WESTBURY, N.Y., April 7 /PRNewswire-FirstCall/ -- DHB Industries Inc. , 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
