US$54m Purchase Order Agreement and facilility (8321X)
21 Fevereiro 2012 - 12:01PM
UK Regulatory
TIDMADID TIDMADIS
RNS Number : 8321X
Armor Designs, Inc.
21 February 2012
Armor Designs Inc.
("Armor Designs" or "the Company" or "ADI")
US $54 million Purchase Order Agreement and facility
agreement
Further to the announcements of 15 March 2011 and 19 September
2011 Armor Designs Inc., (AIM: ADID, ADIS), the knowledge-based
designer, developer and manufacturer of next generation composite
protective products, in the fields of oil & natural gas,
infrastructure, aerospace, sports, nuclear, and personal
protection, is pleased to announce that Armor Designs, LLC
("ADLLC") has signed a US$54 million, 3-year purchase order
agreement (the "Agreement"), with C&W Murphy Associates
("C&W") to produce protective material designs for national and
international distribution.
Under the terms of the Agreement ADLLC will make ongoing
shipments to C&W over a period of approximately 36 months. The
Agreement incorporates a three-year US$18 million per year
comprehensive financing facility to ADLLC. The use of proceeds of
the facility is restricted to use for the fulfilment of the
manufacture of protective armor designs as specified by C&W
within the Agreement.
The facility under the Agreement is the Company's third purchase
order financing facility, in the past 12 months. Following today's
announcement all three facilities are now in place and
operational.
James A. St. Ville, CEO, commented "In the midst of the
worldwide banking crisis and, the consequential, ongoing
consolidation of the armor material industry, signing of this
purchase agreement offsets the negative impact of the absence of
small business banking products, necessary for purchase order
transactions, and will enable ADLLC to grow and maintain the
highest protective material design standards worldwide, over the
next three years within a very difficult and competitive business
and banking environment."
For further information please contact:
Armor Designs, Inc.
James A. St. Ville, President, CEO,COB Tel: +1 602 275 4633
james.st.ville@armordesigns.com www.armordesigns.com
Shore Capital & Corporate Ltd. Tel: +44 (0)20 7408 4090
Anita Ghanekar
Edward Mansfield
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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