Corporate News
Interim Results
Armor Designs, Inc., (AIM: ADID, ADIS), a designer and manufacturer of composite armour products targeting numerous sectors, today announces its interim results for the six month period ended 30 June 2008.
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The full results are available to download in pdf
Financial and operational highlights (un-audited)
- Secondary Placing raised approximately US$7 million in June 2008
- Executive team strengthened, with Charles Snyder appointed CEO in April, 2008 and David Seaton joining as CFO in March, 2008
- Relocation to new manufacturing and office facility completed in Q1 2008
- Cash balance as at 30 June 2008: US$10.8 million
Since the period end
- Scorpion Works (the Company's dedicated expanded R&D facility) established in August 2008 and already achieving rapid success
- Strategic alliance signed with ipCapital group, a leading IP value management consultancy
- NIJ certification of Level 3 armour plates achieved in Q3 2008
- Initial production capacity has been established with two presses now fully installed and in operation
Commenting on the interim results, Charles Snyder, CEO of Armor Designs, Inc., said: "The Board is pleased with the progress made during the period, as the Company has transitioned into commercialisation. The core management team has been strengthened significantly, and we have established our global sales network to support our commercialisation efforts, initially in the body armour sector. We are pleased to have established our manufacturing facility in Phoenix, and the Placing in June puts the Company in a strong position for future growth."
For further information:
Armor Designs, Inc. |
|
| Charles Snyder, CEO | Tel: +44 (0) 20 7398 7709 |
| charles.snyder@armordesigns.com | www.armordesigns.com |
| Zimmerman Adams International Limited | |
| Graeme Thom / Fiona Kinghorn | Tel: +44 (0) 20 7398 2900 |
| graemet@zimmint.com / fionak@zimmint.com | www.zimmint.com |
Media enquiries:
Abchurch |
|
| Henry Harrison-Topham / Joanne Shears | Tel: +44 (0) 20 7398 7709 |
| joanne.shears@abchurch-group.com | www.abchurch-group.com |
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