TEMPE, Arizona, Nov. 18, 2014 /PRNewswire/ -- 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 provided an update on the
recent hearing at the Court of Chancery of the State of Delaware (the "Court") held on
Friday, November 7, 2014. The board
of directors of the Company is pleased to report that the Court
rebuffed the action of written consent by the Company's former
Chairman of the Board and Chief Executive Officer, James St. Ville ("St. Ville"), acting through
his wholly-owned company, Hawthorne & York International Ltd
("HYI"), to replace the incumbent board of directors.
Under consideration by the Court is the legality of St. Ville's
actions under the Relationship Agreement entered into by St. Ville,
HYI and the Company. The Court concluded that the Relationship
Agreement was put in place to protect the rights of minority
shareholders, and future hearings are expected to focus on that
agreement. A timetable has yet to be set in relation to further
hearings to consider the issue.
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:
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Dennard - Lascar
Associates, LLC.
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Tel:
713-529-6600
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M. Carol
Coale
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ccoale@dennardlascar.com
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Ken
Dennard
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ken@dennardlascar.com
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Armor Designs,
Inc.
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Tel: +1 520 329
7686
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David L.
Oliveira
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S. P. Angel Corporate
Finance LLP
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Tel: +4420 3463
2260
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Stuart
Gledhill
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Tercel
Moore
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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.
Electronic versions of the materials you are seeking to access
are being made available on this website by Armor Designs, Inc.
("Armor Designs") pursuant to the AIM rules for companies published
by the London stock exchange as a
consequence of the fact that the common shares of armor designs are
admitted to trading on the AIM market of the London Stock
Exchange.
Non-U.S. persons
These materials are not directed to nor are they intended for
access by persons located or resident in the United States. None of the securities of
Armor Designs discussed or referred to in the materials you are
seeking to access 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.