Corporate News
Results for year ended 31 December, 2009
Armor Designs, Inc., ("ADI", "Armor" or the "Company"), a knowledge-based designer, developer and manufacturer of next generation composite protective products, today announces its audited results for the year ended 31 December 2009.
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The full results are available to download in pdf
Business Developments
- Ongoing transition from development company to commercial entity
- Introduction of the first U.S. NIJ .06 certified Stand Alone Level IV plate (advanced protection body armour plates);
- First sales into U.S. government Homeland Security departments and governmental agencies in the Philippines and Korea;
- Established design, manufacturing and distribution joint venture in Asia;
- ISO 9001:2008 Certification obtained for design and manufacturing; and
- Scorpion Works achievement of multiple technology milestones and product certifications.
Financial Developments
- First full year of revenues generated from commercial operations;
- Sales of US$1.05m for the year ended 31 December 2009;
- Operating loss of US$11.7m, (US$9.1m after US$2.6m of non-cash items) in 2009;
- Equity fundraising in 2009 of US$1.5m closed;
- Reduced operating expenses by over 41% from prior year levels, from US$15.8m in 2008 to US$9.2m in 2009;
- Established accounts receivable financing facility with a credit capacity of US$0.25m;
- The Company continues its efforts to correct and strengthen the balance sheet conditions previously announced and described more fully in footnotes 2 and 16 to the financial statements; and
- Correction of an error, dating back to 2007, in the fair value of stock based compensation (a non-cash item) calculated for 2008, resulting in restatement of the financial statements for the year ended 31 December 2008. The re-statement had no impact on cash, other assets or any liabilities.
Post Balance Sheet Events
- As announced on 28 June 2010, closing of US$3.6m equity fundraising; and
- Commitment for a US$10.0m line of credit as announced on 28 June 2010. Fulfillment of the commitment is subject to completion of due diligence and execution of legal documents. Availability of funds to be dependent on achievement of commercial and product development milestones.
Commenting on the results, Philip Clement, CEO of Armor Designs, Inc., said: "2009 was a challenging year, but a year that brought us another step towards achievement of our long term strategy. As a result of the significant expense reductions made during the year, we have streamlined our cost structure and are now well positioned for business development growth and profitability. We have continued to build on the reputation which has set us apart for providing leading edge armour solutions using our proprietary IP know-how. Our existing products are meeting good acceptance in the market and our VCM technology is leading customers to ask us for solutions to their problems. Now that we have commitments to address the short term working capital requirements which constrained us in 2009, we are confident that we can move forward to commercially exploit our technology."
The Company confirms that copies of the annual report and accounts for the period ended 31 December 2009 have been sent to shareholders and copies will shortly be available on the Company's website www.armordesigns.com
The Chairman and Chief Executive's Statement and the financial report, which are contained below and form part of this announcement, include further important information and disclosures; the announcement should be read in its entirety.
For further information:
| Armor Designs, Inc. | |
| Philip Clement, Interim CEO | Tel: +1 (602) 275-4633 |
| philip.clement@armordesigns.com | www.armordesigns.com |
Nominated advisor:
| Shore Capital & Corporate Ltd. | Tel: +44 (0) 20 7408 4090 |
| Anita Ghanekar
anita.ghanekar@shorecap.co.uk Edward Mansfield Edward.mansfield@shorecap.co.uk |
www.shorecap.co.uk |
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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