CLEARWATER, Fla., April 25, 2013 /PRNewswire/ -- BlastGard
International, Inc. (OTCQB: BLGA) ("BlastGard" or the "Company")
reported today the conversion of existing convertible debentures
and an improved balance sheet. The majority note holder of our
outstanding convertible notes converted the principal amount,
including accrued interest thereon, of $1,451,424.70 in debt into 161,269,410 shares of
BlastGard's Common Stock. Of that amount, 20,222,222 shares are set
aside for the former Note holder and 8,620,689 shares to another
Canadian entity. The amount converted represents approximately 100%
of all convertible debt appearing on BlastGard's December 31, 2012 annual report on Form 10K.
"We are extremely pleased that our note holders chose to convert
their debt into our Common Stock," said Michael Gordon, BlastGard CEO. "This not only
improves our balance sheet but we expect to reap additional savings
as we continue to integrate the operations of HighCom Security,
which we acquired in 2011. This is a great vote of confidence
in BlastGard by our note holders and this transaction will deliver
considerable savings leading to improved margins as we strive for
even greater revenue in 2013.
About BlastGard International, Inc.
BlastGard International, Inc. manufactures and markets
proprietary blast mitigation materials through BlastGard
International and designs, manufactures and distributes a unique
range of leading security products and personal protective gear
through HighCom Security. The Company's patented
BlastWrap® technology effectively mitigates blast
effects and suppresses post-blast fires. This unique technology can
be used to create new, finished products or be used to retrofit to
existing products. BlastGard's core market focus is on blast
effects mitigation for the commercial sector, military, law
enforcement and government agencies. HighCom provides a wide range
of security products and personal protective gear (including
tactical armor) that are tailored and offer protection solutions to
specific customer requirements. Given the equipment and ballistic
protection solutions provided by HighCom, compliance with the U.S.
Department of Commerce, U.S. Department of State, U.S. Department
of the Treasury and all other governmental agencies' regulations is
a high priority. HighCom has sold its products in the defense and
law enforcement sectors and is known for innovative technology,
exceptional customer service and superior quality performance.
Additional information on BlastGard Defense Group's companies can
be found at http://www.blastgardintl.com and
http://www.highcomsecurity.com.
"Safe Harbor'' statement under the Private Securities
Litigation Reform Act of 1995: Except for historical information,
all of the statements, expectations and assumptions contained in
the foregoing are forward-looking statements that involve a number
of risks and uncertainties. It is possible that the assumptions
made by management are not necessarily the most likely and may not
materialize. In addition, other important factors that could cause
actual results to differ materially include the following: the
Company's ability to market its products; the Company's ability to
obtain additional funding; the Company's ability to obtain
regulatory approvals on new products, the general economy;
competitive factors; ability to attract and retain personnel; the
price of the Company's stock; and other risk factors. The Company
takes no obligation to update or correct forward-looking
statements.
Company Contact: BlastGard International, Inc., Michael J. Gordon at (727)
592-9400
SOURCE BlastGard International, Inc.