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Corporate News

Equity Fundraising, Credit Facility, and Board Addition

Equity Fundraising:

Armor Designs Inc., (AIM: ADID, ADIS), the knowledge-based designer and manufacturer of composite armour products, is pleased to announce that it has today closed (the "Closing") a fundraising (the "Fundraising") by which the Company has raised US$3,575,000.00, before expenses, through a placing with investors of 238,335 new common shares of US$0.001 each in the Company (the "Placing Shares"). The Closing has been completed at a price of US$15 per Placing Share (the "Placing Price"). As part of the Closing the Company has agreed with the investors that in the event the Company issues any shares in the capital of the Company as part of a further fundraising at a price less than the Placing Price (the "Lower Price") prior to 31 December 2010, the investors will have the option to subscribe at par (being US$0.001 per share), for such number of additional shares as they would have received had the subscription price per share at Closing been at the Lower Price rather than the Placing Price.

The net proceeds of the Closing is being used for initial short term working capital needs.

Application will be made for the Placing Shares to be admitted to trading on the London Stock Exchange's AIM market. Dealings in the Placing Shares are expected to commence on AIM at 8.00am on 2 July 2010.

Credit Facility:

Armor Designs Inc. is pleased to announce that it has received a letter of commitment from a boutique U.S. based investment fund, specialising in debt financing for companies in the knowledge-based or intellectual property sectors. The letter of commitment is in the form of a US$10.0 million Senior Secured Debt Facility ("the Facility") in the form of a line of credit. The availability of the Facility is subject to completion of due diligence and execution of legal documents, with an anticipated close on or around July 15, 2010. The Facility is expected to include an immediate advance of US$4.0 million with follow-on advances, up to a cumulative total of US$10.0 million, made available based on the Company's achievement of certain operational and financial milestones. The Facility has a proposed 5-year term, two warrant provisions (with strike prices of US$22.50 and US$24.00, respectively), conversion rights (at US$15 per share) and is collateralised, in part, by the Company's intellectual property. In addition, the Company will be expected to maintain certain usual and customary Covenants during the term of the Facility.

Armor Designs Inc. will update the market, on or around July 15th, 2010, as to the status of the final close of the Credit Facility.

Board Addition:

The Company is also pleased to announce that it is strengthening the board with the appointment of Mr. David Oliveira as a Non-executive Director. The appointment of Mr. Oliveira will be effective 1 July, 2010. David Oliveira is the owner of The Investment Center of Tanglewood ("TICOT"). TICOT is an independently owned branch of The Investment Center ("TIC"), a full service brokerage firm and member of Financial Industry Regulatory Authority / Securities Investor Protection Corporation. He has formerly held senior management positions with Klinger & Co., Inc, Oppenheimer & Co., Dean Witter Inc., Merrill Lynch and Waddell & Reed, Inc. Mr. Oliveira has held or currently holds securities licenses: Series 6, 7, 22, 24, 63, 65. Mr. Oliveira is 53 years old.

David Oliveira's directorships (current and within the previous 5 years) are as follows:

There is no further information to disclose for Mr. Oliveira under schedule 2(g) of the AIM Rules.

Dr. James A. St. Ville, Executive Chairman of the Company, commented: "The board would like to welcome Mr. David Oliveira as a Non-executive Director. His broad experience in securities and finance, along with, the additional financial resources of the Credit Facility will strengthen our board and improve our ability to meet the increasing needs to successfully grow Armor Designs Inc. as knowledge-based company."

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Notes to editors

Armor Designs, Inc. ("ADI") is a knowledge-based company specializing in next-generation composite material design, manufacture, prototyping and testing for applications and products for the armor industry. ADI uses a proprietary design and manufacturing process called VCM to rapidly develop new composite armor products of superior ballistic, weight and flexibility. The VCM process is protected by patents and trade secrets licensed to ADI in perpetuity for use in field of armor.

For more information on Armor Designs, Inc., please go to www.armordesigns.com