Corporate News
Preliminary Results for year ended 31 December, 2008
Armor Designs, Inc., ("Armor" or "the Company"), the developer of next generation composite armour, today announces its preliminary unaudited results for the year ended 31 December 2008.
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The full results are available to download in pdf
Business Developments
- Ongoing transition from development company to commercial entity, with first international sales
- Introduction of a range of advanced personal protection body armour plates that are the lightest on the market
- Establishment of strategic alliance and creation of a focused R & D department "Scorpion Works" to prioritise and accelerate commercial exploitation of intellectual property ("IP")
- Commissioning of flexible large scale production facility
Financial Developments
- Commencement of revenues in fourth quarter 2008
- Sales of US$193,000 in first year of revenue generation
- Operating loss of US$15.3m, (US$10.9m after US$4.4m of non-cash items) in 2008
Post Balance Sheet Date Events
- Additional equity funding in 2009 of US$2.5m secured. Further fund-raising will be considered
Management and Board changes 2009
- Appointment of Philip A. Clement as Interim President & Chief Executive Officer
- Appointment of J. Craig Johnson as Acting Chief Financial Officer
- Appointment of William A Roper as non-executive director
Commenting on the results, Dr. James A. St. Ville, chairman of Armor Designs, Inc., said: "The Company is beginning to capitalise on its knowledge-based manufacturing expertise and the range of armour products developed in the last 12 months. We are quickly establishing a good reputation for providing leading edge armour solutions using our proprietary IP know-how. We are confident that our extensive pipeline of prototype applications spanning a range of military and civil markets and the recognition of revenue in the first quarter 2009 position the company for a year of development and growth. The company is well-placed to raise further equity funding as necessary, and this, coupled with the strengthening of the board, positions us to move the business forward this year."
The Chairman's statement and the financial report, which are contained below and form part of this announcement, include further important information and disclosures and the announcement should be read in its entirety.
For further information:
Armor Designs, Inc. |
|
| Dr James St Ville | Tel: +1 602 275 4633 |
| James.St.Ville@armordesigns.com | www.armordesigns.com |
| Nominated advisor: | |
| Zimmerman Corporate Finance Limited | |
| Thilo Hoffman | Tel: +44 (0) 20 7398 2900 |
| thiloh@zimmint.com | www.zimmint.com |
Media enquiries:
Brunswick Group LLP |
|
| Michael Harrison/ Chris Blundell / Camilla Gore | Tel: +44 (0) 20 7404 5959 |
| adi@brunswickgroup.com | www.brunswickgroup.com |
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Electronic versions of the materials you are seeking to access are being made available on this website by Armor Designs, Inc. ("Armor Designs") pursuant to the AIM rules for companies published by the London stock exchange as a consequence of the fact that the common shares of armor designs are admitted to trading on the AIM market of the London Stock Exchange.
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