8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 21, 2008 (March 18, 2008)

POINT BLANK SOLUTIONS, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-13112	11-3129361
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

2102 SW 2nd Street, Pompano Beach, Florida	33069
(Address of principal executive office)	(Zip Code)

(954) 630-0900

(Registrant’s telephone number, including area code)

Not Applicable

(Former Address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01. Entry into a Material Definitive Agreement.

On March 18, 2008, Point Blank Solutions, Inc. (the “Company”), through a newly formed wholly-owned subsidiary, entered into a Limited Liability Company Agreement (the “Join Venture Agreement”) of LifeStone Materials, LLC (“LifeStone”) with a subsidiary of FMS Enterprises Migun Ltd. (“FMS”) to establish a strategic alliance between FMS and the Company for the primary purpose of designing, developing, manufacturing and selling woven fabric for use in soft body armor. In connection with the execution of the Joint Venture Agreement and the formation of LifeStone, the Company also entered into a Supply Agreement to purchase a portion of its woven fabric requirements from LifeStone.

Joint Venture Agreement

The terms and conditions of the Joint Venture Agreement authorize the formation of LifeStone as a limited liability company under the laws of the State of Delaware. Under the Joint Venture Agreement, each of the Company and FMS, through their respective subsidiaries, own 50% of the ownership interests of LifeStone. Upon the signing of the Joint Venture Agreement, each of the Company and FMS, through their respective subsidiaries, contributed to LifeStone $250,000 as a capital contribution and as a $2,500,000 loan. In addition, each of the Company and FMS, through their respective subsidiaries, have committed to provide LifeStone with up to an additional $250,000 prior to the one year anniversary of the execution of the Joint Venture Agreement. Further capital contributions will only be required upon the agreement of each of the Company and FMS.

Pursuant to the Joint Venture Agreement LifeStone will be managed by a board of managers (the “Board”). The Board will be composed of four managers. Each of the Company and FMS will have the right to appoint two individuals to serve on the Board. The initial managers are Larry Ellis, John Siemer, Daniel Blum and Avi Blum. Any action to be taken by the Board will require the affirmative vote of at least one of the managers elected by each party, except that with regard to any action to be taken in connection with a dispute between the joint venture and a member will only require the affirmative vote of one manager appointed by the other member. The day-to-day management of LifeStone will be handled by a Production Manager and Controller that are employees of LifeStone.

The Joint Venture Agreement provides that distributions of cash held by LifeStone will be made following each fiscal quarter to the Company and FMSS. Any distributions will first be made to the Company and FMS based on their outstanding loans made by the Company or FMS to LifeStone and to cover the Company and FMS’ tax obligations arising from their ownership in LifeStone. Thereafter, distributions will be made to the Company and FMS to cause their capital account to match their ownership percentage and then one-half to the Company and one-half to FMS. These distributions will only be made to the extent that the Board determines that LifeStone does not require the funds for operation or any contingent liability in the coming 12 months.

The Joint Venture Agreement provides that, among other circumstances, LifeStone may be dissolved upon a material breach of a party or upon the agreement of the Company and FMS.

Supply Agreement

The initial term of the Supply Agreement is thirty-six (36) months, and it will be automatically extended for indefinite one year periods, subject to LifeStone or the Company providing notice of termination six months prior to any renewal period. The Supply Agreement is a toll manufacturing agreement, in that the Company will purchase, and deliver to LifeStone, the yarn necessary to weave the products to be manufactured by LifeStone. LifeStone will then weave the yarn and make it available for pickup by the Company. The Supply Agreement provides that the Company is required to purchase a portion of its woven fabric requirements from LifeStone. During the term of the Supply Agreement, it may be terminated by LifeStone or the Company in the event the other has breached the Supply Agreement or both of the parties agree to terminate. A copy of this press release is furnished herewith as Exhibit 99.1.

A copy of the press release announcing the joint venture is furnished herewith as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press Release of the Company, dated March 18, 2008, regarding strategic joint venture with FMS Enterprises.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

POINT BLANK SOLUTIONS, INC.
By:	/s/ John Siemer
Name:	John Siemer
Title:	Chief Operating Officer and Chief of Staff

Dated: March 21, 2008

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
99.1	Point Blank Solutions, Inc. Press Release, dated March 18, 2008, regarding strategic joint venture with FMS Enterprises

EX-99.1

Exhibit 99.1

	NEWS FROM POINT BLANK SOLUTIONS, INC.
	2102 SW 2nd Street • Pompano Beach, FL 33069
	Tel: 954-630-0900 • www.pointblanksolutionsinc.com

FOR IMMEDIATE RELEASE

Company Contact:	Media Relations/Investor Relations
	Glenn Wiener
	212-786-6013 / ir@pbsinc.com

POINT BLANK SOLUTIONS AND FMS ENTERPRISES

ESTABLISH STRATEGIC JOINT VENTURE

- Company to establish new subsidiary, LifeStone Materials, LLC

- JV will leverage soft body armor manufacturing, weaving and R&D capabilities

- Company expects JV to be accretive within first year of operation

Pompano Beach, Florida, March 18, 2008 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that it has entered into a strategic alliance with FMS Enterprises Migun Ltd. (“FMS”), a leading manufacturer and supplier of technologically advanced lightweight ballistic armor materials. Senator (Ret.) Bill Campbell, Chairman of PBSI, stated “We are very pleased to have FMS and its leadership as a partner in this very important project. We believe they share our vision and through this joint venture, will play a role in helping us become, the global leader in safety apparel and protective solutions.”

Under the terms of the joint venture agreement, PBSI and FMS will create a new subsidiary, LifeStone Materials, LLC, which will weave fabric for PBSI and FMS. Each Company will have a 50.0% equity ownership in the new joint venture and both will contribute $250,000 as a capital contribution and $2.5 million as a loan in order to fund the venture and provide sufficient working capital. Additionally, PBSI entered into a 36 month supply agreement to purchase a portion of its woven fabric requirements from LifeStone Materials.

Larry Ellis, President and CEO stated, “We, with FMS, have worked hard to structure a joint venture that aligns our interests and makes great business sense for both companies. From our perspective, this vertical integration is an important step in our strategic plan to enhance and grow our current platform to meet the global demands today and well into the future. We expect this venture to be accretive within the first year of operation and to be a key driver to our financial performance.”

The companies have appointed Craig Trask as Production Manager to run its day-to-day operations. Mr. Trask has extensive experience in the weaving industry and holds a degree in Chemistry; he previously served as a plant manager for PBSI. LifeStone Materials will be leasing its manufacturing facility in Anderson, South Carolina and anticipates the factory will be fully operational in the 2008 second quarter. Additionally, Research and Development will be a collaborative effort among PBSI, FMS, and Life Stone Materials.

Since 1986, FMS has become one of the world’s leading producers and suppliers of aramid ballistic fabrics to the global protection industry. Based in Tel Aviv, Israel, FMS instituted strict quality controls to ensure their fabric production meets all American and European standards and at an extremely high performance levels. Quality control procedures are carried out in accordance with ISO 9002, NIJ 0101.04 – Ballistic Resistance of Police Body Armor and U.S. MIL – STD. 662F for fragmentation protection. Over the years, FMS has supplied thousands of tons of woven aramid fabrics in a variety of yarn count, style and weave type to countless customers around the globe. Additionally, the Company is a licensed supplier of aramid fabrics to military and security organizations worldwide.

Ellis concluded, “We have talked about several strategic initiatives that will open new channels for growth and enhance profitability. This joint venture with FMS provides us with weaving capabilities and new sales growth. We are confident that this venture will improve our financial performance in the second half of 2008 and well into the future. We continue to pursue opportunities that will improve returns for all of our stakeholders.”

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ABOUT POINT BLANK SOLUTIONS, INC.

Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry.

The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.com.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY’S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY’S CONTROL. WORDS SUCH AS “EXPECTS,” “ANTICIPATES,” “TARGETS,” “GOALS,” “PROJECTS,” “INTENDS,” “PLANS,” “BELIEVES,” “PURSUE,” “SEEKS,” “ESTIMATES,” VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) CHANGES IN THE COMPANY’S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) DE-LISTING FROM THE AMERICAN STOCK EXCHANGE, (3) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (4) ADDITIONAL FINANCING REQUIREMENTS, (5) DEVELOPMENT OF NEW PRODUCTS, (6) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (7) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (8) TECHNOLOGICAL CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (10) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, (11) TURNOVER IN THE COMPANY’S SENIOR MANAGEMENT AND (12) OTHER UNCERTAINTIES DETAILED IN THE COMPANY’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN PART II ITEM 1A. “RISK FACTORS,” IN THE COMPANY’S PERIODIC REPORTS ON FORMS 10-K AND THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.

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