Corporate News
Placing
Armor Designs (AIM:ADID, ADIS), the designer and manufacturer of composite armour products targeting numerous sectors, is pleased to announce that its Broker Alexander David Securities Limited has today placed 700,000 new Common Shares of US$0.001 each at US$10 (£5) per share ('the Placing') with existing and new investors and as a result has raised US$7.0 million (£3.5 million) before expenses of the issue. The new Common Shares, which will represent approximately 2.63% per cent of the enlarged issued share capital of 26,622,500 Common Shares of the Company, will rank pari passu in all respects with the existing Common Shares in the Company. The new Common Shares are to be allotted as follows: 235,000 are Reg S Shares and 465,000 are Reg D Shares.
Application has been made to the London Stock Exchange for the 700,000 new Common Shares to be admitted to trading on AIM and dealings in the new Common Shares are expected to commence on 27 June 2008.
Exchange rates for the Placing have been calculated at US$2 : £1.
Charles Snyder, Chief Executive of Armor Designs, commented: "We are delighted to have raised further funds from new and existing investors. These funds have further strengthened the Company's ability to continue our development and international growth strategies, and to take Armor's products to the stage of commercialisation, and therefore enhance shareholder value."
For further information:
| Armor Designs, Inc. | |
| Charles Snyder, CEO | Tel: +1 602 275 4633 |
| www.armordesigns.com | |
| Zimmerman Adams International Limited | |
| Graeme Thom / Charity Walmsley | Tel: +44 (0) 20 7060 1760 |
| graemet@zimmint.com | www.zimmint.com |
| Alexander David Securities Limited | |
| David Scott / Nick Bealer | Tel: +44 (0) 20 7448 9800 |
| david.scott@ad-securities.com | www.ad-securities.com |
Media enquiries:
Abchurch |
|
| Henry Harrison-Topham / Joanne Shears | Tel: +44 (0) 20 7398 7709 |
| joanne.shears@abchurch-group.com | www.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 Armor Designs, in whole or in part, is based upon a generic synthetic manufacturing process called volumetrically controlled manufacturing ("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 Armor Designs 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 exclusively licensed to Armor Designs' subsidiary, Armor Designs LLC, in the field of use of synthetic armour.
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