SUNRISE, FL, March 13 /PRNewswire-FirstCall/ -- Protective Products of America, Inc. (PPA:TSX), a leading manufacturer and distributor of advanced products in ballistics protection, today announced that it has received notification from the U.S. Army of an extension of the proposal acceptance period for the Improved Outer Tactical Vest (IOTV) Program until July 31, 2009.
Stephen Giordanella, Chief Executive Officer, said, "Although we are disappointed by the delay in the bidding process, we are still very optimistic about the outcome, as we believe we are one of the few companies that can manufacture the IOTV to U.S. Army specifications. As the sole supplier of the Modular Tactical Vest (MTV) to the U.S. Marine Corps, we have had a successful record with the military and we can quickly ramp up to meet demand once the IOTV contracts are awarded."
About Protective Products of America, Inc.
Protective Products of America, Inc. ("PPA"), formerly known as Ceramic Protection Corporation, is headquartered in Sunrise, Florida, with manufacturing facilities in Sunrise, Florida and Granite Falls, North Carolina. The Company, together with its subsidiaries, is engaged in the design, manufacture and marketing of advanced products used to provide ballistic protection for personnel and vehicles in the military and law enforcement markets. The Company's product portfolio includes concealable soft body armor products for law enforcement and the Modular Tactical Vest ("MTV"), a ballistic system for military personnel.
Management is of the opinion that the Company is an acknowledged industry leader in the design and manufacture of high performance and high quality products used for ballistic protection. Protective Products International Corp, a wholly owned subsidiary of PPA, is an ISO 9001:2000 certified manufacturer. Furthermore, PPA is one of a very few companies capable of providing customers with an integrated personnel armoring system of ceramic plates, soft ballistic material and vests for law enforcement and the military.
Safe Harbor Language
This release may contain forward-looking statements including expectations of future sales, cash flow, and earnings. These statements are based on current expectations that involve a number of risks and uncertainties that could cause actual results to differ from those anticipated. These risks include, but are not limited to, uncertainties associated with the defense industry, commodity prices, exchange rate fluctuations, and risks resulting from potential delays, appeals or changes related to government orders in the defense sector.
PPA depends on reliable supplies of high quality source materials used in the manufacture of armor products, including aramid fabrics and polyethylene materials, and works actively with key suppliers to ensure that requirements and demands for these materials are anticipated and properly met. The foregoing is not exhaustive and other risks are detailed from time to time in other disclosure filings of PPA. Should one or more of these risks or uncertainties materialize, or should stated assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. The reader is also referred to other uncertainties and risks discussed in detail in the MD&A section of the Company's December 31, 2007 Annual Report dated March 31, 2008, the Company's Annual Information Form dated March 31, 2008, and the Company's Form 10 Registration Statement, filed February 10, 2009. These documents are available on http://www.sedar.com/ and http://www.sec.gov/.
In light of certain sensitive aspects in regard to customers and products, PPA may choose not to disclose all information related to the purchasers of its products, such as government agencies, countries or other end-users. Products manufactured for export in the United States must first be approved for export by the appropriate U.S. government agencies. Other armor sales may be made to recognized domestic agencies such as the military and those involved in local, provincial, or national law enforcement and homeland security matters.
