS WHICH MAY BE PRESCRIBED OR ANY DETERMINATION WHICH MAY BE MADE BY THE AMERICAN STOCK EXCHANGE, (3) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (4) ADDITIONAL FINANCING REQUIREMENTS, (5) DEVELOPMENT OF NEW PRODUCTS, (6) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (7) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (8) TECHNOLOGICAL CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (10) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
DHB INDUSTRIES ANNOUNCES $60.6 MILLION ORDER
Pompano Beach, Florida, November 7, 2006 – DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that Point Blank Body Armor, one of the Company’s wholly-owned subsidiaries, received a $60.6 million order to supply the United States Army with Deltoid Axillary Protection System (D.A.P.S). This order is part of a $239.4 million contract awarded in June 2004. Potential awards remaining on this initial three-year contract, are $118.9 million. The Company will begin shipments this month.
Larry Ellis, President and Acting CEO of DHB Industries commented, “This is another significant order for our Company and a further testament to our quality product offering in the field of protective body armor. We have a long standing heritage with the U.S. Army and I’m proud that they continue to recognize the value, quality and security that our products provide to the soldiers that protect our nation.”
D.A.P.S. was developed to meet increased threat levels and provides the U.S. Army with a more advanced system and upgraded warfighting capability by enhancing performance and ballistic coverage of the Interceptor™ OTV, the lightest, most technologically advanced body armor system ever issued to the United States Armed Forces. D.A.P.S offers extended protection to the upper and under arm areas and meets the same ballistic standards as the Interceptor™ for 9mm and fragmentation protection. The D.A.P.S. system attaches to the OTV and includes shoulder and underarm components and MOLLE compatible webbing on the outer surface which allows for equipment carrying.
Ellis continued, “With this new order, DHB has announced contracts and delivery orders year-to-date, with potential awards in excess of $350 million. We are active in soliciting new orders for both this year and next, and have realigned our sales force to capitalize on both domestic and international market opportunities. We continue to invest in next generation body armor and believe our solutions are second to none. DHB and its operating companies remain committed to developing the industry’s best products.”
ABOUT DHB INDUSTRIES
DHB Industries, Inc.’s highly recognized subsidiaries, Point Blank Body Armor, Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of America (PACA) (www.pacabodyarmor.com), are in the protective body armor industry and are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the U.S. and worldwide. Company subsidiary NDL Products, Inc. (www.ndlproducts.com), produces and markets a comprehensive line of athletic supports and braces which are merchandised through national superstore chains as well as through private label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB Industries, Inc., visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) EXPECTATIONS AS TO THE TIMING OF THE FILING OF THE REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 AND THE QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2006, (2) ANY LISTING REQUIREMENTS WHICH MAY BE PRESCRIBED OR ANY DETERMINATION WHICH MAY BE MADE BY THE AMERICAN STOCK EXCHANGE, (3) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (4) ADDITIONAL FINANCING REQUIREMENTS, (5) DEVELOPMENT OF NEW PRODUCTS, (6) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (7) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (8) TECHNOLOGICAL CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (10) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
DHB Industries’ Point Blank Body Armor and PACA Body Armor to Exhibit at the 113th Annual IACP Conference and Exposition
POMPANO BEACH, FLORIDA, OCTOBER 14, 2006 – DHB Industries, Inc. (OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that its wholly-owned subsidiaries, Point Blank Body Armor, Inc. and Protective Apparel Corporation of America (PACA), will exhibit at the 113th Annual International Association of Chiefs of Police Law Enforcement Education and Technology Exposition. The IACP event will be held October 14 – 18 at the Boston Convention and Exhibition Center in Boston, Massachusetts.
Point Blank will showcase its cutting-edge concealable, tactical and corrections body armor including such recent innovations as VISION™, Hi-Lite™, and S.P.I.D.E.R., as well as a new series of ballistic shields and helmets and a host of other products. PACA products include new ballistic packages: NOVA and Perform-X, as well as new concealable and tactical vests designed to protect law enforcement and federal agency personnel. Point Blank and PACA’s full line of product solutions are engineered to maximize both comfort and ballistic protection, and are designed to withstand multiple hits, angle impacts, high-velocity ammunition and blunt trauma while retaining their light weight, flexibility and unparalleled comfort.
“Point Blank and PACA look forward to participating at the IACP Exposition,” commented Larry Ellis, President and Acting CEO of DHB Industries. “This industry leading forum brings together leaders in technology innovation across multiple sectors and the decision makers who are responsible for ensuring the safety of officers and government officials that serve our nation. We have a long standing heritage of providing high-performance, protective body armor products and are excited to showcase our latest innovations.”
The International Association of Chiefs of Police is the oldest and largest nonprofit membership organization of police executives in the world, with over 19,000 members in over 100 different countries. The 2006 gathering will bring together over 14,000 members and guests for exclusive seminars, forums, exhibits, and technical workshops examining the current state of the police industry. Educational sessions will feature discussion of critical issues and offer solutions to challenges facing professionals from all segments of law enforcement.
- Point Blank Body Armor: Boston Convention Center, booth #1218
- Protective Apparel Corporation of America (PACA), booth #1418
For more information, visit http://www.theiacpconference.org.
About DHB Industries Incorporated
DHB Industries, Inc.’s highly recognized subsidiaries, Point Blank Body Armor, Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of America (PACA) (www.pacabodyarmor.com), are in the protective body armor industry and are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the U.S. and worldwide. Company subsidiary NDL Products, Inc. (www.ndlproducts.com), produces and markets a comprehensive line of athletic supports and braces which are merchandised through national superstore chains as well as through private label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB Industries, Inc., visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) EXPECTATIONS AS TO THE TIMING OF THE FILING OF THE REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 AND THE QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIODS ENDED MARCH 31, 2006 AND JUNE 30, 2006, (2) ANY LISTING REQUIREMENTS WHICH MAY BE PRESCRIBED OR ANY DETERMINATION WHICH MAY BE MADE BY THE AMERICAN STOCK EXCHANGE, (3) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (4) ADDITIONAL FINANCING REQUIREMENTS, (5) DEVELOPMENT OF NEW PRODUCTS, (6) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (7) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (8) TECHNOLOGICAL CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (10) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
DHB Industries Adopts Stockholder Rights Plan and Amends Bylaws
POMPANO BEACH, FLORIDA, OCTOBER 10, 2006 –– DHB Industries, Inc. (OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that on October 6, 2006, the Board of Directors approved the adoption of a stockholder rights plan under which all stockholders of record as of the close of business on October 10, 2006 will receive rights to purchase a fraction of a share of a new series of preferred stock. Under the terms of the rights plan, stockholders will receive one preferred share purchase right (a “Right”) for each share of common stock of the Company that they beneficially own, distributable as a non-taxable dividend.
The Rights are designed to enable all DHB stockholders to realize the full long-term value of their investment and to provide for fair and equal treatment for all stockholders in the event that an unsolicited attempt is made to acquire the Company. The Company’s rights plan is similar to plans adopted by many other publicly-traded companies.
Generally, the Rights become exercisable only if a person or group acquires beneficial ownership of 15 percent or more of the Company’s common stock or announces a tender or exchange offer for 15 percent or more of the Company’s common stock. Under the terms of the rights plan, a person or group beneficially owning more than 15 percent of the Company’s outstanding common stock as of the close of business on October 6, 2006 will not cause the Rights to become exercisable unless and until such person or group increases its beneficial ownership by more than one percent of the Company’s total outstanding common stock without the prior written consent of the Company.
Each exercisable Right will entitle a stockholder, other than the acquiring person or group, to purchase one one-thousandth of a share of the Company’s newly created series of preferred stock for a purchase price of $15.00. In addition, if a person or group acquired more than the triggering percentage of the Company’s common stock described above, or if the Company were involved in a merger or other similar transaction, then in either case, other than under terms approved by the Company, each Right would entitle the holder (other than the acquiring person or group) to purchase shares of DHB common stock, or shares of common stock of the acquirer, having a value at that time equal to two times the purchase price of a Right.
The Company’s Board of Directors may redeem the Rights for $0.01 per Right at any time prior to the time when the Rights become exercisable. Unless the Rights are redeemed, exchanged or terminated earlier, they will expire automatically on the tenth anniversary of the record date.
The exercise of the Rights is subject to suspension under certain circumstances in order to provide the Company time to register the shares being issued upon exercise under the Securities Act of 1933, as amended. The Company is not currently able to file a registration statement covering shares to be issued upon exercise of the Rights because, as previously disclosed, it is not in compliance with its periodic filing requirements under Securities and Exchange Commission rules and regulations.
The Company has established a committee, which shall be comprised solely of independent directors, to take certain actions under the rights plan, including a review, at least once every three years, of whether the rights plan should be maintained, or the Rights terminated or redeemed. The members of this committee will be designated by the Board of Directors of the Company prior to the third anniversary of adoption of the stockholder rights plan.
The Company’s Board of Directors also approved and adopted amendments to the Bylaws of the Company. The changes to the Company’s Bylaws include: changes to the maximum number of directors on the Board of Directors; providing that a vacancy on the Board of Directors may be filled only by vote of the majority of the remaining directors then in office; providing that only the Board of Directors or the Chairman of the Board of Directors may call a special meeting of the stockholders of the Company; providing parameters for advance notice for stockholder proposals; and updating the notice provisions for special meetings of the Board of Directors.
Additional details regarding the rights plan are contained in a Form 8-K the Company intends to file with the Securities and Exchange Commission and in a summary to be mailed to all stockholders following the record date. Additional details regarding the amendments to the Bylaws are contained in the same Form 8-K.
About DHB Industries Incorporated
DHB Industries, Inc.’s highly recognized subsidiaries, Point Blank Body Armor, Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of America (PACA) (www.pacabodyarmor.com), are in the protective body armor industry and are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the U.S. and worldwide. Company subsidiary NDL Products, Inc. (www.ndlproducts.com), produces and markets a comprehensive line of athletic supports and braces which are merchandised through national superstore chains as well as through private label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB Industries, Inc., visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) EXPECTATIONS AS TO THE TIMING OF THE FILING OF THE REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 AND THE QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIODS ENDED MARCH 31, 2006 AND JUNE 30, 2006, (2) ANY LISTING REQUIREMENTS WHICH MAY BE PRESCRIBED OR ANY DETERMINATION WHICH MAY BE MADE BY THE AMERICAN STOCK EXCHANGE, (3) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (4) ADDITIONAL FINANCING REQUIREMENTS, (5) DEVELOPMENT OF NEW PRODUCTS, (6) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (7) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (8) TECHNOLOGICAL CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (10) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
DHB ANNOUNCES ADDITIONAL $4.4 MILLION IN NEW ORDERS FROM THE U.S. GOVERNMENT TO PROVIDE BODY ARMOR FOR THE AFGHAN NATIONAL ARMY
POMPANO BEACH, FLORIDA, OCTOBER 10, 2006 –DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that it received new orders from the U.S. Government to supply protective body armor to the Afghan National Army. The Company’s wholly-owned subsidiary, Point Blank Body Armor was awarded new orders totaling $4.4 million, which follow an initial contract order of $12.2 million announced in May 2006.
Commenting on today’s announcement, Sam White, Head of Global Sales, stated, “The vests supplied to the Afghan Army are lightweight, comfortable and flexible and provide protection against numerous and growing battlefield threats. We are proud that the U.S. Government and our allies around the world continue to see the value in our products and we look forward to exceeding the needs of the troops that rely on our products for their safety.”
The Company’s body armor will incorporate Honeywell’s Gold Shield® composite material, which provides protection against steel-jacket rounds and is engineered for flexibility and comfort. The Gold Shield technology provides excellent stopping power with multi-hit and angle shot benefits and substantially reduces injury from blunt-trauma – and injury caused by an impacting bullet.
“Our continued partnership serves as another example of the bullet-resistance capabilities and the proven high performance of Honeywell’s Gold Shield materials,” said Timothy Swinger, segment leader of Honeywell’s Advanced Fibers and Composites business. “We’re honored to have been selected by Point Blank at this crucial time in the Afghan force’s development.”
About DHB Industries Incorporated
DHB Industries, Inc.’s highly recognized subsidiaries, Point Blank Body Armor, Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of America (PACA) (www.pacabodyarmor.com), are in the protective body armor industry and are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the U.S. and worldwide. Company subsidiary NDL Products, Inc. (www.ndlproducts.com), produces and markets a comprehensive line of athletic supports and braces which are merchandised through national superstore chains as well as through private label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB Industries, Inc., visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) EXPECTATIONS AS TO THE TIMING OF THE FILING OF THE REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 AND THE QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIODS ENDED MARCH 31, 2006 AND JUNE 30, 2006, (2) ANY LISTING REQUIREMENTS WHICH MAY BE PRESCRIBED OR ANY DETERMINATION WHICH MAY BE MADE BY THE AMERICAN STOCK EXCHANGE, (3) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (4) ADDITIONAL FINANCING REQUIREMENTS, (5) DEVELOPMENT OF NEW PRODUCTS, (6) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (7) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (8) TECHNOLOGICAL CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (10) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
DHB Industries’ Point Blank Body Armor to Exhibit at the 2006 AUSA Conference and Exposition
POMPANO BEACH, FLORIDA, OCTOBER 9, 2006 –– DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that Point Blank Body Armor, Inc., a wholly owned subsidiary, will exhibit at the 52nd Annual Meeting and Exposition of the Association of the USA Army. The AUSA conference will be held October 9 - 11, 2006 at the Washington Convention Center in Washington, DC.
Point Blank will showcase various body armor products, including the military version of the Interceptor™ Outer Tactical Vest (OTV). The Interceptor™ is an upgradeable, modular soft body armor system which provides ballistic and fragmentation protection. The ensemble, consisting of a base outer shell carrier, ballistic yoke and collar, ballistic groin protector, and ballistic throat protector, is the lightest, most technologically advanced protective system ever issued to the U.S. Armed Forces. Point Blank’s ongoing support of the AUSA will also be recognized at the Sustaining Member Reception on October 10 and Marshall Memorial Reception and Dinner on October 11.
“DHB Industries looks forward to participating in the AUSA Exposition,” commented Larry Ellis, President and Acting CEO of DHB Industries. “Being among important industry leaders and esteemed military personnel gives us the opportunity to discuss relevant issues shaping the future of the Army while reinforcing our commitment to protecting the servicemen and women of our nation with the most technologically advanced body armor products.”
The AUSA Conference & Exposition is one of the largest land warfare forums in the world. The 2006 gathering, themed “Call to Duty: Boots on the Ground” to signify the Army’s continuing support in the War on Terror, is expected to bring together over 28,000 attendees including soldiers, defense industry representatives, and foreign military leaders. The annual three-day event offers participants the unique opportunity to explore cutting-edge military equipment and technology while participating in professional development seminars and networking activities.
For more information, please visit http://www.ausa.org/www/AM2006.nsf/Home?OpenForm.
About DHB Industries Incorporated
DHB Industries, Inc.’s highly recognized subsidiaries, Point Blank Body Armor, Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of America (PACA) (www.pacabodyarmor.com), are in the protective body armor industry and are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the U.S. and worldwide. Company subsidiary NDL Products, Inc. (www.ndlproducts.com), produces and markets a comprehensive line of athletic supports and braces which are merchandised through national superstore chains as well as through private label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB Industries, Inc., visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) EXPECTATIONS AS TO THE TIMING OF THE FILING OF THE REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 AND THE QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIODS ENDED MARCH 31, 2006 AND JUNE 30, 2006, (2) ANY LISTING REQUIREMENTS WHICH MAY BE PRESCRIBED OR ANY DETERMINATION WHICH MAY BE MADE BY THE AMERICAN STOCK EXCHANGE, (3) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (4) ADDITIONAL FINANCING REQUIREMENTS, (5) DEVELOPMENT OF NEW PRODUCTS, (6) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (7) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (8) TECHNOLOGICAL CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (10) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
DHB Adds Two New Federal Customers: D.C. Department of Corrections and D.C. Department of Probation and Parole
POMPANO BEACH, FLORIDA, OCTOBER 3, 2006 –DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that its wholly-owned subsidiary, Protective Apparel Corporation of America (“PACA”) received two new orders, totaling approximately 1,000 vests from the D.C. Department of Corrections and D.C. Department of Probation and Parole. Both branches represent new customers and the Company expects to fulfill orders in the fourth quarter 2006.
PACA will provide its new Tailored Armor Carrier (“TAC”) to the D.C. Department of Corrections. The TAC has PACA’s latest ballistic package that provides a high level of both ballistic and stab protection. “At PACA we continue to develop new industry-leading products that provide the dual protection of ballistic and stab that the officers in the corrections arena need”, said Dale Taylor, Director of Product Development for DHB . The TAC is designed as a one piece uniform shirt and body armor and features two multi-functional pockets, a convenient side opening and a contoured shaped for total comfort. Standard features of the TAC include a 600 denier polyester outer shell with a soft poly-cotton twill inner lining. The TAC also comes equipped with adjustable side straps, two front bellow pockets, badge and name tab epaulettes and a Mic holder
The contract with the D.C. Department of Probation and Parole is for the Company’s Self-Ventilating System (“SVS”) concealable vest with optional Quilted Outer Carrier. The SVS has a highly advanced carrier design which allows optimum ventilation from the inside out. The moisture wicking Akwadyne™ inner lining works with the durable micro-fiber outershell, resulting in improved temperature control. When combined with (optional) Armor Ice™ Active Cooling Inserts, the SVS is one of the coolest concealable vests available today. The optional cold weather quilted outer shell can be worn over the uniform with identification patch and with PACA’s concealable ballistic panels inserted.
Commenting on today’s announcement, Sam White, Head of Global Sales, stated, “These contracts are significant in that they represent new customers for DHB and reinforce the value of our R&D efforts and commitment to product innovation. We look forward to working closely with both organizations to ensure their product needs are met and the officers are kept safe by wearing our vests.”
About DHB Industries Incorporated
DHB Industries, Inc.’s highly recognized subsidiaries, Point Blank Body Armor, Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of America (PACA) (www.pacabodyarmor.com), are in the protective body armor industry and are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the U.S. and worldwide. Company subsidiary NDL Products, Inc. (www.ndlproducts.com), produces and markets a comprehensive line of athletic supports and braces which are merchandised through national superstore chains as well as through private label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB Industries, Inc., visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) EXPECTATIONS AS TO THE TIMING OF THE FILING OF THE REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 AND THE QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIODS ENDED MARCH 31, 2006 AND JUNE 30, 2006, (2) ANY LISTING REQUIREMENTS WHICH MAY BE PRESCRIBED OR ANY DETERMINATION WHICH MAY BE MADE BY THE AMERICAN STOCK EXCHANGE, (3) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (4) ADDITIONAL FINANCING REQUIREMENTS, (5) DEVELOPMENT OF NEW PRODUCTS, (6) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (7) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (8) TECHNOLOGICAL CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (10) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
DHB Announces Contract with Texas Department of Public Safety
- John Siemer Named COO and Chief of Staff -
- Thomas Canfield to Serve as General Counsel and Corporate Secretary –
- Sam White Appointed Head of Global Sales -
POMPANO BEACH, FLORIDA, SEPTEMBER 28, 2006 –DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today the appointments of John Siemer as Chief Operating Officer and Chief of Staff and Thomas Canfield as General Counsel and Corporate Secretary. The Company also disclosed that Sam White, formerly President of Point Blank Body Armor, will now assume the position of Head of Global Sales.
“It is with great pleasure that I announce John and Thomas’s appointments and welcome them to the DHB family,” stated Larry Ellis, President and Acting CEO. “I personally have known John for over 20 years and believe his experience in the U.S. Armed Forces will be a tremendous asset to our organization. John was brought on board given his knowledge of the inner-workings of the U.S. military and both local and federal governments and I strongly believe his insights and skills will enable us to better structure our organization to meet our customers’ needs, as well as our ability to operate more efficiently. Furthermore, the addition of Thomas Canfield to our organization will greatly help us, not only in legal matters, but in operations as he has over 25 years of experience in both U.S. and International business, working with high-profile corporations in the matters of legal, regulatory, business development, corporate finance and operations.”
Ellis continued, “Sam White has been with our organization since 2001 and has been one of the key executives responsible for DHB’s growth and market leadership in the body armor industry. Prior to his appointment as President of Point Blank, Sam served as VP of our sales, marketing and R&D initiatives and we strongly believe that having Sam lead our global sales efforts, will better position our Company in the years ahead. His knowledge of our products, our customers and partners, and his relationships with key decision makers and suppliers will be invaluable as we look to grow our business and become the dominant supplier of protective body armor to the U.S. Armed Forces, Federal Agencies and Law Enforcement community.”
Mr. Siemer will be working closely with key executives from corporate, finance, operations and human resources while helping to structure and implement the Company’s overall strategy and vision across all departments and locations. Mr. Siemer will coordinate matters of strategic planning, business development, corporate governance and both operational and managerial organization. Other day-to-day duties will include staff management, integration of key business functions and both staff structure and training. Mr. Siemer will also focus on ensuring fiscal discipline while improving business efficiencies and productivity. He will be reporting to Larry Ellis.
Prior to joining DHB , Mr. Siemer served as Special Assistant and Strategic Planner to the Army Chief of Staff where he advised on the use and allocation of resources. Previously, he served as Executive Officer to the Director of Program Analysis and Evaluation for the Department of the Army Headquarters, where he provided oversight and direction in helping the U.S. Army craft and execute its Future Years Defense Program, specifically focused in the areas of resource allocation, program evaluation and analysis, and acquisition. Mr. Siemer worked extensively with the Department of Defense in developing Program Objective Memorandum (POM). Mr. Siemer co-authored a comprehensive Army study on structure, research, development and acquisition, and overall base operations. He holds a Bachelors of Science (B.S.) in Engineering from the U.S. Military Academy at West Point and a Masters of Science (M.S.) in Structural Engineering from the Georgia Institute of Technology (Georgia Tech).
As DHB’s General Counsel and Corporate Secretary, Thomas Canfield will be responsible for overseeing the Company’s legal and government affairs, including regulatory, corporate and compliance activities as well as matters pertaining to the Securities and Exchange Commission and potential relisting of DHB on AMEX or another exchange, once compliance matters are addressed. He will be working closely with the Company’s operational and financial teams in contract arrangements, patents and employee relations and will assist the executive team and board of directors in strategic planning and transactions, corporate affairs and corporate governance. He will also be reporting to Larry Ellis.
Prior to joining DHB , Mr. Canfield served as CEO and Plan Administrator for AT&T Latin America Corp., a position he held since 2003. Prior to that, he served as General Counsel and Secretary. During his tenure at AT&T, Mr. Canfield oversaw a 15-month business restructuring plan and was instrumental in debt restructurings, customer and vendor negotiations, management personnel and related litigation. As General Counsel and Secretary, he executed the assembly of the business franchise, involving two acquisitions and a follow-on merger resulting in a Nasdaq NMS listing. Additionally, he played a major role in integrating the Company’s U.S. headquarters and businesses in five South American countries into a unified multi-national operation with common business processes.
From 1991-2000, Mr. Canfield was an attorney in the New York office of Debevoise & Plimpton, where he represented principals and advisors in numerous M&A and corporate financing transactions, including matters involving AT&T Corp., AOL, AIG, Citigroup, Kimberly-Clark, Phelps Dodge and others. Mr. Canfield graduated from Wesleyan University with a Bachelor of Arts in History and received his JD from Fordham Law School. He was awarded the annual New York State Bar citation in legal ethics and was admitted to practice in New York in 1990.
About DHB Industries Incorporated
DHB Industries, Inc.’s highly recognized subsidiaries, Point Blank Body Armor, Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of America (PACA) (www.pacabodyarmor.com), are in the protective body armor industry and are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the U.S. and worldwide. Company subsidiary NDL Products, Inc. (www.ndlproducts.com), produces and markets a comprehensive line of athletic supports and braces which are merchandised through national superstore chains as well as through private label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB Industries, Inc., visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) EXPECTATIONS AS TO THE TIMING OF THE FILING OF THE REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 AND THE QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIODS ENDED MARCH 31, 2006 AND JUNE 30, 2006, (2) ANY LISTING REQUIREMENTS WHICH MAY BE PRESCRIBED OR ANY DETERMINATION WHICH MAY BE MADE BY THE AMERICAN STOCK EXCHANGE, (3) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (4) ADDITIONAL FINANCING REQUIREMENTS, (5) DEVELOPMENT OF NEW PRODUCTS, (6) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (7) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (8) TECHNOLOGICAL CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (10) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
DHB Announces Contract with Texas Department of Public Safety
POMPANO BEACH, FLORIDA, SEPTEMBER 21, 2006 – DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that its wholly-owned subsidiary, Point Blank Body Armor has received a three-year contract with the Texas Department of Public Safety. As per the agreement, Point Blank Body Armor will supply its VISION™ concealable vest to all Texas State Troopers.
Commenting on today’s announcement, Sam White, President of Point Blank Body Armor stated, “Officer safety has and continues to be a primary focus and we have developed a full suite of products that we feel, provide the highest performance and safety in the industry. We are pleased that the Texas Department of Public Safety has recognized the quality of our products and chosen Point Blank as its supplier of choice.”
VISION
VISION is the first total body armor system that integrates high performance ballistic materials with an innovative carrier design featuring temperature regulating technologies, antimicrobial protection and the company’s exclusive Moisture Control System. These innovations result in significantly cooler, dryer and more comfortable all-day performance. Additionally, VISION, an NIJ Certified product, is one of the lightest weight vests available in the market today and is engineered to provide greater range of motion, allowing officers to maneuver easily, while providing superior performance and maximum comfort.
Features and benefits of VISION include:
- Patented self-suspending ballistic system prevents rolling and sagging of ballistic panels inside the carrier.
- Soft, temperature regulating inner surface helps keep the user cooler and is treated with Microban® to resist the growth of odor-causing mold and mildew.
- Zero-drag, soil resistant micro-fiber outer surface reduces bunching and pulling under the uniform shirt.
- Exterior mid-torso zipper opening for convenient ballistic panel insertion and removal.
- Removable 2” or 4” waist straps provide 8-point adjustability.
- Ergonomic design provides extensive protective coverage and maximum mobility.
About DHB Industries Incorporated
DHB Industries, Inc.’s Armor Group is in the protective body armor industry. The Company’s highly recognized subsidiaries, Point Blank Body Armor, Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of America (PACA) (www.pacabodyarmor.com), are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the U.S. and worldwide. DHB Sports Group, consisting of Company subsidiary NDL Products, Inc. (www.ndlproducts.com), produces and markets a comprehensive line of athletic supports and braces which are merchandised through national superstore chains as well as through private label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB Industries, Inc., visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) EXPECTATIONS AS TO THE TIMING OF THE FILING OF THE REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 AND THE QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2006, (2) ANY LISTING REQUIREMENTS WHICH MAY BE PRESCRIBED OR ANY DETERMINATION WHICH MAY BE MADE BY THE AMERICAN STOCK EXCHANGE, (3) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (4) ADDITIONAL FINANCING REQUIREMENTS, (5) DEVELOPMENT OF NEW PRODUCTS, (6) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (7) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (8) TECHNOLOGICAL CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (10) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
DHB Industries, Inc.Withdraws Reliance on its 2003 and 2004 Financial Statements
POMPANO BEACH, FLORIDA, AUGUST 18, 2006 –DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that on August 17, 2006, the Executive Committee of the Board of Directors of the Company concluded that the Company’s previously issued consolidated financial statements for the fiscal years ended December 31, 2004 and December 31, 2003, and the related financial information for those periods and interim periods, should no longer be relied upon. The conclusion followed a recommendation of the Company’s recently appointed financial management, supplied by AlixPartners, LLC, and a review of the pertinent facts.
The Company continues to conduct an analysis of its historical information and records. Several professionals and advisors employed or retained by the Company have highlighted discrepancies with respect to the reasonableness of estimates and the accuracy of reported inventory, gross profit, and income levels in fiscal years 2003 and 2004. Further, the Company’s management has concluded that at this time there is insufficient information in the Company’s records to permit making a determination of the magnitude of the inaccuracies or the cumulative effect that any potential inaccuracies may have on the inventory, gross profit and net income values reported by the Company for these prior periods. The subsequent analysis could result in a restatement of the Company’s financial statements for the fiscal years ended December 31, 2004 and 2003.
IIn addition, in making its determination with regard to historical financial statements, the Executive Committee considered the conclusions of the Company’s financial management that (i) the Company’s existing internal controls over financial reporting do not provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and (ii) the lack of historical records and the lack of documentation providing evidence of prior controls limits the Company’s ability to substantiate the financial reports produced during the fiscal years 2003 and 2004
The Company continues its efforts to strengthen and enhance its internal control system and position itself to complete its financial statements and financial statement analysis. The Company is unable to predict at this time when it will be in the position to file all required current and historical financial statements with the Securities and Exchange Commission.
Management has discussed the matters disclosed in this press release with Rachlin Cohen & Holtz LLP, the Company’s independent registered public accounting firm, and has notified Weiser LLP, the Company’s former independent registered public accounting firm, with regard to these matters.
About DHB Industries Incorporated
DHB Industries, Inc.’s Armor Group is in the protective body armor industry. The Company’s highly recognized subsidiaries, Point Blank Body Armor, Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of America (PACA) (www.pacabodyarmor.com), are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the U.S. and worldwide. DHB Sports Group, consisting of Company subsidiary NDL Products, Inc. (www.ndlproducts.com), produces and markets a comprehensive line of athletic supports and braces which are merchandised through national superstore chains as well as through private label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB Industries, Inc., visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) EXPECTATIONS AS TO THE TIMING OF THE FILING OF THE REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 AND THE QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2006, (2) ANY LISTING REQUIREMENTS WHICH MAY BE PRESCRIBED OR ANY DETERMINATION WHICH MAY BE MADE BY THE AMERICAN STOCK EXCHANGE, (3) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (4) ADDITIONAL FINANCING REQUIREMENTS, (5) DEVELOPMENT OF NEW PRODUCTS, (6) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (7) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (8) TECHNOLOGICAL CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (10) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
DHB Industries Announces Contract Award for Outer Tactical Vest (OTV) Conversion Kits up to $169 million
POMPANO BEACH, FLORIDA, AUGUST 7, 2006 – DHB Industries, Inc. (OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that Point Blank Body Armor, one of the Company’s wholly-owned subsidiaries, received an Indefinite Delivery/Indefinite Quantity (ID/IQ) contract to supply the United States Army with OTV Conversion Kits with a maximum value of $169 million over three-years.
The initial delivery order as part of this award is for $37 million and the Company disclosed that production and delivery is expected to begin this quarter. The OTV Conversion Kits, in the new Universal Camouflage Pattern, consist of a base outer shell carrier, ballistic yoke and collar, ballistic groin protector, and ballistic throat protector. They will be used in the Company’s Interceptor Body Armor ensemble, which Point Blank Body Armor has previously and continues to supply to the U.S. Army and other branches of the U.S. Armed Forces.
Larry Ellis, President and Acting CEO of DHB Industries commented, “We are pleased to announce this latest contract with the U.S. Army as it represents another significant milestone for our Company. We continue to develop leading, protective body armor products for the U.S. Armed Forces, in addition to Federal Agencies and law enforcement personnel.”
Ellis continued, “Year to d

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