SUNRISE, FL, Sept. 30 /CNW/ - Protective Products of America, Inc. (PPA:TSX), a leading manufacturer and distributor of advanced products in ballistics protection, today announced its participation in the United States Marine Corps' Improved Modular Tactical Vests (IMTV)/Plate Carrier Program. PPA will act as the exclusive ballistics provider to HUBZone-certified companies Carter Enterprises of Brooklyn, NY and Ibiley Manufacturing Corp. of Miami, Florida. PPA estimates that it could receive up to a maximum value of $289 million through 2014 based upon these Indefinite-Delivery/Indefinite-Quantity (ID/IQ) contracts awarded to Carter and Ibiley. Initial delivery orders have been awarded under these ID/IQ contracts and PPA will provide additional program updates as they become available.
Chief Executive Officer R. Patrick Caldwell remarked, "We are extremely pleased to be working with Carter Enterprises and Ibiley Manufacturing on this important program as we build on our valued, long-standing relationship with the United States Marine Corps. We view this as a milestone achievement in our strategy to attract new government business while also diversifying and growing our law enforcement and international business segments."
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. Visit www.protectiveproductsofamerica.com for more company information.
Management is of the opinion that the Company is a 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 capable of providing customers with an integrated personnel armoring system of soft ballistic material, vests and plates 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, 2008 Annual Report dated April 6, 2009, the Company's Annual Information Form dated March 31, 2009 and the Company's Form 10 Registration Statement filed April 10, 2009 and amended on May 12, 2009. These documents are available on www.SEDAR.com and www.SEC.gov. The reader is also referred to the Company's interim reports for the three-month periods ending March 31, 2009 and June 30, 2009 as filed on www.SEDAR.com.
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.
SOURCE PROTECTIVE PRODUCTS OF AMERICA, INC.
For further information: For further information: Kristen McNally, The Piacente Group, Inc., Investor Relations, (212) 481-2050