CALGARY, June 5 /CNW/ - Ceramic Protection Corporation ("CPC" or "the
Corporation"), a leading manufacturer and distributor of advanced ballistic
protective products, today announced several new orders and an update on the
expansion and restructuring of the Corporation's manufacturing facilities.
The Corporation has recently received orders totaling approximately CAD
$6.6 million from the U.S. Navy and the U.S. Marine Corps. The order for the
U.S. Navy is for MTV vests and associated ballistic systems and the U.S.
Marine Corps order is related to design changes and expedited deliveries of
Mr. Steve Giordanella, Chief Executive Officer, noted: "The new order
from the U.S. Navy is yet another testament that the Corporation's MTV vest
system is receiving growing acceptance from U.S. military forces and
represents an important diversification of the Corporation's client base for
sales of soft armour systems to the U.S. Armed Forces."
The Corporation also announced that the consolidation of ceramic and
ballistic systems manufacturing to its Newark and Florida facilities is
proceeding on schedule. The Corporation is actively pursuing several options
with regard to the disposition of assets from the Calgary facility in a manner
that will accrue the best value for shareholders and is in alignment with the
Corporation's stated objective of becoming a US-based manufacturing entity.
Future manufacturing for the Crown Victoria Police Door Panels will be
consolidated in the Corporation's Newark facilities.
Mr. Giordanella also announced the Corporation's parallel progress in
expanding the manufacturing capabilities at Protective Products International
Corporation ("PPI") of Sunrise, Florida with the addition of a new facility.
"We feel confident this new facility will provide multiple advantages for
the Corporation," stated Mr. Giordanella, "This 126,000 sq. ft. production
facility will substantially improve flexibility for the Corporation while
maintaining focus on expanding our product lines and increasing capacity for
growing demand as well as future growth. All of these developments are in line
with the Corporations established strategic plan, as we continue to align our
management team and our manufacturing facilities to achieve better
efficiencies, and to more effectively deploy our assets to address the
changing needs of our military, federal government and law enforcement
The Corporation also announced that Mr. Dana Husnay, formerly President
of Ceramic Protection Corporation of America of Newark, Delaware, has resigned
his position. The Corporation has signed a contract with Mr. Husnay for
certain continuing management consulting services.
Business of the Corporation
Ceramic Protection Corporation, headquartered in Calgary, Alberta,
Canada, with offices in Newark, Delaware and Sunrise, Florida, USA, is a
certified manufacturer and distributor of advanced materials for use in the
ballistic protection marketplace. The Corporation manufactures a wide range of
products used to provide protection for personnel and vehicles, including a
wide range of ceramic armour products and multiple composite-based products.
In conjunction with its wholly owned subsidiary Ceramic Protection Corporation
of America of Newark, Delaware, the Corporation also manufactures a wide range
of boron carbide, silicon carbide and polyethylene products for use in
personnel armour systems. PPI of Sunrise, Florida, manufactures a growing
range of soft armour products for the law enforcement and military markets.
Forward Looking Statements
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
The Corporation depends on reliable supplies of high quality source
materials used in the manufacturing of armour 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 the Corporation.
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
Corporation's December 31, 2006 Annual Report dated March 20, 2007 and also
the Corporation's Annual Information Form.
In light of certain sensitive aspects in regard to customers and
products, the Corporation may choose not to disclose all information related
to the purchasers of its products, such as government agencies, countries or
other end-users. Armour products destined for export which are manufactured in
Canada must first be approved by the Canadian Department of Foreign Affairs
and International Trade. Products manufactured for export in the United States
must be approved for export by the appropriate government agencies. Other
armour 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.
Mr. Steve Giordanella Mr. Larry Moeller
Chief Executive Officer Chairman
For further information:
For further information: Investor Relations: Analyst and investor
relations calls should be addressed to Ms. Grimie Villarreal, Corporate
Investor Relations, at (954) 846-8222; Interested parties are also referred to
the Corporation's website www.cerpro.com for further information about the
Corporation, its products and other recent announcements