EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

LOGO   

NEWS FROM POINT BLANK SOLUTIONS, INC.

2102 SW 2nd Street • Pompano Beach, FL 33069

Tel: 954-630-0900 • www.pointblanksolutionsinc.com

  
  

 

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

Point Blank Solutions Announces Change in Senior Management

Pompano Beach, Florida, February 5, 2009 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that Jim Anderson, Chief Financial Officer has resigned from his position effective Friday, February 6, 2009 for personal reasons and that Michelle Doery, VP, Corporate Controller has been appointed interim Chief Financial Officer.

Larry Ellis, President and CEO of Point Blank Solutions stated, “Jim has been a key member of our senior management team and his countless contributions to our organization are greatly appreciated. Over the past two years, he has been instrumental in helping us through our regulatory filing requirements, budgeting and planning and in supporting our efforts to regain SEC compliance. On behalf of the management and board of directors, I would like to thank Jim for all he has done and wish him the best in his future endeavors.” Ellis continued, “I would also like to congratulate Michelle on her promotion to interim CFO. Since joining our Company in 2007, she has demonstrated her skill sets in all areas of financial reporting and has been a valuable leader in our financial department. I have complete confidence in her ability to continue to help us implement best practices throughout our financial and operational departments.”

Michelle Doery has been Controller and Director of Financial Reporting since 2007. She has been responsible for the preparation and filing of Securities and Exchange Commission (SEC) reports while overseeing all SEC requirements for Point Blank. Additionally, Michelle has led the transition and implementation of internal financial systems and has overseen all internal financial reports and budgets. Prior to joining Point Blank Solutions, Ms. Doery was Regional Vice President, Finance with Lennar Homes where she supervised all accounting and reporting functions for the Land and Homebuilding divisions, prepared and updated budgets and forecasts, oversaw all Sarbanes-Oxley compliance initiatives and was directly involved in mergers and acquisitions. In previous roles, she was the Chief Financial Officer of MedChoice Pharmacy and Infusion Services, Inc., Chief Financial Officer of ABB Optical North America, Controller of G.L. Homes of Florida and Controller of AmeriPath. Ms. Doery is a Certified Public Accountant (CPA) and served as a Senior Auditor with Grant Thornton International for five years before joining the industry.

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

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,” “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) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) 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, (10) TURNOVER IN THE COMPANY’S SENIOR MANAGEMENT AND (11) 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 “RISK FACTORS,” IN THE COMPANY’S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. 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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