TIDMADID
Armor Designs Announces Listing Cancelation of Securities from
the London Stock Exchange
Armor Designs Inc., (LSE: ADID) ("Armor" or the "Company"), a
leading designer, integrator and manufacturer of armor solutions
for military, government and commercial use, today announced the
Listing Cancelation for Armor Designs Inc., (AIM: ADID), a
knowledge-based designer and manufacturer of composite protective
products, announces that, pursuant to the 17 December 2014
announcement of the resignation of the SP Angel Corporate Finance
LLP as the company's Nominated Advisor ("Nomad"), the Company
became subject to the London AIM Rule #1 and, consequently, was
required to replace the Nomad within 30 days. The company confirms
that despite the efforts of itself and three interested Nominated
Advisors, the required due diligence process could not be completed
in the time allotted. Despite appeals to the London AIM Regulation
to grant an extension, by the Company and a Nomad, it was denied.
Consequently, London AIM Regulation is canceling the listing of the
Company's ordinary shares and they will cease to be admitted to
trade on the London Stock Exchange, effective 7AM GMT 22 January
2015.
The Company received notification of the resignation of our
Nomad on December 17, 2014. The ramifications of the timing of the
Nomad resignation are exceptional and unusual, when applying the
30-day rule. The fact that London effectively 'shut down' for two
weeks or until after 5 January 2015, very little progress could be
made, by either the Company or the potential Nomads, towards
completing the mandatory due diligence process. The Company
identified 3 interested Nominated Advisors shortly after the New
Year that were willing to consider the Company for taking on the
role as Nomad. The proper due diligence period normally takes four
working weeks to complete and includes a US site visit, corporate
and director due diligence checks, third party background checks,
committee meetings, and working capital reports.
Because the 30-day rule does not specify or clarify working days
versus vacation days, London AIM companies seem to be treated
unequally, depending on the timing of Nomad resignation. In the
appeal to London Regulation for an extension, the Company pointed
out that it is not fair to the Company and its shareholders, if
some companies have 30 days (with 4 work weeks) to seat a Nomad
while others only have 30 days (with 2 vacation weeks and 2 work
weeks). Certainly, this is the situation our company has found
itself in, through no fault of its own. The efforts by the Company
and the Nomad to get an extension were denied by London AIM
Regulation.
The Company will update the market regarding the plans going
forward with regard to corporate direction, future financings,
contracts and public markets.
For further information please contact:
Armor Designs, Inc.James Hoffman, Interim CEO Tel:
+1-520-329-7686
www.armordesigns.com
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
For further information please contact:
Dennard Lascar Associates, LLC. Tel: 713-529-6600
M. Carol Coale
ccoale@dennardlascar.com
Ken Dennardeken@dennardlascar.com
Armor Designs, Inc.
James Hoffman, Interim CEO Tel: +520-329-7686
Jr.Hoffman@armordesigns.com www.armordesigns.com
About Armor Designs, Inc.
Armor Designs, Inc. ("ADI") is a knowledge-based,
technology-innovation company that develops and manufactures the
highest quality, lightest and most cost cost-effective armor
solutions to serve the military, government and commercial sectors
on a global basis. We are an international company headquartered in
Phoenix, Arizona, and our commitment to state-of the-art innovation
is driven through the application of Finite Elemental Analysis.
This methodology eliminates the trial-and-error approach and
instead provides a robust platform for a rapid development of armor
solutions that can be tailored for any application.
For more information, please visit the Armor Designs web site at
www.armordesigns.com
Safe Harbor Statement and Disclaimer
This news release includes "forward looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward looking statements give our current expectations,
opinion, belief or forecasts of future events and performance. A
statement identified by the use of forward looking words including
"may," "expects," "projects," "anticipates," "plans," "believes,"
"estimate," "should," and certain of the other foregoing statements
may be deemed forward-looking statements. Although Armor Designs
believes that the expectations reflected in such forward-looking
statements are reasonable, these statements involve risks and
uncertainties that may cause actual future activities and results
to be materially different from those suggested or described in
this news release. Investors are cautioned that any forward-looking
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected.
The forward-looking statements in this press release are made as of
the date hereof. The Company takes no obligation to update or
correct its own forward-looking statements, except as required by
law, or those prepared by third parties that are not paid for by
the Company.
Electronic versions of the materials you are seeking to access
are being made available on this website by Armor Designs, Inc.
("Armor Designs") pursuant to the AIM rules for companies published
by the London stock exchange as a consequence of the fact that the
common shares of armor designs are admitted to trading on the AIM
market of the London Stock Exchange.
Non-U.S. persons
These materials are not directed to nor are they intended for
access by persons located or resident in the United States. None of
the securities of Armor Designs discussed or referred to in the
materials you are seeking to access have been registered under the
US securities act 1933, as amended ("securities act") and may not
be offered, sold, pledged or otherwise transferred except (1) in an
offshore transaction meeting the requirements of rule 903 or rule
904 of regulation S under the securities act, (2) pursuant to an
effective registration statement under the securities act, or (3)
pursuant to an available exemption from the registration
requirements of the securities act, in each case in accordance with
all applicable securities laws.
This information is provided by Business Wire
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