Point Blank Solutions Announces $38.5 Million Contract With the U.S. Army for the Improved Outer Tactical Vest
POMPANO BEACH, Fla., Sept. 30 /PRNewswire-FirstCall/ — Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO), a leader in the field of protective body armor, announced today that its wholly owned subsidiary, Point Blank Body Armor has been awarded a $38.5 million contract from the U.S. Army Research, Development and Engineering Command (“RDECOM”) Contracting Center to produce the New, Generation II Improved Outer Tactical Vests (“IOTVs”). Under the terms of the contract (Solicitation #: W91CRB-09-C-0124), the Company will begin production in October 2009 and expects to complete the order by January 2010.
“This latest award is another testament to the quality of our products and the Army’s trust in our combat-proven solutions,” stated Jim Henderson, Chief Executive Officer and Chairman of the Board. “We continue to work closely with the Armed Forces and our other domestic and international customers and partners, to develop the most innovative and safest ballistics in the industry, while lowering our cost position and improving our production capabilities. This was a competitive solicitation and I believe our efforts over the past year enabled us to put forth the best proposal, based on price, performance and quality.”
The Company further disclosed today that this contract award is not part of the IOTV Main Buy (Solicitation #: W91CRB-07-0079).
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government, and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S.
With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and with an ongoing commitment to deliver innovative, lowest-cost, best value soft body armor products, Point Blank Solutions delivers the most advanced body armor solutions, faster and more effectively than anyone in the industry. The Company maintains facilities in Pompano Beach, FL and Jacksboro, TN. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.com.
SAFE HARBOR STATEMENT
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY’S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY’S CONTROL. WORDS SUCH AS “EXPECTS,” “ANTICIPATES,” “TARGETS,” “GOALS,” “PROJECTS,” “INTENDS,” “PLANS,” “BELIEVES,” “SEEKS,” “ESTIMATES,” VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) CHANGES IN THE COMPANY’S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, (10) TURNOVER IN THE COMPANY’S SENIOR MANAGEMENT AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN “RISK FACTORS,” IN THE COMPANY’S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
Company Contact: Media Contact: Michelle Doery, Chief Financial Officer Glenn Wiener, Media Relations Tel: 954-630-0900 Tel: 212-786-6011 Email: gwiener@GWCco.com
SOURCE Point Blank Solutions, Inc.