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2007 Press Releases
01/16/07 — DHB INDUSTRIES ANNOUNCES $82 MILLION IN CONTRACT ORDERS WITH THE U.S. ARMY AND UPDATES 2006 CASH RECEIPTS |
November 9, 2007
POINT BLANK SOLUTIONS REPORTS 2007 THIRD QUARTER RESULTS
Pompano Beach, FL, November 9, 2007 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective apparel today reported its results for the third quarter of 2007, which ended September 30, 2007. Additionally, the Company announced that it has filed its Form 10-Q for the same period with the Securities and Exchange Commission (SEC).
The Company’s financial performance year-to-date cannot adequately describe the performance of Point Blank Solutions, Inc. since August 1, 2006. In a little over a year, the Company has experienced a significant change in its structure and culture. Under the leadership of California State Senator (retired) William Campbell, the Chairman, and General (retired) Larry Ellis, the CEO and President, the Company began what can only be described as a paradigm change. From their past roles in government, they shared a unique dedication to service and an understanding of the Company’s customers.
Despite the well publicized legacy issues and the related distractions, the Company began a process to fully cooperate with government and regulatory agencies to resolve past legacy issues and bring the Company closer to compliance. What facilitated this endeavor was a core of about 1,000 dedicated employees who continued to develop, sell, manufacture, and ship what we believe are the finest quality products in the industry. Today, the Company has over 1,300 hardworking employees that remain focused on the same goal of producing the highest quality and best value products in the industry.
On August 1, 2006, Larry Ellis was the only officer at the Company. As CEO and President he began the process of building a professional management team that could handle the day-to-day issues, made more complex by the legacy issues and costs, as well as develop and implement a vision and strategy for the future. Because of complicated issues and the time required to recruit a professional staff, he supplemented the staff with area expert consultants from well-known, professional companies. At the same time, the Chairman and he began recruiting distinguished professionals to serve on the Company’s Board of Directors. Today, the Company has a highly professional Board with complimentary skills and a dedicated professional management team.
In a relatively short time the Company grew from an entity with less than $30 million in annual sales in 1999 to a corporation with over $300 million in sales with several legacy issues. As such, it lacked the strategy, structure and culture to support its role as a growing industry leader. Over the past year, the Company developed, began implementation, and continued to refine a strategic plan to make it the global leader in safety apparel and protective solutions. Management wrote a business plan, accomplished several strategic studies of its market, and developed an annual budget that was revised because the 2007 performance at mid year exceeded expectations. Today, the Company has a clear vision and focus on its future.
Operationally, the Company is implementing several systems that will further enhance quality, efficiency, and production. In August 2006, the Company had information technology legacy systems that were sadly outdated and incapable of handling its requirements. To provide adequate management tools and comply with Sarbanes-Oxley requirements, the Company has purchased a number of servers, computers and ancillary equipment. It is implementing several new software enhancements to a new Oracle system as well as JESTA, an Oracle based system, to provide the financial and management tools to further improve Company operations.
Over the past year, the Company began to implement changes in its plants to enhance quality, increase efficiency and reduce costs. Although much remains to be done, the Company has improved the efficiency of its operations while maintaining the high quality of its products. Enhancements, through the implementation of International Organization of Standardization (ISO) and other specific programs, are intended to increase the Company’s ability to compete and grow its market share. Additionally, the Company enhanced its research and development which has produced new products that to date have been well received in the market and provides the foundation for continued innovation.
Despite the challenges and costs, caused by legacy issues, the Company has made significant progress over the last year. More importantly, it has created a solid platform for future growth.
Larry Ellis, President and CEO of Point Blank Solutions, Inc. stated “About fifteen months ago our company developed and began to implement a strategy to make us the global leader in design and manufacture of protective apparel. While much work remains to complete our plan, I am very pleased with our progress thus far, as demonstrated in our year to date financial results and the increased shareholder value. I am also confident that we, through the continued hard work of our Board of Directors, management, and employees, will continue to make progress towards our goal of becoming the global leader of protective apparel and further enhance our value.”
For the three months ended September 30, 2007:
-
The Company’s net sales were $71.8 million versus $59.8 million for the prior year period, an increase of $12.0 million (or 20.1%), primarily resulting from increased shipments to the U.S. military and to domestic/distributor customers. Sequentially, net sales were lower than the prior quarter by $21.7 million (or 23.2%), due to the impact of the federal fiscal yearend and late approval of the new federal budget.
-
Gross profit was $11.5 million, or 16.0% of net sales, as compared to the prior year period of $14.0 million, or 23.4% of net sales. The change in gross profit resulted principally from a more aggressive pricing strategy, increased industry competition and higher ballistics and labor costs.
-
Total operating costs were $11.7 million, or 16.3% of net sales, versus $3.9 million or 6.5% of net sales for the prior year period. Included in operating costs is a credit in equity based compensation in the prior year period of $6.4 million (resulting from the proposed settlement of the class action and shareholder derivative action) as compared to equity based compensation expense in the current year quarter of $1.2 million, a difference of $7.6 million. Also, the Company’s general and administrative expenses increased in the current year period by $1.8 million from the prior year period, largely as a result of higher professional fees associated with on-going efforts to bring the Company back into compliance with statutory and regulatory requirements.
-
Adjusted EBITDA was $3.3 million, compared to $8.1 million in the prior year period, due to the results of operations noted above.
- The Company recorded a net loss of $0.3 million, or $0.01 per share (basic and diluted), compared to net income of $9.3 million, or $0.20 per share (basic and diluted) for the prior year period.
For the nine months ended September 30, 2007:
-
The Company’s net sales were $257.5 million as compared to $182.8 million for the prior year period, an increase of $74.7 million (or 40.9%), primarily as a result of increased shipments to the U.S. military.
-
Gross profit was $47.0 million, or 18.3% of net sales, as compared to the prior year period of $42.7 million, or 23.4% of net sales. The increase in gross profit is due to an increase in net sales; the change in gross profit margins resulted from a more aggressive pricing strategy, increased industry competition and higher ballistics and labor costs.
-
Total operating costs were $35.7 million or 13.9% of net sales, as compared to $43.0 million or 23.5% of net sales for the prior year period. The reduction in operating costs resulted from partially reversing the employment tax withholding obligation during the current year (of $0.7 million) versus a recording a charge in the prior year period (of $4.4 million), a lower level of professional fees associated with ongoing litigation and cost of investigations (of $3.6 million), offset by an increase in equity based compensation expense (totaling $2.0 million)
-
Adjusted EBITDA was $21.9 million, compared to $12.6 million in the prior year period.
-
Net income was $6.4 million, or $0.12 per share (basic and diluted), compared to a net loss of $1.6 million, or $0.04 per share (basic and diluted).
Conference Call and Webcast
Point Blank Solutions, Inc. will host a teleconference and web cast to discuss its corporate and financial updates on Wednesday, November 14, 2007 at 11:00 a.m. EST. Speaking on behalf of the Company will be Larry Ellis, President and Chief Executive Officer; Jim Anderson, Chief Financial Officer; John Siemer, Chief Operating Officer and Chief of Staff; and Sam White, Executive Vice President, Global Sales, Marketing and Research and Development. Interested parties can listen to the webcast on the Point Blank Solutions website at http://www.pointblanksolutionsinc.com and by clicking on “Investor Relations.” Additionally, parties can participate on the call by dialing:
Domestic Call-in Number: 866-831-6247
International Call-in Number: 617-213-8856
Participant Pass Code: 57861025
For those who will be unable to join in the live presentation, a replay of the webcast will be available on the Company’s website by clicking on “Investor Relations” and then clicking “Audio Archives.” Additionally, a teleconference replay will be available as soon as practicable after the completion of the call.
Replay Number: 888-286-8010
International Replay Number: 617-801-6888
Access Code: 61044696
About Point Blank Solutions, Inc.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.com.
Non-GAAP Financial Disclosure
This press release contains information regarding Adjusted EBITDA. Adjusted EBITDA is computed as net income, plus the sum of interest expense, income taxes, depreciation and amortization, litigation and cost of investigations, non-recurring professional fees and equity based compensation. This measure is a non-GAAP financial measure, defined as numerical measures of financial performance that exclude or include amounts so as to be different than the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles, or GAAP in our statement of operations, balance sheet or statement of cash flows. Pursuant to the requirements of Regulation G, we have provided a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.
Although Adjusted EBITDA represents a non-GAAP financial measure, we consider this measure to be a key operating metric of our business. We use this measure in our planning and budgeting processes and to monitor and evaluate our financial and operating results. We also believe that Adjusted EBITDA is useful to investors because it provides an analysis of financial and operating results using the same measures that we use in evaluating the Company. We expect that such measure provides investors with the means to evaluate our financial and operating results against other companies within our industry. Our calculation of Adjusted EBITDA may not be consistent with the calculation of this measure by other companies in our industry. Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to net earnings (loss) as an indicator of our operating performance or cash flows from operating activities, as a measure of liquidity or any other measure of performance derived in accordance with GAAP.
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) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) DE-LISTING FROM 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, (11) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (12) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN PART II ITEM 1A. "RISK FACTORS," IN THE COMPANY'S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2007. 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.
Company Contact: Media Relations/Investor Relations
Glenn Wiener
212-786-6013
pr@PBSInc.com or ir@PBSInc.com
POINT BLANK SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
September 30, 2007 December 31, 2006
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $261 $177
Restricted cash 35,200 35,200
Accounts receivable, less allowance for
doubtful accounts of $238 and $911,
respectively 26,235 38,087
Inventories, net 38,759 32,210
Deferred income tax assets 35,812 38,125
Prepaid expenses and other current assets 3,412 2,326
Total current assets 139,679 146,125
Property and equipment, net 5,035 1,825
Other assets 1,460 249
Total assets $146,174 $148,199
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Revolving line of credit $7,843 $8,425
Accounts payable 15,577 17,626
Accrued expenses and other current
liabilities 8,376 12,912
Reserve for class action settlement 39,372 39,372
Vest replacement program obligation 4,083 6,054
Income taxes payable 4,649 5,904
Employment tax withholding obligation 35,746 36,483
Total current liabilities 115,646 126,776
Other liabilities 554 852
Total liabilities 116,200 127,628
Commitments and contingencies
Minority interest in consolidated subsidiary 378 253
Contingently redeemable common
stock (related party) 19,326 19,326
Stockholders' equity:
Common stock, $0.001 par value, 100,000,000
shares authorized, 48,016,836 million shares
issued and outstanding 48 48
Additional paid in capital 83,819 80,903
Accumulated deficit (73,597) (79,959)
Total stockholders' equity 10,270 992
Total liabilities and
stockholders' equity $146,174 $148,199
POINT BLANK SOLUTIONS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share data)
For the Three Months Ended For the Nine Months Ended
September 30, September 30, September 30, September 30,
2007 2006 2007 2006
Net sales $71,843 $59,772 $257,469 $182,773
Cost of goods sold 60,367 45,822 210,515 140,031
Gross profit 11,476 13,950 46,954 42,742
Selling, general and
administrative
expenses 9,467 73 29,042 27,627
Litigation and
cost of
investigations 2,203 3,804 7,364 11,002
Income tax withholding
charge credit) - - (737) 4,407
Total operating
costs 11,670 3,877 35,669 43,036
Operating income
(loss) (194) 10,073 11,285 (294)
Interest expense 185 536 465 1,153
Other (income)
expense 30 94 16 90
Total other
expense, net 215 630 481 1,243
Income (loss) before
income tax expense
(benefit) (409) 9,443 10,804 (1,537)
Income tax
expense (benefit) (180) 132 4,317 (40)
Income (loss) before
minority interest of
subsidiary (229) 9,311 6,487 (1,497)
Less minority interest
of subsidiary 28 39 125 96
Net income (loss) $(257) $9,272 $6,362 $(1,593)
Basic income (loss)
per common share $(.01) $.20 $.12 $(.04)
Diluted income(loss)
per common share $(.01) $.20 $.12 $(.04)
Basic and Diluted
income (loss) per
contingently
redeemable
common share $ - $ - $.12 $ -
POINT BLANK SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(In thousands)
For the Nine Months Ended
September 30,
2007 2006
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (loss) $6,362 $(1,593)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities:
Depreciation and amortization 467 507
Amortization of deferred financing costs 49 41
Deferred income tax expense (benefit) 1,382 (3,310)
Gain on sale of fixed assets - (94)
Minority interest in consolidated subsidiary 125 96
Stock based compensation 2,916 934
Legal fees paid by stock issuance - 220
Changes in assets and liabilities:
Increase in restricted cash - (35,200)
Accounts receivable, net 11,852 7,206
Accounts receivable from insurers - 12,875
Inventories, net (6,549) (8,366)
Prepaid expenses and other current assets (1,086) (1,296)
Other assets 15 21
Accounts payable (821) 2,430
Income taxes payable (1,255) 3,249
Employment tax withholding obligation (737) 4,407
Vest replacement program obligation (1,972) (3,899)
Accrued expenses and other current liabilities (4,537) (1,695)
Other liabilities (298) (429)
Net cash provided by (used in) operating
activities 5,913 (23,896)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property and
equipment - 572
Purchases of property and equipment (3,677) (364)
Net cash provided by (used in) investing
activities (3,677) 208
CASH FLOWS FROM FINANCING ACTIVITIES
Bank overdraft (1,226) 4,174
Net proceeds from revolving line of credit 7,842 13,178
Repayment of note payable - bank (8,425) (15,000)
Deferred financing costs (343) -
Issuance of contingently redeemable common
stock (related party) - 19,326
Repurchase of common stock - (3,133)
Net proceeds from exercise of stock warrants - 5,250
Net cash provided by (used in) financing
activities (2,152) 23,795
Net increase in cash and cash equivalents 84 107
Cash and cash equivalents at beginning of
year 177 1,283
Cash and cash equivalents at end of period $261 $1,390
POINT BLANK SOLUTIONS, INC.
ADJUSTED EBITDA
(In thousands)
For the three months
ended September 30,
2007 2006
Net income (loss) $(257) $9,272
Add Back:
Interest expense 185 537
Income taxes (180) 132
Depreciation and amortization 167 147
Litigation and cost of
investigations 2,203 3,804
Equity based compensation 1,212 (6,432)
Relocation of corporate offices - 649
Adjusted EBITDA $3,331 $8,110
For the nine months
ended September 30,
2007 2006
Net Income (Loss) $6,362 $(1,593)
Add Back:
Interest expense 465 1,153
Income taxes 4,317 (40)
Depreciation and amortization 467 507
Litigation and cost of
investigations 7,364 11,002
Equity based compensation 2,916 934
Relocation of corporate offices - 649
Adjusted EBITDA $21,892 $12,612
SOURCE Point Blank Solutions, Inc.
11/09/2007
CONTACT: Media/Investor Relations, Glenn Wiener
+1-212-786-6013
pr@PBSInc.com, ir@PBSInc.com
Web site: http://www.pointblanksolutionsinc.com
(PBSO)
CO: Point Blank Solutions, Inc.
ST: Florida
IN: TEX REA OTC
SU: ERN
November 9, 2007
POINT BLANK SOLUTIONS RESPONDS TO UNSOLICITED PROPOSAL FROM STEEL PARTNERS
Pompano Beach, FL, November 9, 2007 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, responded in a letter dated today to the unsolicited proposal from Steel Partners II, L.P., received by the Company on October 30, 2007, to enter into negotiations to acquire all of the common stock of Point Blank Solutions, Inc.
The Company advised Steel Partners that the Board of Directors has determined it is not in the best interest of all shareholders to pursue Steel Partners’ proposal at this time. “Our Board of Directors reviewed the proposal carefully and deliberately; we take our fiduciary duties very seriously,” said Larry Ellis, the Company’s President and Chief Executive Officer. The Company stressed that in order to maximize shareholder value, it should continue along the path of resolving legacy issues as well as implementing its growth and profitability strategy.
Response letter to unsolicited proposal from Steel Partners:
November 9, 2007
Steel Partners II, L.P.
590 Madison Avenue
32nd Floor
New York, NY 10022
Attention: Warren G. Lichtenstein
Dear Mr. Lichtenstein:
As you may be aware, the Company has been dealing with many issues that arose under previous management. Among these issues are class action and derivative shareholder suits, numerous ongoing implications from the criminal indictments of former senior management, and various other investigations. Management has made it a priority to work towards addressing these matters, in order to bring the Company back into regulatory compliance and to institute appropriate controls and procedures. The Board of Directors and management believe that effectively resolving these issues is a crucial near-term step to position the Company for maximum shareholder value over time.
The Board and current management have made significant progress in resolving these and other pressing issues in an effort to maximize value for the entire shareholder base. This shareholder base includes relatively new shareholders such as Steel Partners as well as those shareholders, large and small, who have been longer-term holders of the Company’s stock through a very difficult period. During this period, the Company has added five new independent directors to the seven member Board, bringing the total number of independent directors to six. The entire Board maintains an open mind to pursue the most effective path to maximizing shareholder value. We have recruited a new senior management team who, in addition to their efforts to resolve issues from the past, are intently focused on strategies for growth and enhanced profitability.
Under the guidance of the Board and the leadership of new management, we have improved procedures, increased operating efficiencies, and continue to execute and refine a strategic plan designed to leverage the Company’s competitive strengths. The Board of Directors has deliberately considered your letter and has discussed the proposal extensively with our advisors including, among others, Wachovia Securities, our financial advisors. After careful consideration, the Board has concluded that it should not pursue your proposal at this time and, in order to maximize value for its entire shareholder base over the long term, the Company should continue to make progress on resolving legacy issues as well as implementing its growth and profitability strategy.
We understand from your October 30 letter that you have had success in assisting companies in the defense industry. We are interested in discussing our strategy with you and would welcome your experience to help meet the Company’s goals of growth and added value for all shareholders. To that end, the Company is prepared to enter into a Confidentiality and Non-Disclosure Agreement (“NDA”), in the form enclosed with this letter. Once this NDA is in place, we may be able to share with you the details of our strategic plan and our vision to increase market share, improve our operating and financial performance and the steps we intend to take to maximize long-term shareholder value. To enable us to have discussions, please execute the NDA and return it at your earliest convenience. We look forward to working together to build value for all of the Company’s shareholders.
Sincerely,
Larry R. Ellis
President and Chief Executive Officer
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.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) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) DE-LISTING FROM 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, (11) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (12) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN PART II ITEM 1A. "RISK FACTORS," IN THE COMPANY'S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2007. 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.
November 5, 2007
POINT BLANK SOLUTIONS SETS DATES FOR 2007 THIRD QUARTER FILING AND CONFERENCE CALL
Pompano Beach, FL, November 5, 2007 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that it expects to timely file its Form 10-Q for the third quarter ended September 30, 2007. The Company will host a teleconference and web cast to discuss its corporate and financial updates on Wednesday, November 14, 2007 at 11:00 a.m. EST. Speaking on behalf of the Company will be Larry Ellis, President and Chief Executive Officer and Jim Anderson, Chief Financial Officer. Interested parties can listen to the webcast on the Point Blank Solutions website at http://www.pointblanksolutionsinc.com and by clicking on “Investor Relations”. Additionally, parties can participate on the call by dialing:
Domestic Call-in Number: 866-831-6247
International Call-in Number: 617-213-8856
Participant Pass Code: 57861025
For those who will be unable to join in the live presentation, a replay of the webcast will be available on the Company’s website in the “Investor Relations” sections and under “Audio Archives”. Additionally, a teleconference replay will be available as soon as practicable after the completion of the call.
Replay Number: 888-286-8010
International Replay Number: 617-801-6888
Access Code: 61044696
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.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) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) DE-LISTING FROM 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, (11) TURNOVER IN THE COMPANY’S SENIOR MANAGEMENT AND (12) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN PART II ITEM 1A. “RISK FACTORS,” IN THE COMPANY’S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2007. 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.
November 1, 2007
POINT BLANK SOLUTIONS CHANGES TRADING SYMBOL
Pompano Beach, FL, November 1, 2007 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that effective with the market open this morning, the Company’s common stock will begin trading under a new ticker symbol: PBSO.
Larry Ellis, President and CEO stated, “The ticker symbol reflects our new corporate name – Point Blank Solutions, Inc. The people behind the PBSO symbol will continue to build on the tremendous successes of the past fifteen months. Since August 2006, we have installed a new board of directors and a new management team, focused on producing the world’s best protective solutions, enhancing corporate governance and building shareholder value. We expanded our law enforcement business and provided the U.S. Armed Forces best value solutions at lower cost, as evidenced by recent awards for the Interceptor Outer Tactical Vest and the Improved Outer Tactical Vest.”
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.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) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) DE-LISTING FROM 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, (11) TURNOVER IN THE COMPANY’S SENIOR MANAGEMENT AND (12) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN PART II ITEM 1A. “RISK FACTORS,” IN THE COMPANY’S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2007. 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.
October 30, 2007
POINT BLANK SOLUTIONS RECEIVES UNSOLICITED PROPOSAL FROM STEEL PARTNERS
Pompano Beach, FL, October 30, 2007 – Point Blank Solutions, Inc. (OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, confirmed today that it has received an unsolicited proposal from Steel Partners II, L.P. stating their willingness to enter into negotiations to acquire all of the common stock of Point Blank Solutions, Inc.
The proposal received is under review by the Board of Directors and management. Consistent with its fiduciary duties, the Company’s Board of Directors will evaluate all proposals and strategic initiatives in its efforts to enhance shareholder value. Any further discussion of the letter would be premature at this time.
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.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) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) DE-LISTING FROM 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, (11) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (12) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN PART II ITEM 1A. "RISK FACTORS," IN THE COMPANY'S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2007. 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.
POINT BLANK SOLUTIONS TO SHOWCASE ADVANCED BODY ARMOR SOLUTIONS FOR LAW ENFORCEMENT AT THE 114TH ANNUAL IACP CONFERENCE AND EXPOSITION
Pompano Beach, FL, October 10, 2007 – Point Blank Solutions, Inc. (OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that the Company will showcase its cutting-edge solutions at the 2007 Annual International Association of Chiefs of Police (IACP) Law Enforcement Education and Technology Exposition. The conference will be held October 13-17 at the Ernest N. Morial Convention Center in New Orleans, Louisiana. Point Blank Solutions is a proud sponsor of this year’s fund raising event for the National Law Enforcement Museum, which will take place on Saturday evening, October 13th, the night before the exhibit hall opens at the convention.
The Company will exhibit its line of concealable, tactical and corrections body armor products, including:
- Dragon Fire™ – One of the most advanced tactical vests with performance-driven features led by an innovative critical contour cut with edge-to-edge ballistic coverage. The vest’s cutting-edge design and state-of-the-art ballistic technology simultaneously deliver unparalleled levels of protection and maneuverability.
- Vision™ – The first total body armor system that integrates hi-performance ballistic materials with a ground-breaking carrier design that features temperature regulating technologies, antimicrobial protection and Point Blank’s exclusive Self Suspending Ballistic System™. These innovations result in significantly cooler, dryer and more comfortable all-day performance.
- Liberty – Specially engineered for the female torso, the vest’s contoured design offers the maximum in comfort and ballistic integrity. Advanced features answer the needs of female officers by providing virtually the highest levels of wearability and protection available today. In serving to protect women nationwide, a portion of the proceeds from the sale of each vest will be donated to help in the battle against breast cancer.
- SVII – Uniquely designed for response teams who require extensive load bearing capabilities and maximum protection. This revolutionary tactical system has over seven integrated design features which provide superior defense, comfort and functionality.
These innovative solutions, among others, will be displayed at the Company’s booth (#2603) in the main exhibit hall. Visitors can meet with executives for product demonstrations and discuss the latest industry issues and trends.
“The IACP is an excellent opportunity to meet with the leaders and experts in law enforcement (LE) and enhance our knowledge of the latest LE operations and requirements,” stated Larry Ellis, President and CEO. “At Point Blank Body Solutions, we understand the dangers that our law enforcement community faces daily, and we take great pride in building the most technologically advanced body armor systems in the industry.”
IACP is the oldest and largest nonprofit membership organization of police executives in the world, with over 19,000 members in over 100 countries. More than 17,000 law enforcement professionals are expected to attend the 2007Annual IACP Conference and Exposition – the one place where they can examine critical issues and find solutions to local problems by talking with peers and experts.
WHO: Point Blank Solutions, Inc.
WHAT: Exhibition of Point Blank Solutions concealable, tactical and corrections body armor
WHERE: 114th Annual IACP Conference and Exposition
Ernest N. Morial Convention Center
New Orleans, LA
For more information, visit http://www.theiacpconference.org/
WHEN: Saturday, October 13th to Wednesday, October 17th
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.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) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) DE-LISTING FROM 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, (11) TURNOVER IN THE COMPANY’S SENIOR MANAGEMENT AND (12) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN PART II ITEM 1A. “RISK FACTORS,” IN THE COMPANY’S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2007. 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.
POINT BLANK SOLUTIONS ANNOUNCES FILING OF 2007 FIRST AND SECOND QUARTER FORM 10-Q
Pompano Beach, FL, October 9, 2007 – Point Blank Solutions, Inc. (OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, today announced the filing of its 2007 Form 10-Q’s for the first and second quarters ended March 31, 2007 and June 30, 2007, with the Securities and Exchange Commission (SEC).
“We are pleased with the results of the first two quarters of 2007, and I am very proud of our employees and consultants who accomplished far more than these financial results. They have been the heart and soul of a company making significant managerial and system changes that will return us to compliance and at the same time strengthen our growth,” stated Larry Ellis, President and CEO. “While legacy and other challenges remain, we are executing an aggressive strategy that remains focused on enhancing shareholder value over the long-term. It is, however, important to recognize the nature of our core business and the potential for quarterly fluctuations. I look forward to speaking with our shareholders and communicating our vision for the future”
Additionally, the Company disclosed today that it intends to host a teleconference to provide updates on its corporate and financial progress following the release of its 2007 third quarter results. Furthermore and consistent with the Company’s past remarks, it intends to file its Form 10-Q for the period ended September 30, 2007 on a timely basis.
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.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) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) DE-LISTING FROM 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, (11) TURNOVER IN THE COMPANY’S SENIOR MANAGEMENT AND (12) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN PART II ITEM 1A. “RISK FACTORS,” IN THE COMPANY’S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2007. 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.
POINT BLANK SOLUTIONS TO SHOWCASE LATEST ADVANCEMENTS IN MILITARY BODY ARMOR AND PROTECTIVE SOLUTIONS AT THE 2007 AUSA CONFERENCE
Pompano Beach, FL, October 5, 2007 – Point Blank Solutions, Inc. (OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that the Company will showcase several of the most technologically advanced protective armor systems available, at the 53rd Annual Meeting and Exposition of the Association of the United States Army (AUSA). The conference will be held October 8-10, 2007 at the Washington Convention Center in Washington, DC (Point Blank Solutions: Exhibition Booth: #3632).
Point Blank Solutions will be exhibiting several life saving and protective solutions, among them the AOTV™ (Advanced Outer Tactical Vest). The AOTV™ is the latest innovation in body armor design and ballistic technology. Versions of the AOTV are available for the US Armed Forces, Law Enforcement Agencies, and International Military and Law Enforcement with custom ballistic packages to meet the respective threats for each customer. Its proprietary ballistic package extracts the maximum performance in a hybridized armor system. The AOTV™ offers greater maneuverability with its lightweight, comfortable design. By comparison, one of the Military versions of the AOTV™ is 21.5% lighter and 16% thinner than the Interceptor™ Outer Tactical Vest (OTV) and the Improved Outer Tactical Vest (IOTV).
The current version of the IOTV, which was deployed to the U.S. Army earlier this year, is also displayed. The IOTV incorporates many of Point Blank’s innovations, including ergonomic solutions for improved weight distribution. A version of the patented Self-Suspending Ballistic System™ (SSBS) keeps ballistic panels in place, preventing sagging or bunching that can expose vulnerable areas. This results in a lighter, more flexible vest with increased coverage. The IOTV also comes equipped with a quick release system that enables it to be removed with one pull, saving valuable time when every second makes a difference in the chance of survival.
The Company will also have on display many of its Armed Forces products, including the Interceptor™ OTV, Deltoid Axillary Protection System (DAPS), Enhanced Side Ballistic Insert (ESBI) Carrier and a host of other protective solutions including new, innovative designs for the next generation of body armor systems.
One of the highlights this year is the International Interceptor™, launched in partnership with DSM Dyneema. The International Interceptor™ is the first body armor solution that exceeds rigorous standards set by various global regulatory and ratings agencies as well as select “Special Threats.” This product is based on Point Blank Solutions’ flagship product, the Interceptor™ OTV. The International Interceptor™ will be on display for viewing and inspection at the Point Blank Solutions showroom, located at 1667 K Street NW, Suite 650, Washington, D.C. It will also be on display at DSM Dyneema’s booth at the Convention Center (Exhibition Booth: #2361).
“Point Blank Solutions is proud to participate in this important gathering. The opportunity to talk to soldiers about their experiences in combat is invaluable to the future design of protective systems for our heroes. The AUSA conference creates an opportunity to meet with leaders and technical experts from both the Army and our industry,” stated Larry Ellis, President and CEO. “We remain committed to developing the highest quality and most technologically advanced body armor solutions in the world.”
The AUSA Annual Meeting and Exposition is one of the largest land warfare forums in the world. The 2007 gathering, themed “America’s Army: The Strength of the Nation,” is expected to bring together more than 27,000 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, visit http://www.ausa.org/webpub/DeptIndustry.nsf/byid/JRAY-6XXRVV.
Point Blank Solutions and DuPont will sponsor the annual reception honoring U.S. soldiers, their families and all Armed Forces and Government members who put their lives at risk protecting our Great Nation. The reception will be held on 9 October 2007 at the Grand Hyatt, located at 1000 H Street NW in Washington, DC and will run from 8 p.m. – 12 a.m. EDT.
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.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) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) DE-LISTING FROM 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, (11) TURNOVER IN THE COMPANY’S SENIOR MANAGEMENT AND (12) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. 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 NAME CHANGE
Pompano Beach, Florida, October 2, 2007 – Today, DHB Industries, Inc. (OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced it changed its corporate name to Point Blank Solutions, Inc. Shares of the Company’s common stock will continue to trade in the over-the-counter market and quoted on the Pink Sheets under the symbol DHBT.PK until further notice. The Company adopted the new URL of www.PointBlankSolutionsInc.com.
The name change was effected pursuant to Section 253 of the Delaware General Corporation Law, by the merger of Point Blank Solutions, Inc., a wholly owned subsidiary of the Company, with and into the Company. The merger became effective on October 1, 2007 at the time of a Certificate of Ownership and Merger was filed with the Secretary of State of the State of Delaware.
In addition, the Company changed the name of NDL Products, Inc. (one of its operating subsidiaries) to Life Wear Technologies, Inc., effective immediately. Life Wear Technologies manufactures and distributes sports medicine, health support devices and other products for use by serious athletes, weekend sports enthusiasts and general consumers.
Larry Ellis, President and CEO stated, “Over the past year we developed and began implementing a strategy to enhance current operations into a strong platform for future growth. In changing the name of the Company to Point Blank Solutions, Inc, we are aligning our corporate name with our vision to become the global leader in safety apparel and protective solutions. The planned growth in sports medicine and health support products is an important facet of the overall corporate strategy. As such, we changed the name of the business to Life Wear Technologies, Inc. By doing so, we seek to give the Company a name and brand that will afford great opportunities in the future and become an excellent moniker for our planned product line expansion.”
ABOUT POINT BLANK SOLUTIONS, INC. Point Blank Solutions, Inc. is a worldwide leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions has proven that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.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... 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 FILING OF 2006 FORM 10-K
Company discloses timeline for 2007 Quarterly Reports
Pompano Beach, Florida, October 1, 2007 – DHB Industries, Inc. (OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, today announced filing of 2006 Form 10-K with the Securities and Exchange Commission (SEC). In addition, the Company announced that it will accelerate its planned filing of the 2007 Form 10-Q’s. During the week of October 8th, 2007, the Company intends to file 2007 Form 10-Q’s for the first and second quarters ending March 31 and June 30, 2007, respectively and expects to have a timely filing of the 3rd Quarter 2007 Form 10-Q.
Larry Ellis, President and CEO stated, “The filing of the 2006 Form 10-K is the result of an enormous effort by our company team, and marks a significant milestone in achieving the objective of returning to full compliance. I am very proud of what we have accomplished in a relatively short time; we remain committed to enhancing the Company’s position as a global leader in our industry. As we continue to implement our plans, we will focus on quality, strengthening the company as a platform for enhanced growth, and restoring shareholder value.”
ABOUT DHB INDUSTRIES, INC. DHB Industries, Inc. is a worldwide leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, DHB has proven that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry. 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... 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 RECEIVES $29 MILLION ORDER TO PROVIDE ITS INTERCEPTOR™ OUTER TACTICAL VEST TO THE DEFENSE LOGISTICS AGENCY
Company provides financial updates through July 2007 and discloses expected timeline to file quarterly statements for the first and second quarters of 2007
Pompano Beach, Florida, August 28, 2007 - DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, today announced its wholly-owned subsidiary, Point Blank Body Armor was awarded a contract valued at approximately $29 million to produce its Interceptor™ Outer Tactical Vest (OTV) for the Defense Logistics Agency (DLA). The DLA is the Department of Defense’s largest combat support agency, providing worldwide logistics support in both peacetime and wartime to the military services as well as several civilian agencies and foreign countries. The Company will produce 50,000 vests, with deliveries beginning in November 2007 and ending in March 2008.
The Company disclosed during the month of July 2007, it received approximately $32 million in cash receipts (a non-GAAP measure consisting principally of collections of trade accounts receivable, but also certain other operating and non-operating cash receipts). This brings the total amount of cash receipts for the first seven months of the year to approximately $223 million. As previously reported, the majority of the cash receipts relate to shipments under Military and Domestic contracts. Additionally, as of July 31, 2007, the Company had approximately $5.6 million outstanding under its credit facility. Outstanding amounts fluctuate daily based on collections from customers and the timing of payments for goods and services.
The Company reaffirmed it intends to file audited annual financial results through 2006 by the end of the third quarter 2007 and remains on track to do so. Additionally, the Company announced it is preparing 2007 financial reports for the first two quarters ended March 31, 2007 and June 30, 2007, respectively. The Company anticipates it will file Form 10-Q’s with the Securities and Exchange Commission (SEC) for the aforementioned periods by year-end or sooner.
Larry Ellis, President and CEO stated, “We continue to execute our strategy and I am pleased with the progress our team has made. This latest Interceptor OTV order is further testament to the combat proven quality and reliability of our products.”
Ellis continued, “Over the past year, we have instituted programs to strengthen our Company at all levels. Our commitment to integrity, teamwork and excellence, have been key elements of our plan. Becoming compliant and seeking reinstatement on a major exchange remain our primary goals. I look forward to moving aggressively forward to achieve our vision of becoming the global leader in soft body armor and protective solutions.”
ABOUT POINT BLANK SOLUTIONS
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 APPOINTMENT OF JIM ANDERSON AS CHIEF FINANCIAL OFFICER
Pompano Beach, Florida, July 27, 2007 – DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today the appointment of Jim Anderson as Chief Financial Officer. Mr. Anderson had previously been serving as the Company’s Controller and Chief Accounting Officer as well as interim CFO. He will continue to report to Larry Ellis, President and Chief Executive Officer.
Larry Ellis stated, “Jim has been an integral part of our team through challenging times. His proven financial and accounting expertise and his experience with regulatory agencies and requirements will position the Company for a successful future. He is the right financial expert to help us achieve our vision of becoming the global leader in safety apparel and protective solutions.”
Prior to joining the Company, since 2004 Mr. Anderson was Senior Vice President and Corporate Controller at Danka Business Systems LLC, where he was responsible for external reporting, accounting policies and internal control. He was an external consultant for that company during 2003 and 2004. From 2002-2003, Mr. Anderson was Vice President and Corporate Controller at Sunterra Corporation, responsible for similar functions. From 2000-2002, Mr. Anderson was a partner in the Atlanta, GA and Charlotte, NC offices of KPMG LLP. Mr. Anderson is a Certified Public Accountant and member of the AICPA.
ABOUT POINT BLANK SOLUTIONS
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 PRELIMINARY COURT APPROVAL OF CLASS ACTION SETTLEMENT AND PROVIDES UPDATES ON FINANCIAL AND CORPORATE MATTERS
Pompano Beach, Florida, – DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced that the United States District Court, Eastern District of New York, had granted the plaintiffs’ motion for preliminary approval of the settlements entered into in connection with the securities class action against the Company and certain individual defendants, as well as the related shareholder derivative action. Under the settlement documents, the plaintiff class consists of all persons who purchased or otherwise acquired PBSI shares during the period from November 18, 2003 through November 30, 2006.
After notices of the settlement are mailed and published, the Court will hold a hearing to consider and determine whether to grant final approval of the settlement. The court has scheduled the hearing for October 5, 2007.
Further, the Company provided an update to its January 2007 financial disclosure. For the six months ending on June 30, 2007, the Company received approximately $191 million in cash receipts (a non-GAAP measure consisting principally of collections of trade accounts receivable, but also certain other operating and non-operating cash receipts). The majority of the cash receipts relate to shipments under Military and Domestic contracts. Cash receipts and liquidity requirements vary during the year based on orders and shipments, and orders under US Military contracts may become less active near the change in the Federal fiscal year in October.
As of June 30, 2007, the Company had approximately $7 million outstanding under its credit facility. During the first six months of 2007, debt outstanding averaged approximately $6 million. Outstanding amounts fluctuate daily based on collections from customers and the timing of payments for goods and services.
As of June 30, 2007, the Company had 51,027,535 shares of its common stock issued and outstanding.
Additionally, the Company reaffirmed that it remains on track to file audited annual financial results through 2006 by the end of the third quarter of 2007. The Company is working with its independent auditors to complete the financial statements required by the Securities and Exchange Commission (SEC).
Larry Ellis, President and CEO stated, “While we are aggressively pursuing new opportunities, our business remains healthy across all customer segments. The major portion of our business remains with the Defense Department, but we have seen a proportionate increase in domestic law enforcement business compared to prior years. Our approximately 1,200 employees continue to manufacture high quality products, and their dedication has enabled us to improve operating efficiencies and to consistently meet production deadlines and standards.”
Ellis continued, “We also continue to improve the systems and controls throughout the organization that are vital to our long-term growth. Overall, we have confidence in our Company’s future and remain focused on enhancing shareholder value.”
ABOUTPOINT BLANK SOLUTIONS
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 $52.7 MILLION CONTRACT
Pompano Beach, Florida, June 8, 2007 –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 was awarded a $52.725 million contract to produce the Improved Outer Tactical Vests (“IOTV”) for the U.S. Army. The Company will produce 75,000 vests, beginning in June 2007 and ending in March 2008.
Larry Ellis, President and CEO stated, “We are pleased the U.S. Armed Forces recognize the quality and value of our life saving products. We continue to work closely with the Army to develop body armor solutions that are lighter, more flexible, more comfortable and with increased levels of protection. We are pleased the Army’s new IOTV incorporates many of our Interceptor proprietary designs.”
Ellis continued, “With state-of-the-art manufacturing facilities in four locations, and strategic relationships with key suppliers in place, we have demonstrated consistently that we have the capability to produce and deliver products quicker than anyone in the industry. We are pleased to supply the Army with the best protection available and at the best value to the U.S. Government.”
For more information on the Improved Outer Tactical Vest, please visit PEO Soldier at www.peosoldier.army.mil.
ABOUT POINT BLANK SOLUTIONS
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 PLEDGES
TO AID IN CONSTRUCTION OF NATIONAL LAW ENFORCEMENT MUSEUM
Sterling Circle Sponsorship Reinforces PBSI’s Commitment to
Nation’s Law Enforcement Personnel
Pompano Beach, Florida, May 10, 2007 – Continuing the company’s long standing mission of ensuring the safety of law enforcement officers nationwide, DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK) and its wholly owned subsidiaries, Point Blank Body Armor, Inc. and Protective Apparel Corporation of America, Inc. (PACA), announced today a joint pledge to support the National Law Enforcement Officers Memorial Fund (NLEOMF) as Sterling Circle Sponsors. This contribution honors the men and women of law enforcement by helping the NLEOMF permanently record and commemorate their service and sacrifice through the construction of the world’s first national law enforcement museum.
Point Blank Body Armor and PACA are committed to educating law enforcement personnel on the importance of using protective body armor. For over thirty years, both companies have worked closely with law enforcement officers to develop highly advanced body armor systems, which not only provide superior protection but also optimal comfort for daily wear. Through extensive research and development efforts, Point Blank and PACA’s wide range of concealable and tactical products have helped protect the lives of thousands of officers throughout the United States and around the world.
Scheduled to open in 2011, the 90,000-square-foot National Law Enforcement Museum in the nation's capital will be the first national law enforcement museum in the United States. The Museum will celebrate the vital contributions that America's law enforcement officers have made to our nation. It will be filled with hands-on activities, state-of-the-art interactive technology, and rotating educational exhibits that will explore the past, present and future of law enforcement in America. More than 500,000 visitors from around the world are expected annually.
"We are proud to support the brave men and women of law enforcement by partnering with the NLEOMF,” stated PBSI CEO, Larry Ellis. “The Museum is a long overdue tribute to officers throughout the nation who put their lives in danger to protect us. We are honored to commemorate their service and sacrifice as well as to further promote safety.”
ABOUT POINT BLANK SOLUTIONS
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 NEW $35 MILLION CREDIT FACILITY WITH LASALLE BUSINESS CREDIT
Pompano Beach, Florida, April 5, 2007 – DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that the Company and its subsidiaries Point Blank Body Armor Inc., Protective Apparel Corporation of America and NDL Products, Inc. have entered into a Loan Agreement with LaSalle Business Credit.
The Loan Agreement provides a three-year $35 million secured revolving credit facility available to the Company’s subsidiaries. In addition, the Company disclosed that as of April 3, 2007, the amount outstanding under the Loan Agreement was approximately $5 million. Amounts outstanding fluctuate daily based on shipments and collections.
Larry Ellis, President and CEO of DHB Industries commented, “We are pleased to have closed on this new credit facility with LaSalle. Over the past year, our financial position has significantly improved and we continue to gain efficiencies in our operating processes and capital structure. With the added stability from this facility and cash generated from operations, we have the platform to drive business strategies and improve on our market leading position. We will continue to explore avenues that enhance shareholder value.”
ABOUT POINT BLANK SOLUTIONS
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 $37.9 MILLION IN ORDERS WITH THE ARMY
Pompano Beach, Florida, March 27, 2007 – 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 approximately $37.9 million in new orders from existing contracts to supply the U.S. Army with the Deltoid Axillary Protection System (DAPS) and the Enhanced Side Ballistic Insert (ESBI).
The DAPS order is approximately $20 million and part of a contract awarded in June 2004. This order is a follow-up to the $51 million order announced in January 2007. Point Blank Body Armor will produce 10,000 additional units per month and will begin deliveries in April and complete shipments by October of this year.
Additionally, the Company received approximately $17.9 million in delivery orders to supply the Army with ESBI, building upon the $31 million award, announced in January 2007. These new orders were received through a third party government contractor that manufactures the enhanced small arms protective insert (E-SAPI). The Company will begin deliveries in May and complete shipments by October 2007.
Larry Ellis, President and CEO of DHB Industries commented, “There is a continuing need to provide soldiers with more protection. The DAPS and ESBI integrate with the OTV to shield soldiers from increased battlefield threats. We look forward to continuing to serve the Armed Forces and protect the lives of soldiers.”
ABOUT POINT BLANK SOLUTIONS
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 CHANGES TO ITS BOARD OF DIRECTORS
Cary Chasin and Gary Nadelman step down;
Lieutenant General (Retired) Martin R. Berndt and Suzanne M. Hopgood join the Board of Directors
Pompano Beach, Florida, March 1, 2007 – DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that Cary Chasin and Gary Nadelman resigned as Directors, effective February 28, 2007. In addition, the Company disclosed that Lieutenant General (retired) Martin R. Berndt of the U.S. Marine Corps and Suzanne M. Hopgood have been appointed Directors of the Board, replacing Mssrs. Chasin and Nadelman.
Senator (retired) William Campbell, Chairman of the Board of Directors, commented, “I would like to extend my appreciation and gratitude to Cary and Gary for their years of service to our company. Both have played key roles in helping us grow over the years, while providing strategic counsel throughout. I, along with the Board of Directors and management team, wish them well in their future endeavors.”
“I would like to welcome Marty Berndt and Suzanne Hopgood to our Board. General Berndt is a proven leader who will contribute immediately to our success. He is an exceptional source for knowledge into the processes of the Department of Defense. Suzanne’s expertise in the areas of strategic planning and financial management will complement our existing Board. Her breadth of experience in working with public companies undergoing transition is a great asset for our company as we implement corporate governance reforms. With these appointments, we continue to strengthen our Board, our management team and all facets of our organization, and thereby, enhance shareholder value,” Senator Campbell added.
General Martin R. Berndt retired from the U.S. Marine Corps in 2005, after more than 36 years of service. He commanded U.S. Marine Corps Forces Atlantic, South and Europe; U.S. Marine Corps Bases, Atlantic; and U.S. Fleet Marine Forces, Atlantic and Europe. General Berndt was commissioned a Second Lieutenant in the Marine Corps upon graduation from West Chester University in 1969. Early in his career, he served in Vietnam and held various positions with the U.S. Marine Corps including Commanding Officer of Headquarters and Maintenance Squadron 26, political-military planner with the Office of the Joint Chiefs of Staff and Executive Officer of Marine Forces Panama. Between 1990 and 1995, he served as a Middle East/Africa planner and U.S. Military Liaison to the West Africa Peacekeeping Force in Liberia, as the Assistant Chief of Staff of Headquarters, U.S. European Command in Stuttgart, Germany, as the Officer-in-Charge, II MEF Special Operations Training Group and as the commander of the 24th Marine Expeditionary Unit. He then served as the Deputy Commander, Marine Forces Atlantic, the Director of Joint Training at USACOM, the Commander of the Joint Warfighting Center and as Deputy Commanding General, Marine Corps Combat Development Command in Quantico Virginia. In 2000 he assumed command of the 2nd Marine Expeditionary Force for two years prior to his final active duty assignment.
General Berndt currently serves as a Senior Mentor for the U.S. Marine Corps Staff Training Program and in a similar capacity for Joint Forces Command. He serves as a member of “CorpStrategy” team under the sponsorship of the Institute for Defense and Business, UNC Chapel Hill and is a member of the Onslow County Military Affairs Committee. He serves as a Board member for the Governor’s North Carolina Military Foundation and a privately owned company in Northern Virginia.
Suzanne Hopgood is the President and CEO of The Hopgood Group, a business and workout consulting firm she founded in 1985. She is a financial expert and served on the board of four public companies and as Chairman of the Board for two companies. She helped guide a variety of companies through very difficult business, financial and legal challenges and crises, serving as a turnaround CEO, Chairman of the Board, Chair of public company executive, nominating, governance, and audit committees as well as a member of strategic planning, compensation, and CEO search committees. Suzanne currently serves as the Chair of the nominating and governance committees of Acadia Realty Trust, a public company and has twice served as a member of board slates elected in proxy contests initiated by institutional investors.
Ms Hopgood is a member of the teaching faculty of the National Association Corporate Directors (“NACD”) and is an active educator, facilitator and mediator for boards of a wide variety of public and private companies on behalf of the NACD. She is an author and frequent speaker on corporate governance issues, and co-wrote the award-winning “Board Leadership for the Company in Crisis”. Prior to founding The Hopgood Group, Ms. Hopgood was responsible for a $1 billion equity real estate portfolio for Aetna Realty Investors, a subsidiary of Aetna. She received a Bachelors of Science in business administration from the University of New Hampshire.
ABOUT POINT BLANK SOLUTIONS
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 $82 MILLION IN CONTRACT ORDERS WITH THE U.S. ARMY AND UPDATES 2006 CASH RECEIPTS
Pompano Beach, Florida – DHB Industries, Inc.(OTC Pink Sheets: DHBT.PK), a leader in the field of protective body armor, announced today that it had received orders for approximately $82 million to supply the U.S. Army with the Deltoid Axillary Protection System (DAPS) and the Enhanced Side Ballistic Insert (ESBI). These orders came under contracts awarded to Point Blank Body Armor, one of the Company’s wholly-owned subsidiaries.
New Orders
The Company received an order of approximately $51 million to supply the United States Army with DAPS. The Company anticipates it will begin shipping product against this new order in May 2007 and complete shipments in October 2007. This order is part of the approximately $239 million contract awarded in June 2004, which was subsequently modified to approximately $248 million. Potential orders now remaining on the DAPS three-year contract are about $67 million.
The DAPS was developed to meet increased threat levels in Southwest Asia and to provide the Army with a more advanced system. The DAPS offers expanded protection to the upper and under arm areas and meets the same ballistic standards as the Interceptor™ OTV for 9mm and fragmentation protection.
In addition, the Company received new orders totaling approximately $31 million to supply the Army with ESBI. These orders were received as a subcontractor through third party government contractors that manufacture the enhanced small arms protective insert (E-SAPI).
The ESBI is designed to accommodate E-SAPI plates and to provide additional coverage to the sides of the torso. It attaches to the Interceptor™ OTV to provide enhanced protection for soldiers operating in high-risk environments.
Larry Ellis, President and CEO of DHB Industries commented, “We continue to receive orders from the Army, whether direct or through independent third parties. From a business standpoint, these orders are important in that they represent significant sales for our Company in 2007. These latest orders highlight the necessity to provide high quality body armor solutions to the military and the value our products provide to customers.”
2006 Cash Receipts
Today, updating the disclosure made in late December 2006, the Company disclosed that it had received approximately $40 million in cash receipts for the months of November and December, bringing aggregate cash receipts (a non-GAAP measure consisting principally of collections of trade accounts receivable, but also certain other operating and non-operating cash receipts) for calendar year 2006 to approximately $265 million.
ABOUT POINT BLANK SOLUTIONS
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.
For press releases from 2000-2006 please visit the Press Release Archive.
Point Blank Solutions, Inc.
2102 SW 2nd Street, Pompano Beach, FL 33069
Nationwide: 1-800-413-5155 • Tel: 954-630-0900 • Fax: 954-630-9225
© 2007 Point Blank Solutions, Inc. All Rights Reserved.
