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2008 Press Releases
POINT BLANK SOLUTIONS SETS DATE FOR 2008
FOURTH QUARTER AND YEAR-END RESULTS AND CONFERENCE CALL
Pompano Beach, FL, March 10, 2009 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that it will be filing its Form 10-K for the period ended December 31, 2008 on Monday, March 16, 2009. The Company also disclosed that it will be hosting a teleconference and webcast to discuss its financial results on Tuesday, March 17, 2009 at 11:00 a.m. EST.
Parties can listen to the webcast on the Point Blank Solutions website at http://www.pointblanksolutionsinc.com and by clicking on “Investor Relations” or by dialing:
Domestic Call-in Number: 866-730-5765
International Call-in Number: 857-350-1589
Participant Pass Code: 87574536
For those who will be unable to participate in the live presentation, a replay of the webcast will be available on the Company’s website under “Audio Archives” in the “Investor Relations” section. The replay will also be available via teleconference within twenty-four hours after completion of the call.
Replay Number: 888-286-8010
International Replay Number: 617-801-6888
Access Code: 67225016
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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 PRESENT AT COWEN AND COMPANY’S
30TH ANNUAL AEROSPACE AND DEFENSE CONFERENCE
Pompano Beach, Florida, January 30, 2009 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that Larry Ellis, president and chief executive officer will be presenting at Cowen and Company’s 30th Annual Aerospace and Defense conference. Point Blank Solutions will be presenting on Wednesday, February 4, 2009 at 8:35 a.m. EST. The conference will be held at the InterContinental The Barclay in New York, NY on February 4th and 5th, 2009.
The Company’s presentation is being Webcast by Thomson Financial-CCBN and can be accessed on our website, www.pointblanksolutionsinc.com under the investor relations section.
Cowen and Company’s Aerospace and Defense conference is recognized as one of the leading industry events attracting top institutional investors and industry personnel. This invitation-only conference will feature management presentations from over 45 leading aerospace and defense companies. For more information on the conference, please see www.cowen.com.
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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 SUBMITS NEW BID FOR IMPROVED OUTER TACTICAL VESTS IN RESPONSE TO U.S. ARMY’S REQUEST FOR MODIFICATION ON EXISTING SOLICITATIONS
Pompano Beach, Florida, January 21, 2009 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that the U.S. Army Research, Development and Engineering Command Contracting Center (“RDECOM”) issued a Request for Proposal (“RFP”), extending the existing contract for Improved Outer Tactical Vests (“IOTVs”). On January 20th, in response to a letter received from RDECOM, the Company submitted its bid to produce an additional 75,000 IOTVs at a rate of 25,000 IOTVs per month for the three months beginning April 2009.
The proposed modification to W91CRB-07-C-0085 (“the Solicitation”) was issued as a “Bridge Buy” in order to meet ongoing fielding requirements. Point Blank Body Armor (“PBBA”), the Company’s wholly-owned subsidiary and one other company are the only two recognized sources that have US Army tested and approved ballistic material packages, are proven producers of the IOTV, and have the manufacturing capabilities to meet the current IOTV production and performance requirements. The award will be based on the lowest priced technically acceptable proposal.
Point Blank Body Armor continues to produce IOTVs under the first $86.2 million extension of the current “Bridge Buy for the production of 150,000 IOTVs. . Production is expected to be completed by March 2009. The Government has indicated that IOTVs produced under the existing and future bridge buy are in addition to the 736,000 IOTVs and 238,000 Deltoid and Axillary Protection Systems (DAPS) currently awaiting an award decision under solicitation W91CRB-07-R-0079 in the second quarter of 2009.
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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.
NEWEST BODY ARMOR SOLUTIONS FROM POINT BLANK TO BE SHOWCASED
AT SHOT SHOW 2009
Company to Demonstrate Cutting-Edge Tactical Equipment and Electroshock Protection Gear at the Industry’s Premier Outdoor Expo
Pompano Beach, FL, January 9, 2009 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that the Company will exhibit its innovative solutions at the 2009 Shooting, Hunting, Outdoor Trade Show and Conference (SHOT Show). The expo runs from Thursday, January 15th to Sunday, January18th at the Orange County Convention Center in Orlando, Florida.
Among the latest products that will be on display from Point Blank and PACA Body Armor, are the industry’s first Police Duty Gloves with ThorShield™ electroshock weapon protection; an advanced stainless steel knife collection; and state-of-the-art tactical vests including the SVIII Front and Side Opening vests, the Four Star vest, the NATO™ Front Opening vest, and the Ranger vest. These new solutions incorporate the latest technologies and designs that offer superior protection, high-performance, and optimum comfort in the most challenging environments.
- ThorShield™ Police Duty Gloves are constructed from extremely durable, soft cowhide leather engineered with a patented, ultra-thin conductive material lining that protects officers from being incapacitated by electroshock weapons. Designed for superior feel and dexterity while shooting, searching, handcuffing or using a TASER device or stun gun, this high-performance glove allows an officer to work with total confidence and safety.
- The new stainless steel knife collection with smooth, one-handed folding and fixed capabilities was engineered for a broad range of duty operations. Both advanced functionality and safety are incorporated into this top-of-the-line collection. The knives are composed of an N690 stainless steel, heavy-duty and wear-resistant blade. The ergonomically designed handle provides superior grip and hand protection, while a detachable clip supports all possible carry options.
- The SVIII Front Opening vest has more than 12 integrated design features which provide superior functionality. It is ideally suited for response teams who require convenient load bearing capabilities combined with the flexibility to adapt to any tactical mission. Exceptionally comfortable and ruggedly durable, the SVIII offers brute force protection and more customer features than any other tactical vest believed to be available today.
- The SVIII Side Opening vest features a fully-integrated modular design that offers instant adaptability, time-tested reliability and the most innovative ballistic system believed to be available today. Designed for the active assaulter, this performance-driven carrier allows instant donning and doffing, retractable groin and removable bicep protection, a maximum load bearing MOLLE system and exceptional side and shoulder adjustability to adapt to any weather condition.
- The Four Star vest provides maximum protective coverage, extreme versatility in fit and enhanced flexibility for greater mobility. Ideal for tactical officers who need functional load-carrying capabilities with the versatility to adapt to any operation, this body armor system will hold up to the toughest demands while offering superior protection and comfort.
- The NATO Front Opening vest is ideally suited for First Responders who require immediate protection in high threat circumstances. Modular in design and exceedingly adaptable under any condition, this lightweight vest offers exceptional coverage at an extraordinary value.
- The Ranger vest is streamlined and highly effective; blending the functionality of a tactical vest with a simple carrier construction that’s geared for high performance. This comprehensive package accommodates soft ballistic panels, hard armor plates, an hydration system, and multiple PACA-exclusive design features.
These products, among other flagship solutions such as the Dragon Fire™, Assault-1, Spider™, and SWAT CERT Plus protective systems, will be on display at the Point Blank and PACA Body Armor booth (#8889) in the main exhibit hall. Visitors are welcome to meet with executives for one-on-one demonstrations.
“Point Blank Solutions remains committed to making the highest-performing, most comfortable and safest products for our end-users in the line of duty,” stated Sam White, EVP and Head of Global Sales. With the release of the new NIJ 0101.06 standard, the most stringent standard established to date for enhancing officer safety, Point Blank and PACA Body Armor have developed new ballistic solutions to meet today’s challenges. These innovations will be featured at our booth at SHOT Show and we look forward to meeting with attendees and sharing hands-on information about latest developments.”
Sponsored by the National Shooting Sports Foundation, the SHOT Show is the largest and most comprehensive trade show for all professionals involved with the shooting sports and hunting industries. It is the world's premier exposition of combined firearms, ammunition, archery, cutlery, outdoor apparel, optics, camping and related products and services. Buyers from all 50 states and more than 75 countries attend the show each year. For more information, visit www.shotshow.org.
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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.
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POINT BLANK SOLUTIONS ACCEPTS U.S. ARMY’S OFFER FOR CORRECTIVE ACTION
- COMPANY TO RESUBMIT PROPOSAL FOR CONSIDERATION -
Pompano Beach, Florida, December 1, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that the Company is back in consideration for possible awards under the Army’s Solicitation W91CRB-07-R-0079 (the “Solicitation”).
Following a hearing and discussions between the U.S. Army’s contracting office and the United States Government Accountability Office (“GAO”), the U.S. Army decided to do additional testing and based on the results of the testing to reconsider its decision to eliminate Point Blank from further consideration for awards under the Solicitation. As a result, Point Blank withdrew its protests, the first of which was filed on September 5, 2008.
Larry Ellis, President and CEO stated, “We are pleased with the Army’s decision and look forward to continuing our relationship as one of their most trusted suppliers. We remain steadfast in our belief that we have a high quality, proven solution and most important, a competitive bid that will put us in position for consideration. We are currently producing the Improved Outer Tactical Vest (“IOTV”) for the U.S. Army and remain committed to providing the world’s best protection to America’s soldiers.”
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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 REPORTS
2008 THIRD QUARTER RESULTS
Pompano Beach, Florida, November 17, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today its results of operations and financial position as of and for the three and nine months ended September 30, 2008.
For the quarter ended September 30, 2008, net sales were $30.3 million, compared to net sales of $71.8 in the quarter ended September 30, 2007. The decline in net sales is primarily due to lower military and federal government sales resulting from a delay in issuing the Improved Outer Tactical Vests (“IOTVs”) contract award, and in the production of and shipments against that contract. Offsetting this decline were higher sales in the Company’s Domestic/Distributor market, as sales increased to $9.4 million, or an increase of 18.3% compared to the comparable 2007 period. Additionally, International sales were $10.0 million for the current year quarter as compared to $50,000 in the prior year three month period ended September 30, 2007.
Gross profit for the 2008 third quarter was $3.4 million, or 11.1% of net sales, as compared to $11.5 million or 16.0% of net sales for the comparable 2007 period. The decline in gross profit margin as a percentage of net sales is due to lower volume as a result of delays in contract awards, constraints on price increases due to the competitive market, higher raw materials and under absorbed overhead costs resulting from lower than anticipated production levels.
Total operating costs were $12.5 million or 41.2% of net sales for the three months ended September 30, 2008 as compared to $11.7 million or 16.2% of net sales for the comparable 2007 period. Operating costs for the current year quarter included a non-cash charge of $2.9 million for equity-based compensation as a result of the change in the majority of the Company’s Board of Directors in August 2008 and the resulting vesting of stock options. Additionally, litigation and cost of investigations expenses were $2.5 million for the three months ended September 30, 2008 compared to $2.2 million in the comparable 2007 period. Offsetting these increases were lower general and administrative expenses due mainly to lower legal and professional fees in the current year quarter compared to the prior year quarter and lower salaries due to reductions in incentive compensation and personnel.
The Company reported an operating loss of $9.2 million in the quarter ended September 30, 2008, compared to an operating loss of $0.2 million in the quarter ended September 30, 2007. The net loss for the 2008 three month period was $5.8 million ($0.12 per share) versus a net loss of $0.3 million ($0.01 per share) in the comparable period last year.
Larry Ellis, President and CEO of Point Blank Solutions, Inc. commented, “The third quarter continued to be challenging due to delays in shipments, material shortages and contract modifications by the U.S. Army on the IOTV Bridge award. We expect the fourth quarter to be higher in terms of volume and sales and our backlog now stands at over $130 million. We have production schedules in place that will carry us through the end of the first quarter and are looking at our cost structure to improve our bottom-line performance.”
For the nine months ended September 30, 2008:
- Net sales were $91.3 million compared to net sales of $257.5 million in the comparable prior year period.
- Gross profit was $11.8 million or 12.9% of net sales, compared to $47.0 million or 18.2% of net sales for the same period in 2007.
- Total operating costs were $4.9 million or 5.4% of net sales versus $35.7 million or 13.8% of net sales in the prior year period.
- Operating income was $6.9 million as compared to $11.3 million in the comparable period during 2007.
- Net income for the nine months ended September 30, 2008 period was $3.9 million ($0.08 per basic and diluted share) versus $6.4 million ($0.12 per basic and diluted share) in the comparable prior year period.
Conference Call Information
The Company will be hosting a teleconference and webcast to discuss its 2008 third quarter financial results on Tuesday, November 18, 2008 at 11:00 a.m. Eastern Time. Parties can listen on the webcast on the Point Blank Solutions website at http://www.pointblanksolutionsinc.com and by clicking on “Investor Relations” or participate on the teleconference by dialing 866-362-4832 (International: 617-597-5364) and entering the pass code: 54426081. Additionally, a replay of the webcast will be available on the Company’s website in the “Investor Relations” section or via teleconference within 24-hours after the completion of the call. The domestic replay number is 888-286-8010 (International: 617-801-6888) and entering pass code: 83698780.
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, depreciation and amortization, income taxes, equity based compensation, litigation and cost of investigations and employment tax withholding charge (credit). 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 statements of operations, balance sheets or statements 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 and other stakeholders 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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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 SETS DATE FOR 2008
THIRD QUARTER AND NINE MONTH RESULTS AND CONFERENCE CALL
Pompano Beach, FL, November 12, 2008 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that it will be filing its Form 10-Q for the period ended September 30, 2008 on Monday, November 17, 2008. The Company also disclosed that it will be hosting a teleconference and webcast to discuss its financial results on Tuesday, November 18, 2008 at 11:00 a.m. EST.
Parties can listen to the webcast on the Point Blank Solutions website at http://www.pointblanksolutionsinc.com and by clicking on “Investor Relations” or by dialing:
Domestic Call-in Number: 866-362-4832
International Call-in Number: 617-597-5364
Participant Pass Code: 54426081
For those who will be unable to participate in the live presentation, a replay of the webcast will be available on the Company’s website under “Audio Archives” in the “Investor Relations” section. The replay will also be available via teleconference within twenty-four hours after completion of the call.
Replay Number: 888-286-8010
International Replay Number: 617-801-6888
Access Code: 83698780
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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.
# # #
Media and Investor Relations Contact:
Glenn Wiener
Tel: 212-786-6013
Email: IR@PBSINC.com
POINT BLANK SOLUTIONS ANNOUNCES $31 MILLION BODY ARMOR CONTRACT
Pompano Beach, Florida, October 22, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that its wholly-owned subsidiary, Point Blank Body Armor, received a $31.0 million delivery order to supply Interceptor Outer Tactical Vests (OTVs) and ballistic components to meet a requirement from the U.S. Army. Point Blank Body Armor will begin production in December 2008 and expects to complete the contract by March 2009.
Larry Ellis, President and CEO of Point Blank Solutions, Inc. commented, “This is a meaningful contract for our Company and is a testament to the quality of our solutions and our longstanding government and military relationships. In the fourth quarter of 2008 and into next year, we will be fulfilling the U.S. Army contract for the Improved Outer Tactical Vest (IOTV), and Interceptor OTV contracts from the Defense Logistics Agency and the U.S. Army. While there are several challenges ahead, I remain optimistic about our Company’s market position and believe 2009 will result in higher value for our shareholders.”
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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 CHANGE IN SENIOR MANAGEMENT
Pompano Beach, Florida, October 7, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that John Siemer, Chief Operating Officer (“COO”) and Chief of Staff, resigned from his position as of October 3, 2008. At this point in time, a search for a new COO is not underway as Larry Ellis, President and CEO, will assume the COO functions, effective immediately.
Ellis commented, “I would personally like to thank John for his invaluable counsel and support over the past two years. He has been a key member of the Point Blank Solutions management team and he was instrumental in helping the Company overcome many legacy issues while improving our global operations. I wish John nothing but the best in his future endeavors.”
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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 FILES PROTEST WITH THE
UNITED STATES GOVERNMENT ACCOUNTABILITY OFFICE
Pompano Beach, Florida, September 5, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that it has received correspondence from the U.S. Army Research, Development and Engineering Command Acquisition Center notifying the Company that its proposals to supply certain protective materials have been eliminated from further consideration for award under the Army’s Solicitation W91CRB-07-R-0079 (the “Solicitation”). In addition the Company announced that it has filed a protest of the Army’s decision with the United States Government Accountability Office (“GAO”). The Company remains in competition for award of a small portion of the contract for which proposals were sought by the Solicitation.
In letters received on August 28th and 29th, 2008, the Army notified the Company that certain Preliminary Design Models were deemed “unacceptable.” The Company vigorously disputes the Army’s decision, and has submitted a protest asserting that the decision is unreasonable and inconsistent with the stated evaluation criteria. The Company intends to pursue all available legal remedies to challenge the Army’s decision but cannot predict the outcome of its protest or of the ultimate contract awards.
The Company is not aware that any decisions on contract awards in response to the Solicitation have been made as of the date of the protest. The Company remains committed to providing the worlds best protection to soldiers and notes that the Army has options to provide the Improved Outer Tactical Vests (“IOTVs”) and related solutions to our soldiers. Thus, the Government’s ability to provide this equipment to deploying soldiers will not be compromised.
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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 ELECTION OF NEW CHAIRMAN OF THE BOARD OF DIRECTORS
Pompano Beach, Florida, August 28, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced the election of James R. Henderson as the Chairman of the Board of Directors. Mr. Henderson has more than 26 years of experience as an operating executive with various companies, including defense companies such as ECC International Corp and Aydin Corp. and with the defense and military division of UNISYS Corp.
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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 $8.3 Million Contract Award
Pompano Beach, Florida, August 20, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that its wholly owned subsidiary, Protective Apparel Corporation of America (“PACA”) has received an $8.3 million contract award from the Joint Contracting Command – Iraq/Afghanistan. The contract calls for the production and shipment of 30,000 tactical, concealable vests and 60,000 Level IV plates. The Company expects to complete production by December 2008.
Commenting on today’s award, Larry Ellis, President and CEO stated, “This is a very important win for our Company as it represents another International award. This is a testament that our strategy is working. With close to $22 million in awards this year and over $80 million in solicitations remaining, we are successfully building a platform for growth in the years ahead. I believe 2009 will be the Company’s best.”
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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 Election of Board Directors
Pompano Beach, Florida, August 19, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced the results of the Company’s 2008 Annual Meeting of Stockholders, held August 19, 2008 in Fort Lauderdale, Florida.
Elected to the Board by Company shareholders are the five nominees of Steel Partners II, L.P., James R. Henderson, Terry R. Gibson, General (ret.) Merrill A. McPeak, Bernard C. Bailey and Robert Chefitz, as well as two incumbents, Maurice Hannigan and General (ret.) Martin R. Berndt. This newly elected, seven-member board will take office effective immediately.
There were 79.65% shares present at the Annual Meeting of Stockholders. Votes cast for and against the seven elected board members are as follows:
James R. Henderson: 33,227,638 (FOR); 173,362 (WITHHELD)
General (ret.) Merrill A. McPeak: 33,223,213 (FOR); 177,787 (WITHHELD)
Terry R. Gibson: 33,222,438 (FOR); 178,562 (WITHHELD)
Bernard C. Bailey: 33,222,388 (FOR); 178,612 (WITHHELD)
Robert Chefitz: 33,221,838 (FOR); 179,162 (WITHHELD)
General (ret.) Martin R. Berndt: 6,995,140 (FOR); 339,380 (WITHHELD)
Maurice Hannigan: 6,993,490 (FOR); 341,030 (WITHHELD)
The Company intends to have further disclosures regarding the Board’s election of the chairman and the respective committee and chairpersons at a later date.
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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 $22.2 MILLION AWARD
Pompano Beach, Florida, August 18, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that Point Blank Body Armor, the Company’s wholly-owned subsidiary, has been awarded a $22.2 million contract from the Defense Supply Center, Philadelphia (“DSCP”) to provide 45,000 Outer Tactical Vests. Pursuant to the terms of the contract, the Company expects to complete production by January 2009, at the latest.
Commenting on today’s win, Larry Ellis, President and CEO stated, “Demands for body armor have continued despite the delays in contracts; we are now seeing awards to satisfy existing requirements. This latest award is yet another indicator Point Blank competes well on a best-value and highest quality basis. We are well positioned for future awards.”
Annual Shareholder Meeting
For those Point Blank Solutions shareholders who have either not received or misplaced their “BLUE” proxy card from the Company in regard to the election of the incumbent Board of Directors, please call your advisor at the brokerage firm where your account is held and provide them with instructions on how you wish to vote your shares. If you are unable to reach your broker, you can also contact the Company’s proxy solicitor, Georgeson Inc., at (877) 868-4958 and a representative will assist you with the voting process. The Board of Directors of Point Blank Solutions thanks you for your continued support.
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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.
In connection with the solicitation of proxies, Point Blank Solutions, Inc. has filed with the U.S. Securities and Exchange Commission (the “SEC”) and mailed to stockholders a definitive proxy statement and additional proxy materials. The proxy statement contains important information about Point Blank Solutions and the Company’s 2008 Annual Meeting. Point Blank’s stockholders are urged to read the proxy statement carefully. The proxy statement and other documents relating to the 2008 Annual Meeting can be obtained free of charge from the SEC’s website at http://www.sec.gov. These documents can also be obtained free of charge from the Company at the Company’s website at www.pointblanksolutionsinc.com under the “Investor Relations” tab, upon written request to Corporate Secretary, Point Blank Solutions, Inc, 2102 S.W. 2nd St., Pompano Beach, Florida 33069, or by calling the Investor Relations department at (212) 786-6013.
The Company and its directors and executive officers are deemed to be participants in the solicitation of proxies in connection with the 2008 Annual Meeting. Information regarding the interests of the directors and executive officers of the Company in the solicitation may be found in the definitive proxy statement filed by the Company with the SEC on March 24, 2008, and in additional proxy materials filed with the SEC, available free of charge from the SEC and the Company, as indicated above. Information about the directors and executive officers of the Company may be found in its Form 10-K for the fiscal year ended December 31, 2007, filed with the SEC on March 17, 2008.
PROXY Governance Inc. Recommends Point Blank Solutions Directors
- Third Independent Advisory Firm Supports Unanimous Election of Current Directors
Pompano Beach, Florida, August 15, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that independent proxy advisory firm PROXY Governance, Inc. has issued a recommendation that Point Blank stockholders vote “FOR” all of the Company’s slate of director nominees at the upcoming Annual Meeting of Shareholders. The Meeting will be held at the Fort Lauderdale Marriott North, 6650 North Andrews Avenue, Fort Lauderdale, Florida, 33309 at 11:00 a.m. local time on August 19, 2008.
As previously announced, RiskMetrics (ISS) and Glass Lewis, two leading shareholder advisory firms, published their respective recommendations that the Company’s incumbent directors be elected at the 2008 Annual Meeting. Point Blank Solutions continues to urge all shareholders to vote their BLUE proxy cards in favor of the current Board of Directors. The Board of Directors urges our stockholders to DISCARD any gold or other proxy cards received from Steel Partners. If you have voted on a gold proxy card but wish to support your Company’s nominees, please vote your BLUE proxy card. A “withhold” vote on the gold proxy card is not a vote for your current Board of Directors, and the Company encourages you to submit the BLUE proxy card. Only your latest dated proxy will determine how your shares are to be voted at the meeting.
Senator William Campbell, Chairman of the Board of Directors stated, “This is now the third independent proxy advisory firm that has publicly endorsed the Point Blank slate of directors this week. The message is quite clear – this Board is the right choice and continues to represent the interests of all shareholders.”
In their report, PROXY Governance, Inc. states:
- … this vote comes down to a referendum on the integrity and credibility of the current board.
- Based on its performance in both ending the Brooks era and resuscitating the company over the past two years, integrity and credibility are likely to be this board’s long suits.
- … looking back to the period of the initial Steel partners buyout offer – it also seems clear that having audited and restated financials, full-year results for what was becoming the company’s first profitable year in five years, unencumbered credit and negotiated settlements to the numerous legal and regulatory actions against the company, would have given the board a much stronger bargaining position with any potential buyer.
- In having taken the company this far, we believe the board and its management team have earned the right to finish the job.
- Given the current board’s demonstrated commitment to shareholders in ending the abuses of the former board and management team, recruiting a new executive team and resuscitating the company – as well as its demonstrated commitment to pursuing a robust review of strategic alternatives, in response to interviews with numerous larger shareholders, and the potential for conflict of interest in electing dissident directors affiliated with an interested potential buyer to complete the sale process – PROXY Governance believes shareholder interests would be best served by retaining the incumbent board.
For those Point Blank Solutions shareholders who have either not received or misplaced their “BLUE” proxy card from the Company in regard to the election of the incumbent Board of Directors, please call your advisor at the brokerage firm where your account is held and provide them with instructions on how you wish to vote your shares. If you are unable to reach your broker, you can also contact the Company’s proxy solicitor, Georgeson Inc., at (877) 868-4958 and a representative will assist you with the voting process. The Board of Directors of Point Blank Solutions thanks you for your continued support.
Proxy Governance, Inc., a wholly-owned subsidiary of FOLIOfn, Inc., is a unique and independent new proxy advisory and voting company that fills a critical need in today’s marketplace – the need for objective advice that supports the goal of building long-term shareholder value.
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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.
In connection with the solicitation of proxies, Point Blank Solutions, Inc. has filed with the U.S. Securities and Exchange Commission (the “SEC”) and mailed to stockholders a definitive proxy statement and additional proxy materials. The proxy statement contains important information about Point Blank Solutions and the Company’s 2008 Annual Meeting. Point Blank’s stockholders are urged to read the proxy statement carefully. The proxy statement and other documents relating to the 2008 Annual Meeting can be obtained free of charge from the SEC’s website at http://www.sec.gov. These documents can also be obtained free of charge from the Company at the Company’s website at www.pointblanksolutionsinc.com under the “Investor Relations” tab, upon written request to Corporate Secretary, Point Blank Solutions, Inc, 2102 S.W. 2nd St., Pompano Beach, Florida 33069, or by calling the Investor Relations department at (212) 786-6013.
The Company and its directors and executive officers are deemed to be participants in the solicitation of proxies in connection with the 2008 Annual Meeting. Information regarding the interests of the directors and executive officers of the Company in the solicitation may be found in the definitive proxy statement filed by the Company with the SEC on March 24, 2008, and in additional proxy materials filed with the SEC, available free of charge from the SEC and the Company, as indicated above. Information about the directors and executive officers of the Company may be found in its Form 10-K for the fiscal year ended December 31, 2007, filed with the SEC on March 17, 2008.
POINT BLANK SOLUTIONS PROVIDES GUIDELINES TO SHAREHOLDERS FOR VOTING THEIR SHARES IN FAVOR OF THE INCUMBENT BOARD OF DIRECTORS
Pompano Beach, Florida, August 14, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today provided additional guidelines to shareholders who wish to vote their shares in favor of the Company’s existing Board of Directors. The announcement today is in response to several inbound calls asking for instructions on how shareholders can vote their shares at the Company’s upcoming 2008 Annual Meeting, scheduled to be held at the Fort Lauderdale Marriott North, 6650 North Andrews Avenue, Fort Lauderdale, Florida, 33309 at 11:00 a.m. local time on August 19, 2008.
For those Point Blank Solutions shareholders who have either not received or misplaced their “BLUE” proxy card from the Company in regard to the election of the incumbent Board of Directors, please call your advisor at the brokerage firm where your account is held and provide them with instructions on how you wish to vote your shares. If you are unable to reach your broker, you can also contact the Company’s proxy solicitor, Georgeson Inc., at (877) 868-4958 and a representative will assist you with the voting process. The Board of Directors of Point Blank Solutions thanks you for your continued support.
As previously announced, RiskMetrics (ISS) and Glass Lewis, two leading shareholder advisory firms, have published their respective recommendations that the Company’s incumbent directors be re-elected at the 2008 Annual Meeting. Point Blank Solutions continues to urge all shareholders to vote their BLUE proxy cards in favor of the current Board of Directors. The Board of Directors urges you to DISCARD any gold or other proxy cards that you have received from Steel Partners. If you have voted on a gold proxy card but wish to support your Company’s nominees, please vote your BLUE proxy card. A “withhold” vote on the gold proxy card is not a vote for your current Board of Directors, and the Company encourages you to submit the BLUE proxy card. Only your latest dated proxy will determine how your shares are to be voted at the meeting.
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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.
In connection with the solicitation of proxies, Point Blank Solutions, Inc. has filed with the U.S. Securities and Exchange Commission (the “SEC”) and mailed to stockholders a definitive proxy statement and additional proxy materials. The proxy statement contains important information about Point Blank Solutions and the Company’s 2008 Annual Meeting. Point Blank’s stockholders are urged to read the proxy statement carefully. The proxy statement and other documents relating to the 2008 Annual Meeting can be obtained free of charge from the SEC’s website at http://www.sec.gov. These documents can also be obtained free of charge from the Company at the Company’s website at www.pointblanksolutionsinc.com under the “Investor Relations” tab, upon written request to Corporate Secretary, Point Blank Solutions, Inc, 2102 S.W. 2nd St., Pompano Beach, Florida 33069, or by calling the Investor Relations department at (212) 786-6013.
The Company and its directors and executive officers are deemed to be participants in the solicitation of proxies in connection with the 2008 Annual Meeting. Information regarding the interests of the directors and executive officers of the Company in the solicitation may be found in the definitive proxy statement filed by the Company with the SEC on March 24, 2008, and in additional proxy materials filed with the SEC, available free of charge from the SEC and the Company, as indicated above. Information about the directors and executive officers of the Company may be found in its Form 10-K for the fiscal year ended December 31, 2007, filed with the SEC on March 17, 2008.
ANNUAL MEETING OF STOCKHOLDERS OF POINT BLANK SOLUTIONS, INC.
WILL TAKE PLACE ON AUGUST 19, 2008
Pompano Beach, Florida, August 13, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that the Delaware Court of Chancery has ruled against the Company’s motion to postpone the 2008 Annual Meeting of Stockholders. Point Blank Solutions had requested this postponement in the interest of completing the Company’s ongoing strategic alternatives process. The 2008 Annual Meeting is scheduled to be held at the Fort Lauderdale Marriott North, 6650 North Andrews Avenue, Fort Lauderdale, Florida, 33309 at 11:00 a.m. local time on August 19, 2008.
As previously announced, RiskMetrics (ISS) and Glass Lewis, two leading shareholder advisory firms, have published their respective recommendations that the Company’s incumbent directors be re-elected at the 2008 Annual Meeting. Point Blank Solutions continues to urge all shareholders to vote their BLUE proxy cards in favor of the current Board of Directors. The Board of Directors urges you to DISCARD any gold or other proxy cards that you have received from Steel Partners. If you have voted on a gold proxy card but wish to support your Company’s nominees, please vote your BLUE proxy card. Only your latest dated proxy will determine how your shares are to be voted at the meeting.
Shareholders who have questions concerning the current proxy solicitation, or need assistance in voting, should contact Georgeson Inc., the Company’s proxy solicitor, toll free at: 1-877-868-4958.
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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.
In connection with the solicitation of proxies, Point Blank Solutions, Inc. has filed with the U.S. Securities and Exchange Commission (the “SEC”) and mailed to stockholders a definitive proxy statement and additional proxy materials. The proxy statement contains important information about Point Blank Solutions and the Company’s 2008 Annual Meeting. Point Blank’s stockholders are urged to read the proxy statement carefully. The proxy statement and other documents relating to the 2008 Annual Meeting can be obtained free of charge from the SEC’s website at http://www.sec.gov. These documents can also be obtained free of charge from the Company at the Company’s website at www.pointblanksolutionsinc.com under the “Investor Relations” tab, upon written request to Corporate Secretary, Point Blank Solutions, Inc, 2102 S.W. 2nd St., Pompano Beach, Florida 33069, or by calling the Investor Relations department at (212) 786-6013.
The Company and its directors and executive officers are deemed to be participants in the solicitation of proxies in connection with the 2008 Annual Meeting. Information regarding the interests of the directors and executive officers of the Company in the solicitation may be found in the definitive proxy statement filed by the Company with the SEC on March 24, 2008, and in additional proxy materials filed with the SEC, available free of charge from the SEC and the Company, as indicated above. Information about the directors and executive officers of the Company may be found in its Form 10-K for the fiscal year ended December 31, 2007, filed with the SEC on March 17, 2008.
GLASS LEWIS & CO. RECOMMENDS THE ELECTION OF ALL OF POINT BLANK SOLUTIONS DIRECTOR NOMINEES AT UPCOMING ANNUAL MEETING OF STOCKHOLDERS
Pompano Beach, Florida, August 12, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that independent proxy advisor firm Glass Lewis & Co. has issued a recommendation that Point Blank Solutions stockholders vote “FOR” all of the Company’s slate of director nominees at the upcoming Annual Meeting of Shareholders currently scheduled to be held on August 19, 2008. This report follows the recommendation of Risk Metrics Group (formerly Institutional Shareholders Services) issued yesterday to support the election of all of Company’s existing directors.
Glass Lewis & Co. recommends shareholders “VOTE” on the “BLUE” proxy card in favor of all Point Blank director nominees. They also recommend that shareholders “DO NOT VOTE” on the “GOLD” proxy card with respect to dissident shareholder, Steel Partners II, L.P.
In their report, Glass Lewis & Co. states:
- The Point Blank board is in active discussions with interested parties regarding a potential strategic transaction for shareholders which reinforces our original conclusion that it would not be in shareholders’ interest for Steel Partners to control the Point Blank board at this point in time.
- We are reticent to recommend removal of incumbent directors, or in favor of Dissident nominees unless one of the following two things has occurred: (i) there are serious problems at the company and the newly proposed nominees has a clear and realistic plan to solve these problems; or (ii) the current board has undertaken an action clearly contrary to the interests of shareholders. In this case, we do not believe that the Dissident has proven that its nominees could create more value for shareholders.
- We note that Point Blank has faced several troubling matters in the past few years, including among others, financial restatements and lawsuits against former executives. Nonetheless, in our opinion, the current leadership has made a positive impact at the Company.
- We note that the Company’s turn around plan and initiatives do not appear to have hurt shareholder value.
- In our opinion, the board has, on balance, made positive changes within the Company, has a plan to pursue growth opportunities, and remains open to considering strategic transactions with third parties, including the Dissident. Given Steel Partners’ significant interest in acquiring the Company, in this case, we believe that the Dissident should negotiate with the incumbent directors for a strategic agreement rather than working alongside them. Accordingly, we recommend that shareholders vote “FOR ALL (Point Blank Solutions) NOMINEES.
“Both RiskMetrics and Glass Lewis, two of the leading independent advisory firms have come out publicly in support all of our director nominees over Steel Partners’ slate. It is clear to them that we, as a Board are acting in the best interests of our shareholders. Our board is independent, highly qualified and is focused on maximizing value for all stakeholders,” stated Senator William Campbell, Chairman of the Board of Directors.
The 2008 Annual Meeting of Stockholders is currently scheduled to be held at the Fort Lauderdale Marriott North, 6650 North Andrews Avenue, Fort Lauderdale, Florida, 33309 at 11:00 a.m. local time on August 19, 2008.
Point Blank Solutions continues to urge all shareholders to vote their BLUE proxy cards in favor of the current Board of Directors. The Board of Directors urges you to DISCARD any gold or other proxy cards that you have received from Steel Partners. If you have voted on a gold proxy card but wish to support your Company’s nominees, please vote your BLUE proxy card. Only your latest dated proxy will determine how your shares are to be voted at the meeting.
Shareholders who have questions concerning the current proxy solicitation should contact Georgeson Inc., the Company’s proxy solicitor, toll free at: 1-877-868-4958.
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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.
In connection with the solicitation of proxies, Point Blank Solutions, Inc. has filed with the U.S. Securities and Exchange Commission (the “SEC”) and mailed to stockholders a definitive proxy statement and additional proxy materials. The proxy statement contains important information about Point Blank Solutions and the Company’s 2008 Annual Meeting. Point Blank’s stockholders are urged to read the proxy statement carefully. The proxy statement and other documents relating to the 2008 Annual Meeting can be obtained free of charge from the SEC’s website at http://www.sec.gov. These documents can also be obtained free of charge from the Company at the Company’s website at www.pointblanksolutionsinc.com under the “Investor Relations” tab, upon written request to Corporate Secretary, Point Blank Solutions, Inc, 2102 S.W. 2nd St., Pompano Beach, Florida 33069, or by calling the Investor Relations department at (212) 786-6013.
The Company and its directors and executive officers are deemed to be participants in the solicitation of proxies in connection with the 2008 Annual Meeting. Information regarding the interests of the directors and executive officers of the Company in the solicitation may be found in the definitive proxy statement filed by the Company with the SEC on March 24, 2008, and in additional proxy materials filed with the SEC, available free of charge from the SEC and the Company, as indicated above. Information about the directors and executive officers of the Company may be found in its Form 10-K for the fiscal year ended December 31, 2007, filed with the SEC on March 17, 2008.
POINT BLANK SOLUTIONS REPORTS 2008 SECOND QUARTER RESULTS
Pompano Beach, Florida, August 11, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today its results of operations and financial position as of and for the second quarter ended June 30, 2008.
For the quarter ended June 30, 2008, net sales were $11.1 million, compared to net sales of $93.5 in the quarter ended June 30, 2007. The decline in net sales is primarily due to reductions in military and federal sales of $77.5 million. Quarterly net sales were significantly impacted by delays in awarding military contracts. As previously announced, the Company responded to several solicitations for which the contract award dates were delayed, including for the Improved Outer Tactical Vest (IOTV) bridge buy, the IOTV base buy, which includes Deltoid Auxiliary Protective Systems (DAPS), and others. The Company also experienced lower sales to the Domestic/Distributor market of $4.7 million. This decline was primarily due to uncertainties in the transition to new National Institute of Justice standards for soft body armor, as well as higher fuel costs, which had a direct impact on state and local governments’ spending.
In June 2008, the Company was awarded a $13.5 million contract from the U.S. Department of the Army, Joint Contracting Command-Iraq to produce 42,500 concealable, ballistic vests and approximately 85,000 Level IV plates. In addition, in July 2008 the Company won the $86.2 million IOTV Bridge Buy award to provide the U.S. Military with the Improved Outer Tactical Vest (IOTV). This contract calls for the production of 150,000 vests beginning in August 2008 and is expected to be concluded in approximately six months. With these awards and others from each of the Company’s subsidiaries, backlog as of July 1, 2008 grew to approximately $108 million. The Company also responded to other solicitations that have closed with award dates expected by September 30, 2008 and believes there will be additional solicitations from the U.S. Military and Federal Government and International, in the third and fourth quarters of 2008.
Gross profit for the 2008 second quarter was $(0.3) million, or (2.5)% of net sales, as compared to $16.8 million, or 18.0% of net sales for the comparable prior year period. Gross margins were impacted by the delays in contract awards, which significantly limited the Company from leveraging operating efficiencies in manufacturing and production. Constraints on price increases due to the competitive market and higher raw material costs also adversely impacted gross profits and margins in the 2008 periods as compared to the same periods in 2007. The Company believes its gross profit levels will improve in the second half of the year, as a result of its increased sales volume and expectations for the future.
Total operating costs were $(17.9) million or (162)% of net sales for the 2008 quarter as compared to $11.8 million or 12.7% of net sales for the comparable 2007 period. Operating costs in the current quarter include a credit of $26.1 million, as the statue of limitations for the major portion of the 2004 employment tax withholding obligations expired, resulting in the reversal of the charge recorded in 2004. Operating costs for the second quarter of 2007 included a similar credit of $0.7 million relating to 2003. Selling, general and administrative expenses declined by $3.7 million, to $6.3 million in the current year quarter as compared to $10.1 million in 2007 as a result of lower levels of professional fees, reductions in incentive compensation and lower head count.
For the three month period ended June 30, 2008, the Company reported operating income of $17.7 million as compared to $5.0 million in the comparable 2007 period. Net income for the 2008 three month period was $10.6 million or $0.21 per basic and diluted share versus $2.8 million or $0.06 per share, both basic and diluted.
For the six months ended June 30, 2008:
- Net sales were $61.0 million, compared to net sales of $185.6 in the comparable six month period last year.
- Gross profit was $8.5 million or 13.9% of net sales, compared to $35.5 million or 19.1% of net sales for the same period in 2007.
- Total operating costs for the six months ended June 30, 2008 were $(7.6) million or (12.5)% of net sales versus $24.0 million or 12.9% of net sales.
- Operating income was $16.1 million as compared to $11.5 million in the six month period ended June 30, 2008. Net income for the six month 2008 period was $9.6 million or $0.19 per basic and diluted share versus $6.6 million or $0.13 per share, both basic and diluted in the comparable prior year period.
Larry Ellis, President and CEO of Point Blank Solutions stated, “The first half of 2008 has been difficult, both operationally and financially. But the landscape is changing. There are several, major solicitations with awards planned for the second half of the year and into 2009; one is larger than any single, soft body armor solicitation in the industry’s history. We have trusted brands, capacity and a proven track record with our customers. We are well positioned to capture a fair share of upcoming awards and grow each segment of our business. While delays cut into our performance this past quarter, they have become the demands for the future.”
Ellis continued, “In addition to our core business, we have focused on building an international platform to grow the top-line and diversify our geographic footprint. The same holds true for our product development and R&D initiatives. We are working closely with suppliers and in tandem with LifeStone Materials to develop new and innovative solutions – in body armor and protective solutions. It is our goal to build a diversified business that will generate high returns for our shareholders.”
Conference Call Information
The Company will be hosting a teleconference and webcast to discuss its 2008 first quarter financial results on Tuesday, August 12, 2008 at 11:00 a.m. Eastern Time. Parties can listen on the webcast on the Point Blank Solutions website at http://www.pointblanksolutionsinc.com and by clicking on “Investor Relations”. For those who would like to participate “live” on the teleconference, please contact the investor relations department and the call-in information will be provided to you. Additionally, a replay of the webcast will be available on the Company’s website in the “Investor Relations” section or via teleconference within 24-hours after the completion of the call. The domestic replay number is (888) 286-8010 and the international replay number is (617) 801-6888 both will use access code: 72873438.
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 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 statements of operations, balance sheets or statements 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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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.
In connection with the solicitation of proxies, Point Blank Solutions, Inc. has filed with the U.S. Securities and Exchange Commission (the “SEC”) and mailed to stockholders a definitive proxy statement and additional proxy materials. The proxy statement contains important information about Point Blank Solutions and the Company’s 2008 Annual Meeting. Point Blank’s stockholders are urged to read the proxy statement carefully. The proxy statement and other documents relating to the 2008 Annual Meeting can be obtained free of charge from the SEC’s website at http://www.sec.gov. These documents can also be obtained free of charge from the Company at the Company’s website at www.pointblanksolutionsinc.com under the “Investor Relations” tab, upon written request to Corporate Secretary, Point Blank Solutions, Inc, 2102 S.W. 2nd St., Pompano Beach, Florida 33069, or by calling the Investor Relations department at (212) 786-6013.
The Company and its directors and executive officers are deemed to be participants in the solicitation of proxies in connection with the 2008 Annual Meeting. Information regarding the interests of the directors and executive officers of the Company in the solicitation may be found in the definitive proxy statement filed by the Company with the SEC on March 24, 2008, and in additional proxy materials filed with the SEC, available free of charge from the SEC and the Company, as indicated above. Information about the directors and executive officers of the Company may be found in its Form 10-K for the fiscal year ended December 31, 2007, filed with the SEC on March 17, 2008.
- Tables to Follow -
POINT BLANK SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, expect per share date)
|
|
June 30, |
|
December 31, |
|
|
2008 |
|
2007 |
ASSETS |
|
(Unaudited) |
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ 134 |
|
$ 213 |
Restricted cash |
|
35,200 |
|
35,200 |
Accounts receivable, less allowance for doubtful |
|
|
|
|
accounts of $201 and $296, respectively |
|
5,734 |
|
25,144 |
Inventories, net |
|
44,084 |
|
43,550 |
Income tax receivables |
|
12,862 |
|
20,285 |
Deferred income taxes |
|
13,843 |
|
21,468 |
Prepaid expenses and other current assets |
|
3,131 |
|
3,150 |
Total current assets |
|
114,988 |
|
149,010 |
|
|
|
|
|
Property and equipment, net |
|
11,108 |
|
5,967 |
|
|
|
|
|
Other assets |
|
|
|
|
Deferred income taxes |
|
1,732 |
|
1,312 |
Deposits and other assets |
|
117 |
|
78 |
Total other assets |
|
1,849 |
|
1,390 |
Total assets |
|
$ 127,945 |
|
$ 156,367 |
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||
Current liabilities: |
|
|
|
|
Revolving line of credit |
|
$ 7,904 |
|
$ 16,254 |
Note payable |
|
2,500 |
|
- |
Accounts payable |
|
9,059 |
|
15,416 |
Accrued expenses and other current liabilities |
|
7,111 |
|
8,384 |
Reserve for class action settlement |
|
39,372 |
|
39,372 |
Vest replacement program obligation |
|
418 |
|
527 |
Employment tax withholding obligation |
|
8,117 |
|
34,176 |
Total current liabilities |
|
74,481 |
|
114,129 |
Long term liabilities |
|
|
|
|
Unrecognized tax benefits |
|
11,060 |
|
11,134 |
Other liabilities |
|
449 |
|
525 |
Total long term liabilities |
|
11,509 |
|
11,659 |
Total liabilities |
|
85,990 |
|
125,788 |
|
|
|
|
|
Commitments and contingencies |
|
- |
|
- |
Minority and non-controlling interests in consolidated subsidiaries |
|
394 |
|
406 |
|
|
|
|
|
Contingently redeemable common stock (related party) |
|
19,326 |
|
19,326 |
Stockholders’ equity: |
|
|
|
|
Common stock, $0.0001 par value, 100,000,000 shares authorized, |
|
48 |
|
48 |
Additional paid in capital |
|
86,296 |
|
84,552 |
Accumulated deficit |
|
(64,109) |
|
(73,753) |
Total stockholders’ equity |
|
22,235 |
|
10,847 |
Total liabilities and stockholders’ equity |
|
$ 127,945 |
|
$ 156,367 |
POINT BLANK SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
(In thousands, expect per share date)
|
For the Three Months Ended |
|
For the Six Months Ended |
||||
|
June 30, 2008 |
|
June 30, 2007 |
|
June 30, 2008 |
|
June 30, 2007 |
|
|
|
|
|
|
|
|
Net sales |
$ 11,085 |
|
$ 93,517 |
|
$ 60,987 |
|
$ 185,627 |
Cost of goods sold |
11,362 |
|
76,704 |
|
52,535 |
|
150,149 |
Gross profit (loss) |
(277) |
|
16,813 |
|
8,452 |
|
35,478 |
Selling, general and administrative |
6,332 |
|
10,069 |
|
14,782 |
|
19,576 |
Litigation and cost of investigations |
1,793 |
|
2,510 |
|
3,688 |
|
5,160 |
Employment tax withholding charge |
(26,059) |
|
(737) |
|
(26,071) |
|
(737) |
Total operating costs |
(17,934) |
|
11,842 |
|
(7,601) |
|
23,999 |
Operating income |
17,657 |
|
4,971 |
|
16,053 |
|
11,479 |
|
|
|
|
|
|
|
|
Interest expense |
195 |
|
166 |
|
394 |
|
280 |
Other (income) expense |
50 |
|
(10) |
|
(218) |
|
(16) |
Total other expense |
245 |
|
156 |
|
176 |
|
264 |
Income before income tax expense |
17,412 |
|
4,815 |
|
15,877 |
|
11,215 |
Income tax expense |
7,073 |
|
1,930 |
|
6,494 |
|
4,497 |
Income before minority and |
10,339 |
|
2,885 |
|
9,383 |
|
6,718 |
Less minority and non-controlling |
(265) |
|
44 |
|
(262) |
|
98 |
Net income |
10,604 |
|
2,841 |
|
9,645 |
|
6,620 |
Basic and diluted earnings |
$ 0.21 |
|
$ 0.06 |
|
$ 0.19 |
|
$ 0.13 |
POINT BLANK SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
|
For the Six Months Ended |
||
|
June 30, |
||
|
2008 |
|
2007 |
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
Net Income |
$ 9,645 |
|
$ 6,620 |
Adjustments to reconcile net income to net cash |
|
|
|
Depreciation and amortization |
565 |
|
300 |
Amortization of deferred financing costs |
59 |
|
29 |
Deferred income tax expense (benefit) |
7,205 |
|
2,393 |
Gain on sale of fixed assets |
(3) |
|
- |
Minority and non-controlling interests in |
(262) |
|
97 |
Equity based compensation |
1,715 |
|
1,703 |
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
19,410 |
|
1,826 |
Inventories |
(534) |
|
(787) |
Income tax receivable |
7,423 |
|
- |
Prepaid expenses and other current assets |
(40) |
|
(569) |
Deposits and other assets |
(39) |
|
(862) |
Accounts payable |
(6,227) |
|
2,107 |
Accrued expenses and other current liabilities |
(1,273) |
|
(4,921) |
Vest replacement program obligation |
(109) |
|
(1,894) |
Income taxes payable |
- |
|
(1,552) |
Unrecognized tax benefits |
(74) |
|
- |
Employment tax withholding obligation |
(26,059) |
|
(737) |
Other liabilities |
(76) |
|
(269) |
Net cash provided by operating activities |
11,326 |
|
3,484 |
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
Proceeds from sale of property and equipment |
4 |
|
|
Purchases of property and equipment |
(3,207) |
|
(2,202) |
Net cash used in investing activities |
(3,203) |
|
(2,202) |
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
Bank overdraft |
(130) |
|
56 |
Contribution from minority owners |
250 |
|
- |
Net proceeds (repayment) of revolving line of credit |
(8,350) |
|
(1,480) |
Net proceeds from exercise of stock warrants |
28 |
|
- |
Net cash used in financing activities |
(8,202) |
|
(1,424) |
Net decrease in cash and cash equivalents |
(79) |
|
(142) |
|
|
|
|
Cash and cash equivalents at beginning of year |
213 |
|
177 |
Cash and cash equivalents at end of period |
$ 134 |
|
$ 35 |
|
|
|
|
Supplemental cash flow information: |
|
|
|
Property and equipment acquired by issuing |
$ 2,500 |
|
- |
|
|
|
|
POINT BLANK SOLUTIONS, INC. AND SUBSIDIARIES |
|||
ADJUSTED EBITDA |
|||
FOR THE THREE MONTHS ENDED JUNE 30, |
|||
(In thousands) |
|||
|
|
|
|
|
2008 |
|
2007 |
Net Income |
$ 10,604 |
|
$ 2,841 |
Add back: |
|
|
|
Depreciation |
330 |
|
160 |
Interest Expense |
195 |
|
166 |
Income Taxes |
7,073 |
|
1,930 |
Stock based compensation |
734 |
|
868 |
Litigation and cost of investigations |
1,793 |
|
2,510 |
Payroll Tax Withholding Credit |
(26,059) |
|
(737) |
Adjusted EBITDA |
$ (5,330) |
|
$ 7,738 |
POINT BLANK SOLUTIONS, INC. AND SUBSIDIARIES
ADJUSTED EBITDA
FOR THE SIX MONTHS ENDED JUNE 30,
(In thousands)
|
2008 |
|
2007 |
Net Income |
$ 9,645 |
|
$ 6,620 |
Add back: |
|
|
|
Depreciation |
565 |
|
300 |
Interest Expense |
394 |
|
280 |
Income Taxes |
6,494 |
|
4,497 |
Stock based compensation |
1,715 |
|
1,703 |
Litigation and cost of investigations |
3,688 |
|
5,160 |
Payroll Tax Withholding Credit |
(26,071) |
|
(737) |
Adjusted EBITDA |
$ (3,570) |
|
$ 17,823 |
|
|
|
|
RISKMETRICS GROUP (ISS) BACKS POINT BLANK INCUMBENT BOARD
Leading Independent Proxy Advisory Firm Recommends that Point Blank Solutions Stockholders Vote for all of the Company’s Existing Directors at Upcoming Annual Meeting
Pompano Beach, Florida, August 11, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that independent proxy advisor firm RiskMetrics Group (formerly Institutional Shareholder Services or “ISS”) has issued a recommendation that Point Blank Solutions stockholders vote “FOR” all of the Company’s slate of director nominees at the upcoming Annual Meeting of Shareholders currently scheduled to be held on August 19, 2008. ISS recommends that shareholders “DO NOT VOTE” on the “GOLD” proxy card with respect to nominees of dissident shareholder, Steel Partners II, L.P.
RiskMetrics is widely recognized as one of the leading independent proxy voting and corporate governance advisory firms. Their analyses and recommendations are relied upon by many major institutional investment firms, mutual funds and fiduciaries throughout North America.
In recommending that Point Blank Solutions shareholders vote “FOR” all of the Company’s director nominees, RiskMetrics states:
- We believe that the incumbent board has been largely successful in resolving most of the legacy issues. For example, the company is now current in its SEC filings and the class action and derivative lawsuits have been settled.
- We note that the delays in holding the annual meeting have largely been caused by the company’s legacy financial restatements. Recent delays, particularly in 2008, have been related to the initiation of a sales process while simultaneously waiting for the closing of a substantial government contract. We note that it is not unreasonable for companies to postpone the shareholder meeting after initiating a sales process, such as the one undertaken by Point Blank. Moreover, we note that the general shareholder communication does not appear to be inadequate during the long period without a shareholder meeting. The company provides regular updates on the reorganization of the company and has maintained timely updates on the contract delays and other corporate developments.
- We concur with the company’s decision not to initiate a strategic review process in 2007 when it was not current in its SEC filings and did not have updated financials.
- The company seems to be conducting a thorough sale process, as indicated by the level of participation by interested parties.
- Regarding dissidents, we note that despite seeking majority board representation, Steel Partners has not proposed any operating plan, except for conducting a sale of the company. Moreover, its refusal to sign a standstill agreement has prevented it from participating in the sale process. Notwithstanding, scope and term issues, we note standstill agreements are a normal mechanism to ensure a level playing field and are often negotiated as to scope and term.
- Given that Steel Partners previously expressed interest in acquiring the company, a sales process led by dissident nominees could raise potential conflict of interest concerns. Furthermore, earlier this year, ISS recommended shareholders WITHHOLD votes from three dissident nominees namely, Merrill A. McPeak, James R. Henderson and Terry R. Gibson, for various governance issues at Del Global and Cosine Communications.
- The adoption of the poison pill coincided with a period of significant financial, regulatory and legal issues for the company. We believe the poison pills may be shareholder friendly, if adopted to protect the shareholders from an opportunistic bid, particularly in times of duress, as seems to be the case for Point Blank.
- The company was profitable for the first time in five years in 2007, largely driven by a 26.3 percent increase in revenue and lower litigation and investigation costs. While recent performance has deteriorated, as highlighted by Steel Partners, we note much of it has been due to delays in government contracts – which tend to be beyond company’s control.
- In conclusion, we recommend shareholders vote FOR all incumbent nominees.
“We are pleased that RiskMetrics supports the election of our director nominees over the dissident slate. Their recommendation is a reaffirmation of the independence and quality of our directors and the role they have and continue to play in shaping our Company’s future,” said Senator William Campbell, Chairman of the Board of Directors.
Senator Campbell concluded, “Our board takes its fiduciary responsibilities very seriously and it is not our intent to be hostile with Steel Partners, or any other party. But we have a duty as your Board to protect all shareholders’ interests. Each member of the Board has worked very closely with management to help resolve our legacy issues, improve the Company’s market position and provide the oversight that will enable Point Blank to generate higher returns for our stockholders. That is what we remain focused on – building and realizing shareholder value, while continuing to provide our customers with the industry’s best products.”
The 2008 Annual Meeting of Stockholders is currently scheduled to be held at the Fort Lauderdale Marriott North, 6650 North Andrews Avenue, Fort Lauderdale, Florida, 33309 at 11:00 a.m. local time on August 19, 2008.
Point Blank Solutions continues to urge all shareholders to vote their BLUE proxy cards in favor of the current Board of Directors. The Board of Directors urges you to DISCARD any gold or other proxy cards that you have received from Steel Partners. If you have voted on a gold proxy card but wish to support your Company’s nominees, please vote your BLUE proxy card. Only your latest dated proxy will determine how your shares are to be voted at the meeting.
Shareholders who have questions concerning the current proxy solicitation should contact Georgeson Inc., the Company’s proxy solicitor, toll free at: 1-877-868-4958.
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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.
In connection with the solicitation of proxies, Point Blank Solutions, Inc. has filed with the U.S. Securities and Exchange Commission (the “SEC”) and mailed to stockholders a definitive proxy statement and additional proxy materials. The proxy statement contains important information about Point Blank Solutions and the Company’s 2008 Annual Meeting. Point Blank’s stockholders are urged to read the proxy statement carefully. The proxy statement and other documents relating to the 2008 Annual Meeting can be obtained free of charge from the SEC’s website at http://www.sec.gov. These documents can also be obtained free of charge from the Company at the Company’s website at www.pointblanksolutionsinc.com under the “Investor Relations” tab, upon written request to Corporate Secretary, Point Blank Solutions, Inc, 2102 S.W. 2nd St., Pompano Beach, Florida 33069, or by calling the Investor Relations department at (212) 786-6013.
The Company and its directors and executive officers are deemed to be participants in the solicitation of proxies in connection with the 2008 Annual Meeting. Information regarding the interests of the directors and executive officers of the Company in the solicitation may be found in the definitive proxy statement filed by the Company with the SEC on March 24, 2008, and in additional proxy materials filed with the SEC, available free of charge from the SEC and the Company, as indicated above. Information about the directors and executive officers of the Company may be found in its Form 10-K for the fiscal year ended December 31, 2007, filed with the SEC on March 17, 2008.
POINT BLANK SOLUTIONS SETS DATE FOR 2008 SECOND QUARTER AND SIX MONTH RESULTS AND CONFERENCE CALL
Pompano Beach, FL, August 5, 2008 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that it will be filing its Form 10-Q for the period ended June 30, 2008 on Monday, August 11, 2008. The Company also disclosed that it will be hosting a teleconference and webcast to discuss its financial results and outlook on Tuesday, August 12, 2008 at 11:00 a.m. EST.
Parties can listen to the webcast on the Point Blank Solutions website at http://www.pointblanksolutionsinc.com and by clicking on “Investor Relations”. For those who would like to participate “live” on the teleconference, please contact the investor relations department and the call-in information will be provided to you.
For those who will be unable to participate in the live presentation, a replay of the webcast will be available on the Company’s website under “Audio Archives” in the “Investor Relations” section. The replay will also be available via teleconference within twenty-four hours after completion of the call.
Replay Number: (888) 286-8010
International Replay Number: (617) 801-6888
Access Code: 72873438
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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, Inc. has filed a proxy statement and other documents regarding the 2008 Annual Meeting with the U.S. Securities and Exchange Commission and has filed and mailed additional proxy materials and a proxy card to each stockholder entitled to vote at the 2008 Annual Meeting. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION. The proxy statement and other documents relating to the 2008 Annual Meeting (when they are available) can be obtained free of charge from the SEC’s website at http://www.sec.gov. These documents (when they are available) can also be obtained free of charge from the Company at the Company’s website at www.pointblanksolutionsinc.com under the “Investor Relations” tab, upon written request to Corporate Secretary, Point Blank Solutions, Inc, 2102 S.W. 2nd St., Pompano Beach, Florida 33069, or by calling the Investor Relations department at (212) 786-6013.
The Company and its directors and executive officers are deemed to be participants in the solicitation of proxies in connection with the 2008 Annual Meeting. Information regarding the interests of the directors and executive officers of the Company in the solicitation may be found in the definitive proxy statement filed by the Company with the SEC on March 24, 2008, and will be found in the additional proxy materials to be filed with the SEC, available free of charge from the SEC and the Company, as indicated above. Information about the directors and executive officers of the Company may be found in its Form 10-K for the fiscal year ended December 31, 2007, filed with the SEC on March 17, 2008.
Media and Investor Relations Contact:
Glenn Wiener
Tel: 212-786-6013
Email: IR@PBSINC.com
POINT BLANK SOLUTIONS FILES MOTION TO POSTPONE THE ANNUAL MEETING OF STOCKHOLDERS
Pompano Beach, Florida, July 25, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that the Company has applied to the Delaware Court of Chancery (“Court”) for leave to postpone until November 19, 2008 its annual meeting of stockholders, now scheduled for August 19, 2008.
The meeting was initially scheduled for April 22, 2008. It was postponed to August 19, 2008 in order to enable the Company to pursue strategic alternatives, including a possible sale. On May 20, 2008, following litigation involving the date of the meeting, the Court entered a Stipulation and Order providing that “[u]nless otherwise approved by this Court, for good cause shown and on notice to plaintiff,” the Company “shall hold its annual meeting of stockholders no later than August 19, 2009.” The Company and its Board of Directors believe there is “good cause” supporting the requested postponement.
As was previously announced in April 2008, the Company engaged Wachovia Securities as its financial advisor to pursue various strategic alternatives, which could include the sale of all or a portion of the Company’s common stock. Since that time, nearly 90 potential investors have been contacted and 32 confidentiality and standstill agreements were signed. There has been extensive due diligence by certain interested parties and progress has been made. However, despite the Company’s vigorous efforts, the process is continuing and the Board does not believe the process will be complete by the currently scheduled annual meeting date. The Company’s efforts have been significantly slowed by a series of delays in the awarding of critical U.S. Army body-armor contracts. On July 2, 2008, Point Blank was awarded IOTV “bridge buy” which called for the production of 150,000 IOTVs for a total of $86.2 million. The larger and more meaningful IOTV “Base buy” of 736,000 IOTVs and 253,000 Deltoid Axillary Protection Systems (“DAPS”) is expected to be awarded by September 2008, the end of the government fiscal year. The Company believes the upcoming contract awards will have a material impact on the Company’s market position and potential valuation. The Board strongly believes it is in the best interests of stockholders that this strategic process continues so that the current discussions and negotiations with various parties can reach a conclusion, which may not be until such awards are made.
As stated in the Company’s motion papers, the Board’s concern with holding the meeting before the strategic process is complete is heightened by the fact that the outcome of the vote could be heavily influenced by two stockholders – Steel Partners II, L.P. (“Steel”) and Mr. David Brooks– each of whom has interests adverse to those of other stockholders. Steel, as announced in February 2008, is waging a proxy contest to elect its own slate of directors at the next annual meeting. Steel, however, has also made a public announcement stating its interest in acquiring all of Point Blank’s stock and has continued to express interest in purchasing the Company, as most recently reaffirmed in its July 21, 2008 Proxy Statement.
The Board believes Steel, as a prospective purchaser, has an interest in obtaining the lowest possible sale price for the shares of Point Blank. Its slate of directors consists of two nominees who are employed by Steel-controlled entities, while the other three also have ties to Steel. The Board believes these directors are ill suited to conduct a process to the sell the Company for the highest price when Steel’s interest is to acquire the Company for the lowest price possible.
Additionally, the Company asserts in its motion papers filed with the court that Mr. Brooks has interests that conflict with the bulk of other stockholders. He is currently in litigation in Delaware over his claim to advancement by the Company of his legal fees. The Company has also filed a breach of contract action against Mr. Brooks in the U.S. District Court of the Eastern District of New York, contending that Mr. Brooks is in breach of contractual obligations to pay the Company certain tax-related liabilities and to return property to the Company. Both cases involve millions of dollars and Mr. Brooks has made clear his antipathy to the present Board and management. He has a powerful personal interest in removing the existing management and directors who have authorized such litigation against him.
According to the most recent filings with the Securities and Exchange Commission, Steel Partners and Mr. Brooks and his former wife own 9.6 percent and approximately 29.0 percent of the Company’s common stock, respectively.
The Board strongly believes that both Steel and Mr. Brooks have interests that are not aligned with most other stockholders and can exercise a strong influence, if not control over, the vote, and be in a position to cut off the meaningful exploration of strategic alternatives. The Board has concluded that it is in the best interests of the Company’s stockholders that the strategic alternatives process has the opportunity to reach fruition before a stockholder vote is held.
The Company cannot predict when the Court will rule on its request or whether the request will be approved.
The Company understands that Steel Partners has mailed to stockholders a proxy statement and other materials. The Board of Directors strongly opposes the Steel Partners solicitation and urges stockholders not to sign any proxy cards mailed by Steel Partners. The Company intends to file and mail proxy materials in the near future. Stockholders are encouraged to review carefully the Company’s proxy materials before signing and returning any proxy cards.
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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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, Inc. has filed a proxy statement and other documents regarding the 2008 Annual Meeting with the U.S. Securities and Exchange Commission and will file and mail additional proxy materials and a proxy card to each stockholder entitled to vote at the 2008 Annual Meeting. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The proxy statement and other documents relating to the 2008 Annual Meeting (when they are available) can be obtained free of charge from the SEC’s website at http://www.sec.gov. These documents (when they are available) can also be obtained free of charge from the Company at the Company’s website at www.pointblanksolutionsinc.com under the “Investor Relations” tab, upon written request to Corporate Secretary, Point Blank Solutions, Inc, 2102 S.W. 2nd St., Pompano Beach, Florida 33069, or by calling the Investor Relations department at (212) 786-6013.
The Company and its directors and executive officers are deemed to be participants in the solicitation of proxies in connection with the 2008 Annual Meeting. Information regarding the interests of the directors and executive officers of the Company in the solicitation may be found in the definitive proxy statement filed by the Company with the SEC on March 24, 2008, and will be found in the additional proxy materials to be filed with the SEC, available free of charge from the SEC and the Company, as indicated above. Information about the directors and executive officers of the Company may be found in its Form 10-K for the fiscal year ended December 31, 2007, filed with the SEC on March 17, 2008.
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POINT BLANK SOLUTIONS WINS $86.2 MILLION IOTV BRIDGE BUY AWARD
Pompano Beach, Florida, July 3, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that its wholly-owned subsidiary, Point Blank Body Armor was awarded an $86.2 million contract to produce the Improved Outer Tactical Vest (“IOTV”) for the U.S. Army. Point Blank Body Armor will produce 150,000 IOTVs at a rate of 25,000 per month for six months. Production will begin immediately and run through December 2008.
In May 2007, the Army awarded two contracts for the procurement and initial fielding requirement of 230,000 IOTVs. While the initial 230,000 IOTVs were in production, a full and open competitive solicitation for 736,000 IOTVs to complete the Army’s Acquisition Objective of 966,000 IOTVs was released in November 2007. This Request for Proposal was delayed at the request of potential bidders. Point Blank Body Armor remains active in competing for this open solicitation.
With the delay, there was a need for a Bridge Buy of an additional 150,000 IOTVs. Point Blank Body Armor is one of only two companies producing the IOTV and having the U.S. Army approved ballistic material packages for the IOTV. The Army determined that both companies had the manufacturing capabilities to meet the Bridge Buy IOTV production and performance requirements. Only one company - Point Blank Body Armor - was awarded the entire contract based on its best value proposition.
Larry Ellis, President and CEO stated, “We are proud Point Blank continues to be the chosen supplier of the U.S. Army and look forward to meeting the requirements of the soldiers who protect our nation. We have continuously proven we have the highest quality, best value products and more capacity than anyone in our industry. We have a track record of exceeding our customers’ expectations and this latest award will be no different. Our team firmly believes we are positioned to capture awards from not only the U.S. Army, but other customer segments, both domestically and abroad, especially in light of our recent joint venture, with LifeStone Materials.”
For more information on the Improved Outer Tactical Vest, please visit PEO Soldier at www.peosoldier.army.mil.
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.
IMPORTANT ADDITIONAL INFORMATION
In connection with the 2008 Annual Meeting of Stockholders, the Company has filed a proxy statement and other documents regarding the 2008 Annual Meeting with the U.S. Securities and Exchange Commission and will file and mail additional proxy materials and a proxy card to each stockholder entitled to vote at the 2008 Annual Meeting. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The proxy statement and other documents relating to the
2008 Annual Meeting (when they are available) can be obtained free of charge from the SEC's website at http://www.sec.gov. These documents (when they are available) can also be obtained free of charge from the Company at the Company's website at www.pointblanksolutionsinc.com under the "Investor Relations" tab, upon written request to Corporate Secretary, Point Blank Solutions, Inc, 2102 S.W. 2nd St., Pompano Beach, Florida 33069, or by calling the Investor Relations department at (212) 786-6013.
The Company and its directors and executive officers are deemed to be participants in the solicitation of proxies in connection with the 2008 Annual Meeting. Information regarding the interests of the directors and executive officers of the Company in the solicitation may be found in the definitive proxy statement filed by the Company with the SEC on March 24, 2008, and will be found in the additional proxy materials to be filed with the SEC, available free of charge from the SEC and the Company, as indicated above. Information about the directors and executive officers of the Company may be found in its Form 10-K for the fiscal year ended December 31, 2007, filed with the SEC on March 17, 2008.
SAFE HARBOR STATEMENT
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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 FINAL COURT APPROVAL OF CLASS ACTION SETTLEMENT
Pompano Beach, FL, June 25, 2008 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that the United States District Court, Eastern District of New York, has approved the settlement 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 terms of the settlement, the plaintiff class consists of all persons who purchased or otherwise acquired Point Blank Solutions, Inc. shares (formerly DHB Industries, Inc.) during the period November 18, 2003 through November 30, 2006.
The class action was settled for $34.9 million in cash, plus 3,184,713 shares of Company common stock. The derivative action was settled in consideration of Point Blank Solutions adopting certain corporate governance provisions and the payment of $300,000 as attorneys’ fees and expenses to lead counsel in the derivative action. Included in the terms of the settlement are provisions releasing the Company and all of the Company’s present and former officers and directors who were named in the class and derivative actions from any and all liability to members of the plaintiff class for the conduct alleged in the class action complaint. The Company has not admitted any wrongdoing.
The decision approving the settlement was announced from the bench earlier today by U.S. District Judge Joanna Seybert, who directed the parties to submit a written order embodying the decision. The decision approving the settlement is subject to appeal.
Larry Ellis, President and CEO of Point Blank Solutions, Inc. stated, “The Courts’ ruling resolves another legacy issue and removes uncertainty surrounding our Company and potential liability.” Ellis continued, commenting on the previously announced strategic process and the Company's position: “I am confident in our Company’s future and look forward to communicating our progress with our shareholders and other constituents. We are continuing on our path of pursuing all strategic alternatives while growing our market position both domestically and internationally.”
Investors who are part of the plaintiff class should contact lead counsel for the plaintiffs, Coughlin Stoia Geller Rudman & Robbins LLP.
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, the Company 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.
IMPORTANT ADDITIONAL INFORMATION
In connection with the 2008 Annual Meeting of Stockholders, the Company has filed a proxy statement and other documents regarding the 2008 Annual Meeting with the U.S. Securities and Exchange Commission and will file and mail additional proxy materials and a proxy card to each stockholder entitled to vote at the 2008 Annual Meeting. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The proxy statement and other documents relating to the 2008 Annual Meeting (when they are available) can be obtained free of charge from the SEC's website at http://www.sec.gov. These documents (when they are available) can also be obtained free of charge from the Company at the Company's website at www.pointblanksolutionsinc.com under the "Investor Relations" tab, upon written request to Corporate Secretary, Point Blank Solutions, Inc, 2102 S.W. 2nd St., Pompano Beach, Florida 33069, or by calling the Investor Relations department at (212) 786-6013.
The Company and its directors and executive officers are deemed to be participants in the solicitation of proxies in connection with the 2008 Annual Meeting. Information regarding the interests of the directors and executive officers of the Company in the solicitation may be found in the definitive proxy statement filed by the Company with the SEC on March 24, 2008, and will be found in the additional proxy materials to be filed with the SEC, available free of charge from the SEC and the Company, as indicated above. Information about the directors and executive officers of the Company may be found in its Form 10-K for the fiscal year ended December 31, 2007, filed with the SEC on March 17, 2008.
SAFE HARBOR STATEMENT
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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 RESPONDS TO STEEL PARTNERS FILING
Pompano Beach, FL, May 27, 2008 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today responded to the letter sent by Steel Partners II, L.P. dated May 21, 2008, which was filed with the Securities and Exchange Commission (SEC).
May 27, 2008
Steel Partners II, L.P.
Attention: Warren G. Lichtenstein
590 Madison Avenue
32nd Floor
New York, NY 10022
Dear Mr. Lichtenstein,
As we announced on April 8, 2008, the Company has embarked on a process to explore all strategic alternatives to enhance shareholder value, including a possible sale of the Company. This decision was made by our Board of Directors following considerable deliberation and after meeting with many of our shareholders, including you. We continue to aggressively pursue this process, which is led by our financial advisors, Wachovia Securities.
All parties participating in the process have signed Non-Disclosure Agreements and have entered into Standstills. This is a well defined process fully consistent with industry norms, and we continue to welcome Steel Partners participation on the same terms as all others.
Our Board of Directors and management team take our fiduciary responsibilities very seriously and continue to act in the best interests of all shareholders. Government delays in large military solicitations have impacted the industry at large and this is not specific to Point Blank. The Company remains confident that as contracts are awarded and as the expected benefits of our LifeStone Materials weaving joint venture are realized, our competitive and financial positions will improve, resulting in higher value for our stakeholders.
It remains our goal to maximize shareholder value. You have stated that this is your goal as well and we hope you will participate with us in this process.
Sincerely,
/s/ Larry R. Ellis
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, the Company 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.
IMPORTANT ADDITIONAL INFORMATION
In connection with the 2008 Annual Meeting of Stockholders, the Company has filed a proxy statement and other documents regarding the 2008 Annual Meeting with the U.S. Securities and Exchange Commission and will file and mail additional proxy materials and a proxy card to each stockholder entitled to vote at the 2008 Annual Meeting. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The proxy statement and other documents relating to the 2008 Annual Meeting (when they are available) can be obtained free of charge from the SEC’s website at http://www.sec.gov. These documents (when they are available) can also be obtained free of charge from the Company at the Company’s website at www.pointblanksolutionsinc.com under the “Investor Relations” tab, upon written request to Corporate Secretary, Point Blank Solutions, Inc, 2102 S.W. 2nd St., Pompano Beach, Florida 33069, or by calling the Investor Relations department at (212) 786-6013.
The Company and its directors and executive officers are deemed to be participants in the solicitation of proxies in connection with the 2008 Annual Meeting. Information regarding the interests of the directors and executive officers of the Company in the solicitation may be found in the definitive proxy statement filed by the Company with the SEC on March 24, 2008, and will be found in the additional proxy materials to be filed with the SEC, available free of charge from the SEC and the Company, as indicated above. Information about the directors and executive officers of the Company may be found in its Form 10-K for the fiscal year ended December 31, 2007, filed with the SEC on March 17, 2008.
SAFE HARBOR STATEMENT
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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 DEMONSTRATES CUTTING-EDGE PROTECTIVE
ARMOR SYSTEMS AT WEST VIRGINIA MOCK PRISON RIOT
Event Designed to Showcase Latest Technologies and Offer Corrections Professionals
Vital Training
Pompano Beach, FL, May 13, 2008 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, will participate in the annual OLETC Mock Prison Riot® which takes place this week on the grounds of the former West Virginia Penitentiary in Moundsville, West Virginia. A number of Point Blank and PACA Body Armor products will be demonstrated and tested at the event to assess their strength and usefulness for corrections personnel confronted by high and special-threat situations.
Each year, the Office of Law Enforcement Technology Commercialization (OLETC), the National Institute of Justice (NIJ), the National Corrections and Law Enforcement Training and Technology Center (NCLETTC) and the West Virginia High Technology Consortium Foundation (WVHTCF) host the four-day Mock Prison Riot to showcase emerging corrections and law enforcement technologies and to give corrections officers and tactical team members an opportunity to use and evaluate emerging technologies in riot training scenarios.
Point Blank Solutions will be exhibiting its latest hi-tech line of corrections body armor and accessories products including:
- PACA SV3 Corrections™ – This high-performance tactical vest is engineered to provide maximum blunt trauma protection. It offers corrections professionals superior protective coverage, extreme versatility in fit and more customized features than any other tactical vest on the market.
- PACA SV3 Prison™ – NIJ certified for superior Spike Level 3 and Edge Blade Level 3 protection, this tactical body armor system provides exceptional protective coverage for the torso, biceps, neck and groin against ice picks and other sharp-edged, hand-made weapons.
- PACA MAXX Corrections™ – This concealable vest offers spike protection, comfort and maneuverability. It is created for high-risk situations and provides extended coverage below the neck, wider coverage in the chest and back, removable over-the-shoulder spike protection, and a 2" overlap on the sides.
- ThorShield™ Electroshock Weapon Protection – The industry’s first electroshock weapon protection technology is now available exclusively in all Point Blank and PACA corrections products. ThorShield is a patented, lightweight, conductive material lining that effectively protects officers from less-lethal energy weapons.
“This hands-on exercise gives Point Blank/PACA the kind of end-user feedback that’s needed to develop the most innovative and reliable protective solutions for our corrections and law enforcement officers who often face high-risk, combative situations while performing their duties,” stated Sam White, Executive Vice President of Global Sales, Point Blank Solutions, Inc. “We look forward to taking part in this year’s Mock Prison Riot and hope to gain valuable insights into the important issues and needs of those in the industry, as well as practical ideas for enhancing product design.”
The mock riot helps determine the effectiveness of the technologies by placing them in realistic situations and allows for suggestions for modification of the technologies. It also provides corrections personnel from throughout the country significant training on how to best approach and handle a riot situation. Corrections officials from around the world, including the West Virginia Division of Corrections, Pennsylvania Department of Corrections, Ohio Department of Rehabilitation and Corrections, Federal Bureau of Prisons, The Federal Bureau of Investigation and Her Majesty’s Prison in London, England, have participated in the event.
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, the Company 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
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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORM 10-K AND 10-Q. 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.
Media and Investor Relations Contact:
Glenn Wiener
Tel: 212-786-6013
Email: IR@PBSINC.com
POINT BLANK SOLUTIONS REPORTS 2008 FIRST QUARTER RESULT
Pompano Beach, FL, May 12, 2008 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today its results of operations and financial position as of and for the first quarter ended March 31, 2008.
For the quarter ended March 31, 2008, net sales were $49.9 million, compared to net sales of $92.1 million in the quarter ended March 31, 2007. As has been previously announced, the Company responded to several solicitations for which the contract award dates were extended, including for the Improved Outer Tactical Vests (IOTV) bridge buy, the IOTV base buy, Deltoid Auxiliary Protective System (DAPS) and Modular Lightweight Load-carrying Equipment (MOLLE). The decline in net sales for the comparable periods is related specifically to the continuing delays in the awarding of these solicitations.
Gross profit for the quarter ended March 31, 2008 was approximately $8.7 million (17.5% of net sales), as compared to approximately $18.7 million for the three months ended March 31, 2007 (20.3% of net sales). The decline in gross profit margin as a percentage of net sales is due primarily to lower volume as a result of delays in contract awards, constraints on price increases due to the competitive market and higher raw material costs. The Company expects that its joint venture, LifeStone Materials, which was created in March 2008, will improve gross margins and profitability. Specifically, as ballistic apparel sales increase, the Company believes its relationship with LifeStone Materials will enable it to reduce material costs, and more competitively price its products to increase sales and improve bottom-line performance.
For the quarter ended March 31, 2008, total operating costs were $10.3 million, a decrease of 15.0% compared to total operating costs of $12.2 million reported in the comparable 2007 period. This decline was related primarily to a decrease in selling, general and administrative expenses of $1.1 million (principally due to reductions in legal and professional fees) and a $0.8 million reduction in litigation and cost of investigation expenses.
The Company reported an operating loss of $1.6 million for the first quarter of 2008 compared to operating income of $6.5 million in the comparable 2007 period. The net loss was $1.0 million ($0.02 per share both basic and diluted) for the quarter ended March 31, 2008 compared to net income of $3.8 million ($0.07 per share both basic and diluted) for the first quarter of 2007.
On April 16, 2008, the statute of limitations expired for a significant portion of the Company’s employment tax withholding obligation that was originally recorded during 2004. As a result, the $25.9 million charge and related liability will be reversed during the second quarter of 2008.
As reported earlier, the Company initiated a process to consider strategic alternatives, including a possible sale. The Company is working actively with Wachovia Securities in this process.
Commenting on first quarter results and the Company’s future outlook, Larry Ellis, President and CEO stated, “Our results this quarter were significantly impacted by the ongoing delays in body armor procurements within the U.S. Military. With the recent requests to extend the IOTV Bridge-Buy up to 45 days and the MOLLE award until May 31, 2008, we anticipate our second quarter will be lower, and have taken steps to reduce our overhead accordingly. We have made inroads in international operations, having recently been awarded a $13.5 million contract to supply protective solutions to the Iraqi Defense Forces. I believe Point Blank will see improvements in the second half of the year and into 2009 and will be in a better position to post increases in top and bottom-line results, especially as our weaving joint venture becomes fully operational.”
Ellis continued, “We are actively engaged in several solicitations, both domestically and internationally and I remain confident in our future prospects.”
2008 First Quarter Teleconference and Webcast
The Company will be hosting a teleconference and webcast to discuss its 2008 first quarter financial results on Tuesday, May 13, 2008 at 11:00 a.m. Eastern Time. Parties can listen to the webcast on the Point Blank Solutions website at http://www.pointblanksolutionsinc.com and by clicking on “investor Relations”. For those who would like to participate “live” on the teleconference, please contact the investor relations department and the call-in information will be provided to you. Additionally, a replay of the webcast will be available on the Company’s website in the “Investor Relations” section or via teleconference within 24-hours after the completion of the call. The domestic replay number is (888) 286-8010 and the international replay number is (617) 801-6888 / both will use access code: 21490333.
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, the Company 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 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 statements of operations, balance sheets or statements 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
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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) 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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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 RECEIVES $13.5 MILLION BODY ARMOR CONTRACT
Pompano Beach, FL, April 22, 2008 - Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that it received a new, $13.5 million contract from the U.S. Department of the Army, Joint Contracting Command-Iraq. The Company’s wholly owned subsidiary, Protective Apparel Corporation of America (PACA) received the award through the U.S. General Services Administration (GSA) and will begin production immediately.
This new purchase and delivery order is for approximately 42,500 Level IIIA concealable, ballistic vests, along with Level IV plates that can be utilized with any level and model soft body armor vest. The packages produced are designed to stop small arms fire, and are equipped with large, integrated front and rear plate pockets for protection against high velocity rifle rounds. The Company expects to complete the order by August 2008.
Larry Ellis, President and CEO, stated, “We are proud that our protective solutions continue to be chosen by the United States and our allies. This particular award is one of many international and domestic solicitations our Company is actively pursuing and I am confident that our strategy will result in increased orders in both the near and long-term. Through 2008, PACA has received approximately $17.5 million in new orders, ahead of its forecast for the full year. All of our subsidiaries are well positioned to capture increased market share, and I am confident that we have the right plan in place to unlock our Company’s full potential.”
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
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 "RISK FACTORS" IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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 EXPLORE ALL STRATEGIC OPTIONS
Annual Meeting Postponed
Pompano Beach, FL, April 8, 2008 – Point Blank Solutions, Inc. (OTC: PBSO.PK) today announced its Board of Directors has decided to explore all strategic alternatives to enhance stockholder value, including a possible sale of the Company. This is a continuation of the Company’s long standing vision to become the global leader in safety apparel and protective solutions. The Board concluded it is in the best interest of the Company’s stockholders to examine all options through this process, effectively immediately. As a result and based on investor sentiment, the Board of Directors elected to delay the April 22, 2008 Annual Meeting until August 19, 2008, to focus on exploring strategic alternatives.
The Board made its decision following several days of meetings last week with numerous stockholders, combined with extensive consultations with financial and other advisors. Larry Ellis, President and Chief Executive Officer of the Company stated, “We met with many of our stockholders to solicit their views. Based on their input and our analysis, the Board voted to accelerate the pursuit of strategic alternatives for the Company.”
One of the stockholder meetings was with Steel Partners II, L.L.P. Among the topics covered was Steel’s continued proposal to “enter into discussions” to seek to purchase the Company for “no less than $5.50 per share in cash.” At the meeting, the Company and Steel entered into a confidentiality agreement. Thereafter, the Company engaged in discussions with representatives of Steel to determine whether the parties could enter into a settlement agreement regarding the proxy contest on terms the Board could support as being in the best interest of all stockholders. The parties were not able to reach an agreement.
“Steel’s continued proposal is an affirmation of the Board’s belief that the Company has significant value.” William Campbell, Chairman of the Board of Point Blank Solutions noted. “We look forward to Steel participating in the process with all other interested parties.”
Steel Partners also suggested the Company postpone the Annual Meeting to initiate a strategic process. “Many of our major stockholders recommended postponement of the Annual Meeting to allow the current Board and management to concentrate on managing the best possible process. They stated that they believe this Board will pursue the process for the benefit of all stockholders. That is why we are delaying the meeting,” Ellis continued.
William Campbell added, “This Board has consistently focused on taking the steps that we believed were necessary to realize value for the stockholders, including exploring all alternatives as they became available and appropriate. This has included working with management to bring the Company out of the financial and compliance morass that existed under previous management. The Board has also assisted with the Company’s strategic plan, which has already generated positive results. There has been great progress in bringing the Company back into compliance, becoming timely in financial reporting and enhancing the Company’s future prospects for increased growth and profitability. This is one of our final steps in leaving legacy issues behind us. We have concluded that now is the best time to pursue actively, the full range of strategic alternatives, including a possible sale.”
The Board also reaffirmed the engagement of Wachovia Securities to act as the Company’s financial advisor in this strategic process. Wachovia was engaged by the Board in October of last year after careful consideration and a thorough vetting process due to the breadth of their experience and the unique depth that the Wachovia team provides in the defense sector, particularly with respect to defense sector mergers and acquisitions transactions. Wachovia has acted as an advisor on over eighty mergers and acquisitions transactions in the sector and maintains an active presence through its advisory and capital raising activities.
“Our vision remains on track. We are the largest American manufacturer of soft body armor. Our product quality continues to set the industry standard,” stated Ellis. “Innovation is at the forefront of our organization. Our customers believe in our solutions. As we continue our strategy of enhancing stockholder value through exploring strategic options, we are aggressively pursuing major government contracts, expanding our international market share, and producing innovative protective products like THORSHIELD and the International Interceptor. We will deliver the industry’s highest quality, best value products, while exceeding delivery schedules and standards. Our platform for enhanced growth and profitability is in place. We are building momentum, and we fully intend to realize our true value through this process.”
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, the Company 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.
IMPORTANT ADDITIONAL INFORMATION
In connection with the Company’s 2008 Annual Meeting of Stockholders, the Company has filed a definitive proxy statement and other materials with the U.S. Securities and Exchange Commission. On March 24, 2008, the Company began the process of mailing the proxy statement and WHITE proxy card to Company stockholders. The proxy statement contains important information about the Company and the 2008 Annual Meeting. Stockholders are urged to read the proxy statement carefully. Certain of the Company’s officers and directors may be deemed to be participants in the solicitation of proxies with respect to the matters to be considered at the 2008 Annual Meeting. Information regarding such individuals and their ownership of the Company’s securities is included in the Company’s proxy statement relating to the 2008 Annual Meeting. Investors may obtain a free copy of the proxy statement and other relevant documents, as well as other materials filed with the Securities and Exchange Commission concerning the Company, at the U.S. Securities and Exchange Commission’s website at http://www.sec.gov. Copies of these materials and other documents also may be obtained at no charge from: Point Blank Solutions, Inc., 2102 S.W. 2nd Street, Pompano Beach, FL, 33069, Attention: Investor Relations.
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 "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORM 10-K AND 10-Q. 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 AND FMS ENTERPRISES ESTABLISH STRATEGIC JOINT VENTURE
- Company to establish new subsidiary, LifeStone Materials, LLC
- JV will leverage soft body armor manufacturing, weaving and R&D capabilities
- Company expects JV to be accretive within first year of operation
Pompano Beach, Florida, March 18, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that it has entered into a strategic alliance with FMS Enterprises Migun Ltd. (“FMS”), a leading manufacturer and supplier of technologically advanced lightweight ballistic armor materials. Senator (Ret.) Bill Campbell, Chairman of PBSI, stated “We are very pleased to have FMS and its leadership as a partner in this very important project. We believe they share our vision and through this joint venture, will play a role in helping us become, the global leader in safety apparel and protective solutions.”
Under the terms of the joint venture agreement, PBSI and FMS will create a new subsidiary, LifeStone Materials, LLC, which will weave fabric for PBSI and FMS. Each Company will have a 50.0% equity ownership in the new joint venture and both will contribute $250,000 as a capital contribution and $2.5 million as a loan in order to fund the venture and provide sufficient working capital. Additionally, PBSI entered into a 36 month supply agreement to purchase a portion of its woven fabric requirements from LifeStone Materials.
Larry Ellis, President and CEO stated, “We, with FMS, have worked hard to structure a joint venture that aligns our interests and makes great business sense for both companies. From our perspective, this vertical integration is an important step in our strategic plan to enhance and grow our current platform to meet the global demands today and well into the future. We expect this venture to be accretive within the first year of operation and to be a key driver to our financial performance.”
The companies have appointed Craig Trask as Production Manager to run its day-to-day operations. Mr. Trask has extensive experience in the weaving industry and holds a degree in Chemistry; he previously served as a plant manager for PBSI. LifeStone Materials will be leasing its manufacturing facility in Anderson, South Carolina and anticipates the factory will be fully operational in the 2008 second quarter. Additionally, Research and Development will be a collaborative effort among PBSI, FMS, and Life Stone Materials.
Since 1986, FMS has become one of the world’s leading producers and suppliers of aramid ballistic fabrics to the global protection industry. Based in Tel Aviv, Israel, FMS instituted strict quality controls to ensure their fabric production meets all American and European standards and at an extremely high performance levels. Quality control procedures are carried out in accordance with ISO 9002, NIJ 0101.04 – Ballistic Resistance of Police Body Armor and U.S. MIL – STD. 662F for fragmentation protection. Over the years, FMS has supplied thousands of tons of woven aramid fabrics in a variety of yarn count, style and weave type to countless customers around the globe. Additionally, the Company is a licensed supplier of aramid fabrics to military and security organizations worldwide.
Ellis concluded, “We have talked about several strategic initiatives that will open new channels for growth and enhance profitability. This joint venture with FMS provides us with weaving capabilities and new sales growth. We are confident that this venture will improve our financial performance in the second half of 2008 and well into the future. We continue to pursue opportunities that will improve returns for all of our stakeholders.”
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," "PURSUE," "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 PERIODIC REPORTS ON FORMS 10-K AND 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 REPORTS 2007 ANNUAL AND FOURTH QUARTER FINANCIAL RESULTS
Pompano Beach, FL, March 17, 2008 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today its results of operations and financial position as of and for the year and fourth quarter ended December 31, 2007.
Beginning in September 2006, management developed its strategic plan to achieve its vision of becoming the global leader in safety apparel and protective solutions. Throughout 2007, the Company, in concert with the Board of Directors refined its plan and outlined strategic objectives that positioned the Company for future growth and profitability.
Grow organically
- During 2007, the Company grew sales by 26.2% to $320.8 million. This increase in sales is due to U.S. military and federal sales growth of 27.7%, and 28.3% in the Company’s domestic market. During the fourth quarter of 2007, net sales to the U.S. military and federal government declined by 11.2%, due to continued delays in U.S. military orders. Offsetting this decline was a significant increase in business to law enforcement and distributor customers.
- The Company had firm orders (backlog) as of December 31, 2007 of $22 million. In addition, the Company is actively pursuing a number of opportunities, including:
- A bridge buy of 150,000 Improved Outer Tactical Vests (“IOTVs”)
- Almost 590,000 IOTVs
- Approximately 250,000 Deltoid Auxiliary Protective System (“DAPS”)
- About 100,000 Outer Tactical Vests (“OTVs”)
- Modular Lightweight Load Carrying Equipment
- Numerous smaller contracts for law enforcement and the government
Expand internationally
- During 2007, the Company completed an analysis of the approximately $2.5 billion international market. The Company developed a framework for global business development and established an office to expand its relationships with international and foreign military constituents.
- In 2008, the Company increased its international trade show participation, met with various governments and is actively pursuing contracts through Foreign Military Sales.
- In the years ahead, the Company anticipates international sales will comprise a higher percentage of its overall sales mix and will be a key contributor to financial performance.
Improve cost position
- Total operating costs decreased by 18.1% during 2007 as compared to 2006. This decline was attributable to a decrease in litigation and investigation costs, a decrease in employment tax withholding charges and a reduction in selling, general and administrative charges. The Company reduced its operating costs by 20.4% in the fourth quarter of 2007 as compared to the fourth quarter of 2006. This decrease is primarily a result of cost reductions in selling, general and administrative expenses.
- The gross margin for 2007 was 19.2% compared to 22.8% during 2006. Throughout 2007, certain contracts were targeted for an aggressive pricing strategy, recognizing the changes in the competitive environment within the industry. Both the 2007 annual and fourth quarter results include a $3.5 million adjustment to the Zylon vest replacement program obligation as a result of a change in estimate. In the fourth quarter of 2007, the Company’s gross margin was 23.0%, as compared to 21.3% in the comparable quarter of 2006.
- In 2007, the Company began to implement an integrated information technology (“IT”) solution and to replace outdated manufacturing and financial systems. The Company expects to benefit from completing the IT integration to enhance productivity, improve timeliness, provide more rigorous internal controls and improve yield in the manufacturing process.
Pursue strategic ventures
- In 2007, the Company explored various strategic initiatives to better integrate the value chain and diversify products and markets, reducing costs and growing sales.
- Among the highlights include an exclusive partnership with G2 Consulting, a collaborative venture with DSM and various alliances with the Company’s key suppliers and distributors.
- In 2008, the Company intends to consummate several deals, which are in discussion.
Maximize shareholder value
- The Company was profitable for the first time in five years. Net income for the year ended December 31, 2007 was approximately $6.2 million, compared to a net loss of ($5.3) million during the prior year. In the fourth quarter of 2007, the Company reported a net loss of ($0.2 million), compared with a net loss of ($3.7 million) in the comparable period in 2006.
- Adjusted EBITDA increased by 86.7% to $25.7 million during 2007 as compared to 2006. This improvement was driven by higher sales and lower operating costs and the vest replacement program obligation adjustment as described above. Additionally, adjusted EBITDA was $3.8 million during the fourth quarter of 2007 as compared to $1.1 million in the comparable prior year period.
- Earnings per share, basic and diluted, was $0.12 for the year ended December 31, 2007, as compared to a loss per share, basic and diluted of ($0.12) during 2006. For the fourth quarter of 2007, earnings per share, basic and diluted was $0.00 compared to a net loss of ($0.08) in the period ended December 31, 2006.
- The Company’s SEC filings are current for the first time in three years. The Company also made significant progress towards achieving compliance with regulatory agencies and improvements were achieved in internal control over financial reporting.
- The Company’s goal is to eliminate all material weaknesses by the end of 2008.
In 2007, the Company exceeded its internal goals, receiving over $200 million in new contract awards from the U.S. Government. Point Blank was one of two producers of the Army’s new IOTV, and the Company delivered the vests ahead of schedule to meet the Army’s urgent and compelling need. Today, the Company is actively involved in several open solicitations and believes its well-documented delivery record and best value production capability make it highly competitive to receive a large share of these potential awards.
While the 2007 market share strategy resulted in significant increases in sales, it impacted gross margins compared to the prior year. However, this is part of a more comprehensive, global plan to grow sales, gross margins and profits. The Company continues to execute this plan and is well on its way to achieving its goals. The return to profitability during 2007 is an indicator of this progress.
Larry Ellis, President and CEO stated “The past 18 months have been challenging. Some would have thought it sufficient to deal solely with the legacy issues. We did not share that belief. To save this Company required growth, and it was incumbent on us to move forward with vision. We have been blessed, through a thoughtful and deliberate selection process, with a management team – directors and executives – that has an unbeatable combination of experience, independence and integrity to restore the Company and assure its future success. I am pleased that we have returned to profitability and are ahead of schedule in implementing our strategic plan.”
Chairman of the Board, (ret.) Senator Bill Campbell added, “We have worked hard to move this Company forward and our 2007 results show progress. I believe our team of Directors and management, have positioned Point Blank to achieve a potential that few in this industry thought possible a short time ago. While much hard work remains, I am proud of our collective accomplishments and believe we are well positioned to enhance shareholder value.”
Fourth Quarter and Year-end Teleconference and Webcast
The Company will be hosting a teleconference and webcast to discuss its year-end financial results, strategy and outlook on Tuesday, March 18, 2008 at 11:00 a.m. EST. Parties can listen to the webcast on the Point Blank Solutions website at http://www.pointblanksolutionsinc.com and by clicking on “Investor Relations”. For those who would like to participate “live” on the teleconference, please contact the investor relations department and the call-in information will be provided to you. Additionally, a replay of the webcast will be available on the Company’s website under “Audio Archives” in the “Investor Relations” section or via teleconference within 24-hours after the completion of the call. The domestic replay number is (888) 286-8010 and the international replay number is (617) 801-6888 / both will use access code: 61150258.
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 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 statements of operations, balance sheets or statements 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.
IMPORTANT ADDITIONAL INFORMATION
In connection with the 2008 Annual Meeting of Stockholders, the Company will file a proxy statement and other documents regarding the 2008 Annual Meeting with the U.S. Securities and Exchange Commission and will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the 2008 Annual Meeting. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The proxy statement and other documents relating to the 2008 Annual Meeting (when they are available) can be obtained free of charge from the SEC's website at http://www.sec.gov. These documents (when they are available) can also be obtained free of charge from the Company at the Company's website at www.pointblanksolutionsinc.com under the "Investor Relations" tab, upon written request to Corporate Secretary, Point Blank Solutions, Inc, 2102 S.W. 2nd St., Pompano Beach, Florida 33069, or by calling the Investor Relations department at (212) 786-6013.
The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the 2008 Annual Meeting. Information regarding the interests of the directors and executive officers of the Company in the solicitation will be more specifically set forth in the definitive proxy statement that will be filed by the Company with the SEC and which will be available free of charge from the SEC and the Company, as indicated above. Information about the directors and executive officers of the Company may be found in its Form 10-K/A for the fiscal year ended December 31, 2006, filed with the SEC on February 19, 2008.
SAFE HARBOR STATEMENT
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," “PURSUE,” "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 "RISK FACTORS," IN THE COMPANY'S MOST RECENT REPORTS ON FORM 10-K AND FORM 10-Q. 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.
Media and Investor Relations Contact:
Glenn Wiener
Tel: 212-786-6013
Email: IR@PBSINC.com
POINT BLANK SOLUTIONS SETS DATE FOR FOURTH QUARTER AND YEAR-END RESULTS AND CONFERENCE CALL
Pompano Beach, FL, March 5, 2008 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that it will be filing its Form 10-K for the period ended December 31, 2007 on Monday, March 17, 2008. The Company also disclosed that it will be hosting a teleconference and webcast to discuss its year-end financial results, strategy and outlook on Tuesday, March 18, 2008 at 11:00 a.m. EST.
Parties can listen to the webcast on the Point Blank Solutions website at http://www.pointblanksolutionsinc.com and by clicking on “Investor Relations”. For those who would like to participate “live” on the teleconference, please contact the investor relations department and the call-in information will be provided to you.
For those who will be unable to participate in the live presentation, a replay of the webcast will be available on the Company’s website under “Audio Archives” in the “Investor Relations” section. The replay will also be available via teleconference within twenty-four hours after completion of the call.
Replay Number: (888) 286-8010
International Replay Number: (617) 801-6888
Access Code: 61150258
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
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.
Media and Investor Relations Contact:
Glenn Wiener
Tel: 212-786-6013
Email: IR@PBSINC.com
POINT BLANK SOLUTIONS TO DEMONSTRATE ‘HEAD TO TOE’ PROTECTIVE ARMOR SYSTEMS AT THE 2008 AUSA WINTER SYMPOSIUM & EXPOSITION
Pompano Beach, FL, February 26, 2008 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.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 annual Winter Symposium and Exposition of the Association of the United States Army’s Institute of Land Warfare (AUSA: ILW). This professional development forum themed “Supporting America’s Best: It’s all About the Soldier” will be held Wednesday, February 27th through Friday, February 29th, 2008 at the Greater Fort Lauderdale/Broward County Convention Center in Fort Lauderdale, Florida.
Point Blank Solutions will be exhibiting at booth #3213 in the outdoor pavilion where visitors can see the latest advancements in military tactical body armor. Among the products on display are the Advanced Interceptor® Outer Tactical Vest (AiOTV), the newest versions of the Interceptor OTV and Improved OTV, the newly introduced ThorShield™ electroshock weapon protection system and a host of protective accessories.
The AiOTV builds on Point Blank Solutions’ 35 years of body armor experience and lessons learned from providing the vast majority of the body armor worn in Iraq and Afghanistan. The Advanced Interceptor is a lighter weight, side-opening tactical vest with better ballistic coverage; integrated neck, upper arm, lower back, side and groin protection; greatly increased wearer comfort using dynamic weight distribution and ergonomic design; and a reliable quick release system. The AiOTV is built to carry any range of light, flexible ballistic protection packages tailored to safeguard against both current and emerging threats. It provides the world’s best protection while enabling mission accomplishment through superior wearability.
Point Blank’s latest ThorShield™ electroshock weapon protection system -- a durable, lightweight, conductive material lining that is integrated into a body armor carrier to effectively protect security officers from less-lethal energy weapons -- will be one of the key highlights. The patented technology is integrated exclusively into Point Blank and PACA Body Armor products and is available only to military and law enforcement professionals.
Also on display will be the current version of the Interceptor Outer Tactical Vest (OTV), Point Blank’s original design adopted by the U.S. Army to become the mainstay of American soldiers serving in Afghanistan and Iraq, as well as the newest generation of body armor, the Improved Outer Tactical Vest (IOTV). Both are produced in close collaboration with the U.S. Army and provide a superior combination of lightweight protection, flexibility, functionality, and high performance. Point Blank Solutions is proud to be one of two producers of the IOTV that incorporates many of the Company’s own ergonomic solutions. The vest also comes equipped with a quick release system that enables it to be removed with one pull -- when every second is critical for survival.
Further, the Company will demonstrate its most up-to-date accessories designed to provide soldiers with greater protection for vital areas that are commonly targeted – throat, shoulders, arms, sides, back, groin, and legs. Among them the Deltoid Axillary Protection System (DAPS), Enhanced Side Ballistic Insert (ESBI) Carrier, Back Extender, and ballistic yoke/collar. Point Blank’s Eye Tactical Face Mask, Ballistic Knee and Elbow Pads, and Tactical Leg Armor will round out the showcase of leading-edge protective technologies available to safeguard America’s heroes both at war and at home.
“We are proud of our history in saving American lives and in supporting the Armed Forces with the best body armor in the world,” stated Larry Ellis, President and CEO. “We look forward to joining military leaders, defense experts, and industry professionals at the AUSA Winter Symposium to address the critical issues and needs of our Soldiers. Their experiences in combat are essential to our developing the finest protective solutions to support current and future missions. We value their input in product design and more importantly appreciate their service to our Great Nation.”
The 2008 Winter Symposium and Exposition organized by the Association of the United States Army’s Institute of Land Warfare will focus on the Army’s progression towards transforming while conducting combat operations. Special emphasis will be devoted to the role that industry partners provide to the U.S. Army. Presentations will provide insights on the Army’s progress in balancing resources, equipment, personnel, doctrine and in particular, highlight the major efforts that AMC, TRADOC and other Army organizations have made in modernizing the Army while supporting Soldiers in current operations. This year’s forum will bring together the top military leadership from the Active Army/Reserve Components; civilian executives of the Department of Army/Defense; Joint Force Commanders; and numerous influential industry captains.
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 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.
POINT BLANK COMMENTS ON ANNOUNCEMENT FROM STEEL PARTNERS
Pompano Beach, FL, February 8, 2008 – Point Blank Solutions, Inc. (the “Company”) (OTC Pink Sheets: PBSO.PK), received notice today from Steel Partners that it intends to nominate five directors for election to the Company’s Board of Directors at the Company’s 2008 Annual Meeting of Stockholders.
Larry Ellis, the Company’s President and Chief Executive Officer said, “The Board of Directors and management team of the Company are committed to acting in the best interests of the Company, our customers and all of our stockholders, and we are working diligently to maximize stockholder value.” He continued “We have a strong, well-qualified and independent Board. Our Board’s Nominating and Governance Committee will review the nominations and make a recommendation to our stockholders in due course.”
- 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, the Company 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.
IMPORTANT ADDITIONAL INFORMATION
In connection with the 2008 Annual Meeting of Stockholders, the Company will file a proxy statement and other documents regarding the 2008 Annual Meeting with the U.S. Securities and Exchange Commission and will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the 2008 Annual Meeting. Stockholders are urged to read the proxy statement and any other relevant documents when they become available because they will contain important information. The proxy statement and other documents relating to the 2008 Annual Meeting (when they are available) can be obtained free of charge from the SEC’s website at http://www.sec.gov. These documents (when they are available) can also be obtained free of charge from the Company at the Company’s website at www.pointblanksolutionsinc.com under the “Investor Relations” tab, upon written request to Corporate Secretary, Point Blank Solutions, Inc, 2102 S.W. 2nd St., Pompano Beach, Florida 33069, or by calling the Investor Relations department at (212) 786-6013.
The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the 2008 Annual Meeting. Information regarding the interests of the directors and executive officers of the Company in the solicitation will be more specifically set forth in the definitive proxy statement that will be filed by the Company with the SEC and which will be available free of charge from the SEC and the Company, as indicated above. Information about the directors and executive officers of the Company may be found in its Form 10-K for the fiscal year ended December 31, 2006, filed with the SEC on October 1, 2007.
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.
POINT BLANK SETS ANNUAL MEETING DATE
Pompano Beach, FL, January 31, 2008 – Point Blank Solutions, Inc. will hold its 2008 Annual Meeting of Stockholders on April 22, 2008 in Pompano Beach, Florida.
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 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.
POINT BLANK SOLUTIONS AND G2 CONSULTING ESTABLISH STRATEGIC AGREEMENT TO BRING TO MARKET THE FIRST-OF-ITS-KIND ELECTROSHOCK WEAPON PROTECTION SYSTEM WITH NEW THORSHIELD™ TECHNOLOGY
ThorShield’s Patented Technology Is Now Available Exclusively in Point Blank and PACA Body Armor Products
Pompano Beach, FL, January 31, 2008 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader
in the field of protective body armor, announced today that it entered into an agreement with G² Consulting to market a line of electroshock weapon protection systems.
Emerging domestic and international threats have generated a growing interest in the use of less-than-lethal
weapons by government and law enforcement agencies. Electroshock devices such as TASERS help
officers reduce injuries by incapacitating dangerous, combative or high-risk subjects. Until G²’s patented ThorShield™ technology, there has been no protection for officers if their weapon is turned against them.
Point Blank has teamed up exclusively with G² Consulting, architect of ThorShield and other electroshock weapon protection solutions, to integrate this technology into Point Blank Body Armor and PACA body armor products. ThorShield works by providing a highly conductive specialized layer of fabric that ensures the electric current discharged from the weapon flows through the lining rather than the body. The protective material can be applied to officers’ garments and equipment such as body armor, shirts, jackets, training suits, gloves, and hats. Important to ThorShield’s design is that it can allow for greater flexibility at less weight, without compromising protection. The lining is breathable and provides the comfort essential to officers in the field.
According to preliminary data released by the National Law Enforcement Officers Memorial Fund (NLEOMF)
and Concerns of Police Survivors (C.O.P.S.), officers are being confronted by more brazen, heavily armed and
violent criminals than in years past, and firearms-related assaults and fatalities are on the rise. Keeping in line
with this trend, law enforcement agencies are recognizing that more felonious acts are being committed with
illegal stun guns. Electroshock weapons increasingly are being marketed to the general public and winding up
in the hands of criminals—as a result, greatly compromising officer safety.
“We continue to develop and deliver the most advanced protective gear in the world,” stated Larry Ellis, President and CEO. “Threats against our law enforcement officers are constantly changing. The very devices proven to be valuable to those on the front lines are ending up in the hands of criminals and used against them. This exclusive agreement provides us with product lines that meet those threats and should open up new channels for growth.”
Point Blank will be displaying its body armor products with new ThorShield technology at the 2008 Shooting, Hunting, Outdoor Trade Show and Conference (SHOT Show), February 2-5 at the Las Vegas Convention Center in Las Vegas, Nevada. Attendees are invited to visit Point Blank’s booth #8909 to view solutions and speak with company executives.
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 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.
POINT BLANK SOLUTIONS TO DEMONSTRATE STATE-OF-THE-ART
BODY ARMOR SYSTEMS AT SHOT SHOW 2008
New ThorShield™ Electroshock Weapon Protection System and Blue Steel™ Solution
Among the Latest Innovations to be Displayed
Pompano Beach, FL, January 31, 2008 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that the Company will showcase its innovative solutions at the 2008 Shooting, Hunting, Outdoor Trade Show and Conference (SHOT Show). The premier industry event kicks off on Saturday, February 2, 2008 and will run until Tuesday, February 5, 2008 at the Las Vegas Convention Center in Las Vegas, Nevada.
Point Blank will be exhibiting its latest high-tech line of concealable, tactical and corrections body armor and accessories products including:
- PBBA & PACA’s ThorShield™ electroshock weapon protection system – The first-of-its-kind durable, light weight, conductive material lining now available exclusively in Point Blank and PACA body armor products. The patented technology effectively protects wearers from less-lethal energy weapons such as TASER® devices and stun guns, which have been growing threats to officers nationwide.
- PACA’s Blue Steel™ vest – The vest’s futuristic design is based on new advancements in ballistic technology and temperature regulating materials. The Tri-Level Temperature & Moisture Control System keeps the vest lightweight and breathable, allowing for maximum comfort. The result: Ultra modern, high-performance body armor.
- PBBA’s Vision™ vest – The first Total Body Armor System that integrates Hi-Performance Ballistic materials with an innovative 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.
- PBBA’s Dragon Fire™ vest – The edge-to-edge ballistic system is rigorously tested against “Special Threats” and engineered to exceed Military V50 Specifications for Fragment Simulating Projectile (FSP) testing. The vest features Point Blank’s exclusive Self Suspending Ballistic Technology, Rapid Release Break Away System and the industry’s only Bicep and Side Closure Plate Pocket Design. This performance driven, side opening tactical armor system combines ultimate coverage and maneuverability with its ergonomically designed Critical Contour Cut while providing split-second adaptability when needed most.
- PBBA’s knife collection – Built within a framework of hardened stainless steel, these smooth, one-handed folding and fixed knives are engineered for a broad range of duty operations. Both advanced functionality and safety are incorporated into this top-of-the-line collection. The knife is composed of a
N690 stainless steel, heavy-duty and wear resistant blade. Its sheath is made of 500 denier ballistic nylon for durability and the ergonomically designed handle provides superior grip and hand protection. A detachable clip supports all possible carry options.
These cutting-edge solutions, among others, will be on display at the Company’s booth (#8909) in the main exhibit hall. Visitors can meet with executives for product demonstrations and discuss the latest industry developments.
“We’re pleased once again to be at SHOT Show where the ‘who’s who’ in the firearms, hunting and outdoor equipment industries come together to share insights on current market trends and new innovative technologies,” stated Larry Ellis, President and CEO. “This forum provides us with an excellent opportunity to differentiate our product lines, speak with both current and potential customers, and gain valuable insight on officer needs. We remain committed to delivering the most advanced soft body armor and protective outerwear products this industry has ever seen.”
The Shooting, Hunting, Outdoor Trade Show and Conference (SHOT Show) is sponsored by the National Shooting Sports Foundation and is the largest and most comprehensive trade show for all professionals involved with the shooting sports and hunting industries. It is the world's premier exposition of combined firearms, ammunition, archery, cutlery, outdoor apparel, optics, camping and related products and services. The conference brings together buyers from across the United States and more than 75 countries around the world.
WHO: Point Blank Solutions, Inc.
WHAT: Exhibition of Point Blank Solutions concealable, tactical and corrections body armor and accessories
WHERE: SHOT Show 2008
Las Vegas Convention Center
Las Vegas, NV
For more information, visit www.shotshow.com
WHEN: Saturday, February 2nd to Tuesday, February 5th
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 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.
For press releases from 2000-2007 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.
