Armor Designs, Inc. Market Update on US$54 million C&W Murphy contract (1738G)
03 Juni 2013 - 4:55PM
UK Regulatory
TIDMADID TIDMADIS
RNS Number : 1738G
Armor Designs, Inc.
03 June 2013
3 June 2013
Armor Designs, Inc.
("ADI" or the "Company")
Market Update on US$54 million C&W Murphy contract
Armor Designs Inc. ("ADI"), (AIM: ADID, ADIS), the
knowledge-based designer, developer and manufacturer of next
generation composite protective products, in the fields of oil
& natural gas, infrastructure, aerospace, sports, nuclear, and
personal protection, announces the following market update on the
status of the US$54 million, 3-year purchase order agreement,
between Armor Designs, LLC ("ADLLC") and C&W Murphy and
Associates ("C&W") to produce protective material designs for
national and international distribution (the "Agreement"). Under
the terms of the Agreement, announced on 21 February 2012, ADLLC is
manufacturing a fixed quantity of body armor sets, on a fixed
schedule, over a 36 month period.
The delivery schedule for the Agreement has been extended, owing
to a temporary delay in the contract deliverables and additional
live-fire testing required by C&W, on the most recent shipment.
C&W have confirmed the Agreement remains in force, for the full
3-years, but ADLLC expects a forthcoming contract modification to
reflect the new deliverable schedule. ADI will update the market
when this information is known.
ADI is also pleased to announce that the results of the
live-fire testing, performed at H.P. White on behalf of ADLLC,
demonstrated that the armor manufactured at ADLLC met and exceeded
the ballistic specifications of the C&W contract. In addition,
ADI also announces that C&W have confirmed that they conducted
third-party testing of the ADLLC armor, independent of H.P. White,
and these test results also demonstrated that the ADLLC armor met
and exceeded the ballistic specifications of the C&W
contract.
Finally, further to the announcements of 29 June 2012 and 21
September 2012, ADI announced to the market that in the event of
any disruption of the advancements due under the C&W contract,
ADI would consider undertaking a working capital equity raise. The
Company highlights to investors that, on 25 April 2013, ADI
announced it had closed an US$1.1 million dollar working capital
equity raise.
For further information:
Armor Designs, Inc.
James A. St. Ville, M.D., COB, CEO, President Tel: +1 (602) 275-4633
www.armordesigns.com
Daniel Stewart & Company, plc.
Paul Shackleton and James Felix Tel: +44 (0) 2077766550
This information is provided by RNS
The company news service from the London Stock Exchange
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