Published:
Point Blank Solutions Files Protest with the United States Government Accountability Office
POMPANO BEACH, Fla., Sept. 5 /PRNewswire-FirstCall/ -- Point Blank
Solutions, Inc. ("PBSI", OTC Pink Sheets: PBSO), a leader in the field of
protective body armor, today announced that it has received correspondence
from the U.S. Army Research, Development and Engineering Command Acquisition
Center notifying the Company that its proposals to supply certain protective
materials have been eliminated from further consideration for award under the
Army's Solicitation W91CRB-07-R-0079 (the "Solicitation"). In addition the
Company announced that it has filed a protest of the Army's decision with the
United States Government Accountability Office ("GAO"). The Company remains in
competition for award of a small portion of the contract for which proposals
were sought by the Solicitation.
In letters received on August 28th and 29th, 2008, the Army notified the
Company that certain Preliminary Design Models were deemed "unacceptable." The
Company vigorously disputes the Army's decision, and has submitted a protest
asserting that the decision is unreasonable and inconsistent with the stated
evaluation criteria. The Company intends to pursue all available legal
remedies to challenge the Army's decision but cannot predict the outcome of
its protest or of the ultimate contract awards.
The Company is not aware that any decisions on contract awards in response
to the Solicitation have been made as of the date of the protest. The Company
remains committed to providing the world's best protection to soldiers and
notes that the Army has options to provide the Improved Outer Tactical Vests
("IOTVs") and related solutions to our soldiers. Thus, the Government's
ability to provide this equipment to deploying soldiers will not be
compromised.
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 inDeerfield Beach, FL,Oakland Park, FL,
Pompano Beach, FL,Jacksboro, TN andWashington, 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.
Company Contact: Media Relations/Investor Relations
Glenn Wiener
212-786-6013 / ir@pbsinc.com
SOURCE Point Blank Solutions, Inc.
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
Daily NewsTags: ,ARO,OTC,LAW,POL,EXE,FL-PointBlank-Protest
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