DHB Industries, Inc. Announces Appointment of a Director of Finance and Resignation of its Chief Financial Officer
April 07 2006 - 6:50PM
PR Newswire (US)
WESTBURY, N.Y., April 7 /PRNewswire-FirstCall/ -- DHB Industries
Inc. (AMEX:DHB), announced today that the Company has hired
Lawrence R. Litowitz today to be the Director of Finance and he to
assume all financial duties and financial responsibilities of the
Company. Larry Litowitz is a partner with Tatum, LLC. His vast
experience includes over 30 years focusing on entrepreneurial and
middle market companies in a broad range of businesses. He has
significant experience with mergers and acquisitions, SEC
reporting, capital raising, Wall Street relations and turnaround
experience. In addition to his experience in operations and
finance, Mr. Litowitz spent more than 15 years in public accounting
and teaching on the college level. He was with several firms, which
merged into KPMG as well as Ernst and Young. Additionally, he
worked at the AICPA where he was instrumental in implementing the
Peer Review program. While at the AICPA he also taught accounting
at Brooklyn College. Mr. Litowitz became a partner in the firm of
Biller and Snyder a leading New York regional firm, after leaving
the AICPA. He was the firm's senior authority on accounting and
auditing matters. He also was in charge of the human resources
department where he had a major impact on improving the overall
profitability of the firm. The Compensation Committee has approved
a one-year contract for Mr. Litowitz with an annual salary of
$325,000. In addition, the Compensation Committee has awarded him a
currently exercisable warrant, for 50,000 shares of the Company's
Common Stock, with an exercise price equal to the market price of
the Company's Common Stock at the close of business today The
Employment Contract to be entered into with Mr. Litowitz and the
warrant awarded to him have not yet been prepared and executed.
Both will be filed upon execution and delivery. Pursuant to the
Company's restructuring of its financial department, Dawn Schlegel,
Chief Financial Officer has resigned her position as the Chief
Financial Officer and Board member, effective today, April 7, 2006.
The Company has decided to move the Chief Financial Officer's
location to the Company's largest subsidiary, Point Blank Body
Armor. This will position the Chief Financial Officer to be on site
to oversee the operations and the internal control enhancements
that the Company is in the process of implementing. General (Ret.)
Larry Ellis, DHB's President, stated, "We are pleased and excited
to have Larry on board with DHB. His extensive financial background
and experience makes him a great addition to our management team."
About DHB Industries Incorporated DHB Industries Inc.'s Armor Group
is in the protective body armor industry. Its highly recognized
subsidiaries, Point Blank Body Armor Inc.
(http://www.pointblankarmor.com/) and Protective Apparel
Corporation of America (PACA) (http://www.pacabodyarmor.com/), are
focused on the design, manufacture, and distribution of bullet
resistant and protective body armor for military, law enforcement,
and corrections in the U.S. and worldwide. DHB Sports Group
produces and markets a comprehensive line of athletic supports and
braces which are merchandised through national superstore chains as
well as through private label distributors. DHB maintains
facilities in Westbury, NY, Deerfield Beach, FL, Oakland Park, FL,
Pompano Beach, FL, Jacksboro, TN and Arlington, VA. To learn more
about DHB Industries Inc., visit the website at
(http://www.dhbindustries.com/). 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,
those discussed in our reports on file with the Securities and
Exchange Commission. You are cautioned not to place undue reliance
on these forward- looking statements that speak only as of the date
hereof. We undertake 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: Larry Ellis, President 516/997-1155
DATASOURCE: DHB Industries, Inc. CONTACT: Larry Ellis, President of
DHB Industries, Inc., +1-516-997-1155, Web site:
http://www.dhbindustries.com/ http://www.pointblankarmor.com/
http://www.pacabodyarmor.com/
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