Corporation Signs Letter of Intent to Acquire Composix Co.
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SUNSHINE, Fla., April 5 -- Ceramic Protection Corporation ("CPC" or "the Corporation"), a leading manufacturer and distributor of advanced ballistic protective products, announced today that it has recently signed a non-binding Letter of Intent to acquire Composix Co. of Newark, Ohio. The transaction is subject to, among other things, the negotiation and signing of a Definitive Agreement. Other terms were not disclosed.
Established in 1987, Composix, along with its sister companies, Ohio Armor and Force One, LLC, has produced a variety of products in markets ranging from military and commercial armor, vehicle and aircraft armor protection to personnel body armor. As a specialty OEM (Original Equipment Manufacturer) producer of armor products, machined metallic parts and specialty products, Composix capabilities range from developing prototype parts and processes to the production of finished products. Composix products include custom fabricated composite parts, armor products, bullet-resistant vests, protective plates, Aramid-Shield(TM) armor materials, military composites, lightweight military vehicle components, composite fuel tanks and coated yarns.
"This accretive transaction would, if completed, continue our strategy of core market acquisitions, and would incrementally add to earnings per share in 2007," said Mr. Steve Giordanella, Chief Executive Officer. "We admire Composix, its people and its unique capabilities and we look forward to finalizing the Definitive Purchase Agreement and bringing Composix to the CPC family. We also look forward to leveraging each company's talents, capabilities and resources. We believe the Composix product lines would complement our current product portfolio, contribute significantly to our product mix for our customers, and we would expect Composix to integrate directly into our distribution channels."
Business of the Corporation
Ceramic Protection Corporation, headquartered in Calgary, Alberta, Canada, with offices in Newark, Delaware and Sunrise, Florida, USA, is an ISO 9001:2000 certified manufacturer and distributor of advanced materials for use in the ballistic protection marketplace. The Corporation manufactures a wide range of products used to provide protection for personnel and vehicles, including a wide range of ceramic armour products and multiple composite-based products. The Calgary plant manufactures alumina ceramic and fiber reinforced composites used for ballistic protection of personnel and vehicles. In conjunction with its wholly owned subsidiary Ceramic Protection Corporation of America of Newark, Delaware, the Corporation also manufactures a wide range of boron carbide, silicon carbide and polyethylene products for use in personnel armour systems. PPI of Sunrise, Florida, manufactures a wide range of soft armour products for the law enforcement and military markets.
Investor Relations
Analyst and investor relations calls should be addressed to Ms. Grimie Villarreal, Corporate Investor Relations, at (954) 846-8222
Interested parties are also referred to the Corporation's website www.cerpro.com/ for further information about the Corporation, its products and other recent announcements.
Source: Ceramic Protection Corporation/Protective Products International
(Subsidiary)
CONTACT:
Grimie Villarreal,
Corporate Investor Relations,
Ceramic Protection Corporation-Protective Products International (Subsidiary),
+1-954-846-8222
Web site: www.cerpro.com/
