Asian Manufacturing & Distribution Joint Venture
August 04 2009 - 2:00AM
UK Regulatory
TIDMADID TIDMADIS
RNS Number : 8056W
Armor Designs, Inc.
04 August 2009
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| Press Release | 4 August 2009 |
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Armor Designs Inc.
("Armor Designs" or "the Company")
Asian Manufacturing & Distribution Joint Venture
Armor Designs Inc., (AIM: ADID, ADIS), the knowledge-based designer and
manufacturer of composite protective products, using its proprietary
Volumetrically Controlled Manufacturing ("VCM") process, is pleased to announce
that it has entered into a Joint Venture Agreement ("Agreement") with King
Castle Holding Ltd. ("King Castle") of Hong Kong, to design, manufacture, and
distribute commercial and civilian products in the Asia Pacific
region.
Under the terms of the five-year Agreement, King Castle is
committed to build a turn-key made-to-order VCM production facility. The VCM
production facility will be leased back to the joint venture. The plant is
scheduled to go into commercial production in 2011.
It is the intent of the joint venture to be a leading supplier of quality
construction and industrial armor materials, playing a significant role in the
construction, infrastructure development, and manufacturing industry sectors in
Hong Kong and mainland China.
Under the terms of the Agreement:
* Armor Designs Inc. will have a 51% ownership stake with 4 Board seats and King
Castle will have 49% ownership stake with 3 Board seats.
* Armor Designs Inc. will manage the design, manufacture, and distribution of VCM
products, while King Castle will develop the regional sales & marketing team in
the region.
* Armor Designs Inc., will receive a royalty of 5% of gross sales for all VCM
products produced at the new facility.
* For the next two-years, while the VCM facility is being constructed and the
capital equipment being manufactured, all purchase orders originating from the
King Castle sales team will be fulfilled by Armor's existing production
facilities in Phoenix, Arizona.
Dr. James A. St. Ville, Executive Chairman of the Company, commented: "Armor
Designs is excited to team with King Castle to improve our ability to meet the
increasing needs for next-generation civilian and commercial composite armor of
the future".
For further information please contact:
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| Armor Designs, Inc. | |
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| Phil Clement, Interim CEO | Tel: +1 602 275 4633 |
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| Phil.Clement@armordesigns.com | www.armordesigns.com |
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| ZAI Corporate Finance Limited | |
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| Graeme Thom / Thilo Hoffmann | Tel: +44 20 7398 2900 |
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Media enquiries:
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| Brunswick Group LLP | |
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| Michael Harrison/ Chris Blundell/ Camilla | Tel: +44 20 7404 5959 |
| Gore | |
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Notes to editors:
Armor Designs, Inc. ("ADI") is a knowledge-based company specializing in
next-generation composite material design, manufacture, prototyping and testing
for applications and products for the armor industry. ADI uses a proprietary
design and manufacturing process called VCM to rapidly develop new composite
armor products of superior ballistic, weight and flexibility. The VCM process is
protected by patents and trade secrets licensed to ADI in perpetuity for use in
field of armor.
For more information on Armor Designs, Inc., please go to www.armordesigns.com
King Castle Holding Ltd. is a holding company created by a group of investors in
ADI to undertake the rollout of VCM production in the Asia Pacific region.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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