Corporate News
First day of dealing
Placing of 1,600,000 common shares of US$0.001 each, fully paid, at US$10 per share and admission of the whole of the enlarged issued share capital of 25,922,500 common shares to trading on AIM
Armor is pleased to announce that it has joined AIM. The Company’s principal business is that of a holding company to develop and commercialise volumetrically controlled manufacturing (“VCM”) technology within the composite armour market.
Armor specialises in the research, testing, development and commercialisation of composite armour products in a number of areas: personal body armour, rotorcraft armour, vehicle armour and, potentially, infrastructure armour.
Armor currently has two products – a body armour “trauma” plate and a body armour “standalone” plate, which both commenced production in October 2007. The Company has manufactured approximately 350 plates of body armour and expects to manufacture up to 600 plates of body armour by the end of 2007.
Armor is developing several industry ballistic standard designs with different weights and different price points. Each of the products being developed by the Armor is based upon a generic synthetic manufacturing process called VCM. The VCM process 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. The VCM process gives the Armor group 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 licensed to AD LLC in the field of use of synthetic armour.
The Directors of the Company are aware that there has been speculation in the press regarding the future revenues and profitability of the Company. The Company has not made any statement or released any information regarding future revenues and/or profits and any speculation as to the same should be disregarded.
The Company has raised US$16 million, before expenses, by issuing 1,600,000 common shares at a price of US$10 per share pursuant to a placing in conjunction with Admission.
In addition, there are Market Demand Arrangements will be put in place to meet demand from potential investors following Admission.
Dr. James St. Ville, Chief Executive Officer and President of Armor Designs, Inc., said: ‘We are pleased that the flotation has been completed successfully and we are delighted with the support we have received from our new shareholders. The placing will enable us to build on our business strategy and to further develop our patented armour products, and we look forward to working alongside our new shareholders to expand Armor Designs’ global reach. Joining AIM will facilitate the growth of the Group, allowing us to expand the reach of our products and capitalise on the significant market opportunities which the Board has identified.’
The Company has appointed Zimmerman Adams International Limited as its Nominated Adviser and Broker.
For further information:
| Armor Designs, Inc. | |
| Robin Siegfried, Non-Executive Chairman James St.Ville, Chief Executive Officer and President Andy Volkmann, Finance Director |
Tel: +1 602 275 4633 |
| Zimmerman Adams International Limited | |
| Fiona Kinghorn / Graeme Thom | Tel: +44 (0) 20 7398 2900 |
| www.zimmint.com | |
| Alexander David Securities Limited (Placing Agent) | |
| David Scott | Tel: +44 (0) 207 448 9830 |
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