Corporate News
Intention to Float on AIM
Armor Designs, Inc., a designer and manufacturer of composite armour products, today announces its intention to proceed with a placing of its shares and to seek admission of its share capital to trading on AIM, a market operated by the London Stock Exchange plc. Dealings are expected to commence during December 2007.
Based in Phoenix, Arizona, Armor Designs specialises in the research, testing, development and commercialisation of composite armour products in four main areas personal body armour, rotorcraft armour, vehicle armour and armour to defend key infrastructure installations. The products are created using a patented generic synthetic manufacturing process called "volumetrically controlled manufacturing" or VCM, and are made up of composite materials.
The Group's body armour products offer weight and comfort advantages over other plates on the market and have greater multi-shot protection over products that are based on solid ceramic substrates that can shatter, crack or explode on initial ballistic impact. Armor Designs also intends to design and licence its patented armour alloy pre-cursor materials which can be used as substrates in armour manufacturing.
Following the completion of the testing and evaluation process, Armor Designs has two body armour products which entered production in October 2007. The Group also has further body, vehicle, rotorcraft and infrastructure armour products in various stages of research, design, testing, and evaluation, required for entry into commercial and government markets. Providing the testing and evaluation of the vehicle and rotorcraft are successful, the Group plans to begin production of both these products in 2008.
In the vehicle armour market, the initial target market for commercial vehicles is expected to be the independent civilian SUV up-armouring companies that supply high net-worth individuals across the globe. The Directors believe that its synthetic vehicle armour kits offer the up-armouring companies the benefits of modularity, reduced weight and reduced labour costs at installation.
In addition, the Group is currently investigating the possibility of using the same technology as is used in the body and vehicle armour products in order to armour key infrastructure, such as oil and natural gas installations, buildings, stadiums, and bridges.
The market for body and vehicular armour in the US in 2007 was approximately US$404 million. The US market for body and vehicular armour is expected to be worth approximately US$2.7 billion over the next five years.
In the US body armour market, sales derive primarily from the Armed Forces, Federal Government and State & Local Law Enforcement organizations. The Directors believe that there is also increasing demand for body and vehicular armour from high net worth individuals, diplomatic officials and government employees in high risk locations.
The Group's is supported by a strong Board including Major General Alfred Valenzuela (retired), formerly a commanding officer of the Army of the South in the US Army, and Air Chief Marshall Sir Richard Johns, who was previously a NATO Commander-in-Chief.
Commenting on the decision to join the AIM market, Dr. James St. Ville, Chief Executive Officer and President of Armor Designs, Inc., said: "The additional funds will enable us to accelerate our growth strategy and to further develop our various product lines, as well as develop an armour mass production facility. The proceeds will also allow us to establish a sales and marketing function for the Group, and pursue further research and development work with our patented technology.
"The Board is excited about the global opportunities that are available to the Group, and the funds raised will support this global expansion. The strength of our patented technology, coupled with the support of an experienced Board, places Armor Designs in a strong position to take advantage of the significant market opportunities."
Zimmerman Adams International Limited is acting as both Nominated Adviser and Broker to the Group and the Placing Agent is Alexander David Securities Limited.
For further information:
| Armor Designs, Inc. | |
| Dr. James St. Ville, CEO & President | Tel: +44 (0) 20 7398 7702 |
| Zimmerman Adams International Limited | |
| Fiona Kinghorn / Graeme Thom | Tel: +44 (0) 20 7398 2900 |
| fionaf@zimmint.com | www.zimmint.com |
Media enquiries:
| Abchurch | |
| Henry Harrison-Topham / Joanne Shears | Tel: +44 (0) 20 7398 7702 |
| joanne.shears@abchurch-group.com | www.abchurch-group.com |
| Weekend contact – Henry Harrison-Topham | Tel: +44 (0) 7771 663 887 |
| Weekend contact – Joanne Shears | Tel: +44 (0) 7817 523 503 |
Photography
Photographs are available from Abchurch. To arrange to receive soft copies, please contact Joanne Shears on 020 7398 7709 or joanne.shears@abchurch-group.com
Notes to Editors
Based in Phoenix, Arizona, Armor Designs specialises in the research, testing, development and commercialisation of composite armour products.
Each of the products being developed by the Group, in whole or in part, is based upon a generic synthetic manufacturing process called VCM. The VCM process was originally developed by Dr. James St. Ville and involves the creation of a computerised model into which can be inputted the specific tolerances and design constraints of a proposed product. The model then adjusts the composition of the material until the required properties are achieved, through 3D design optimisation. The VCM process gives the Group the potential to rapidly develop new composite armour products which might consist of various materials, such as metals, ceramics, resins and/or fibres, which in combination might share the same or better resistance to penetration as existing armour equivalents but which are, potentially, lighter and more versatile.
The VCM technology is the subject of several US and international patents and patent applications, which are owned by Aztec and which are exclusively licensed to Armor Designs subsidiary, Armor Designs LLC in the field of use of synthetic armour.
In addition, the Group's body armour has been tested at the H. P. White test center, which is the test center for the National Institute of Justice ("NIJ"). The Group is in negotiations with a US and an overseas military procurement office to supply body armour plates and anticipates the announcement of binding contracts in 2008.
Key Board members include: Dr. James A. St. Ville, (Chief Executive Officer and President). Dr. James St. Ville is the founder of Armor Designs and the creator of the VCM process. Dr. St. Ville has an MS in Bioengineering from the University of California, San Diego, an MD from the University of Oklahoma and an MBA in International Management from the American Graduate School of International Management (Thunderbird University).
Major General Alfred Valenzuela, retired (Non-executive Director). Retired Major General Alfred Valenzuela was formerly a commanding officer of the Army of the South (SOUTHCOM) in the US Army, working at Fort Buchanan in Puerto Rico. He gained extensive army experience in the Caribbean, Latin America, Saudi Arabia, and Kuwait, before his retirement in 2004.
Sir Richard Johns, (Non-executive Director). Air Chief Marshall Sir Richard Johns was previously a NATO Commander-in-Chief, responsible for bringing to full operational capability the new Regional Command of Allied Forces in North West Europe. Prior to this, Sir Richard was the Director of Operations in the National Joint Headquarters for all British forces deployed to the Middle East during the first Gulf War. In 1997, Sir Richard was appointed Chief of the Air Staff, responsible for the operational efficiency and morale of the Royal Air Force, and on retirement in April 2000, Sir Richard was appointed by the Queen as Constable and Governor of Windsor Castle, a position which he still holds.
Disclaimer
Some of the information contained in this press release contains forward-looking statements. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are, by their nature, subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. We caution you not to rely on any such statements as statements of historical fact or as guarantees or assurances of future performance. We undertake no obligation to publicly update or revise and forward-looking statements.
This press release is not for distribution (directly or indirectly) in or to the United States, Canada, Australia or Japan. This press release is not an offer of securities for sale in or into the United States, Canada, Australia or Japan. This press release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any Common Shares of the Group or any other securities, nor shall it (or any part of it), or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefore. In particular, this press release refers to certain events as having occurred which have not occurred at the date it is made available but are expected to occur prior to the publication of a Prospectus in its final form relating to the Group. This document is not a prospectus and no person should subscribe for or purchase any shares referred to in this document except on the basis of the information in the Prospectus.
The securities described herein have not been, and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any U.S. state securities laws. They may not be offered or sold in the United States, except in transactions not subject to or exempt from, the registration requirements of the Securities Act and applicable state laws. The Group does not intend to register any portion of the securities in the United States or to conduct a public offering of securities in the United States. No money, securities or other consideration is being solicited and, if sent in response to the information contained herein, will not be accepted.
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