Armor Designs Update on Suspension
TEMPE, Ariz., Oct. 10, 2014 -- Armor Designs, Inc. (LSE: ADID) ("Armor" or the
"Company"), a leading designer, integrator and manufacturer of armor solutions
for military, government and commercial use, today announces that the Company's
former Chairman of the Board and Chief Executive Officer, James St. Ville ("St.
Ville"), through his wholly-owned company Hawthorne & York International Ltd
("HYI") is seeking to replace the incumbent board, namely David Oliveira,
Robert Elizondo, Edward McHale and Alfred Valenzuela (together the "Board").
The Board is disputing the attempt to effect these board changes which it does
not consider to be in the best interests of the Company and its shareholders as
a whole.
On September 22, 2014, HYI filed a written consent seeking to remove the Board
and sought to vote in a replacement board.
The Board has challenged these actions.
At a hearing of the Court of Chancery of the State of Delaware (the "Court")
held on 6 October 2014 a Status Quo order was granted, under which the Board
will remain in situ and conduct the usual business of the Company until such
time as the Court can opine on the legality of the attempted change of Board.
It is anticipated that trading in the Company's shares on AIM will remain
suspended pending further updates in relation to these matters as well as
notification of the Company's interim results to June 30, 2014 which have been
delayed due to the aforementioned matters.
Further announcements will be made as appropriate.
For further information please contact:
Dennard Lascar Associates, LLC. Tel: 1 713-529-6600
M. Carol Coale
ccoale@dennardlascar.com
Ken Dennard
ken@dennardlascar.com
Armor Designs, Inc. Tel: +1 520 329 7686
David L. Oliveira
S. P. Angel Corporate Finance LLP Tel: +4420 3463 2260
Stuart Gledhill
Tercel Moore
About Armor Designs, Inc.
Armor Designs, Inc. (ADI) is a knowledge-based, technology-innovation company
that develops and manufactures the highest quality, lightest and most
cost-effective armor solutions to serve the military, government and commercial
sectors on a global basis. We are an international company headquartered in
Phoenix, Arizona, and our commitment to state-of-the-art innovation is driven
through the application of Finite Elemental Analysis. This methodology
eliminates the trial-and-error approach and instead provides a robust platform
for a rapid development of armor solutions that can be tailored for any
application.
For more information, please visit the Armor Designs web site at
www.armordesigns.com.
Safe Harbor Statement and Disclaimer
This news release includes "forward looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward looking statements give
our current expectations, opinion, belief or forecasts of future events and
performance. A statement identified by the use of forward looking words
including "may," "expects," "projects," "anticipates," "plans," "believes,"
"estimate," "should," and certain of the other foregoing statements may be
deemed forward-looking statements. Although Armor Designs believes that the
expectations reflected in such forward-looking statements are reasonable, these
statements involve risks and uncertainties that may cause actual future
activities and results to be materially different from those suggested or
described in this news release. Investors are cautioned that any
forward-looking statements are not guarantees of future performance and actual
results or developments may differ materially from those projected. The
forward-looking statements in this press release are made as of the date
hereof. The Company takes no obligation to update or correct its own
forward-looking statements, except as required by law, or those prepared by
third parties that are not paid for by the Company.
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available on this website by Armor Designs, Inc. ("Armor Designs") pursuant to
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consequence of the fact that the common shares of armor designs are admitted to
trading on the AIM market of the London Stock Exchange.
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have been registered under the US securities act 1933, as amended ("securities
act") and may not be offered, sold, pledged or otherwise transferred except (1)
in an offshore transaction meeting the requirements of rule 903 or rule 904 of
regulation S under the securities act, (2) pursuant to an effective
registration statement under the securities act, or (3) pursuant to an
available exemption from the registration requirements of the securities act,
in each case in accordance with all applicable securities laws.
SOURCE Armor Designs, Inc.