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May 28, 2015 12:16 AM ET

Aerospace and Defense

Company Overview of Armor Designs, Inc.

Company Overview

Armor Designs, Inc., together with its subsidiaries, is engaged in the research, testing, development, and commercialization of composite armor products to serve the military, government, and commercial sectors. It develops composite armor products in personal body armor, rotorcraft, vehicle armor, and infrastructure armor areas. The company sells its products through third party distributors or resellers worldwide. The company was incorporated in 2006 and is headquartered in Phoenix, Arizona. Armor Designs, Inc. operates as a subsidiary of Hawthorne & York International, Ltd.

2500 North 24th Street

Phoenix, AZ 85008

United States

Founded in 2006

Phone:

520-329-7686

Fax:

602-273-6503

Key Executives for Armor Designs, Inc.

Interim Chief Executive Officer and Executive Director
Interim Chief Financial Officer and Director
Corporate Secretary
Vice President
Member of Advisory Consultant Panel
Compensation as of Fiscal Year 2014.

Armor Designs, Inc. Key Developments

Armor Designs Announces Listing Cancelation of Securities From The London Stock Exchange

Armor Designs Inc announced the Listing Cancelation for company 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.

Armor Designs Appoints Directors and Members of the Board of Directors

Armor Designs, Inc. announced the appointment of Jim Afinowich, Rick Sander, Tony Celeste, Roger Derse, and Michael G. Smith as Director and member of the Board of Directors.

Armor Designs Provides Update on Litigation Currently Pending Before the Court of Chancery of the State of Delaware

Armor Designs, Inc. provided an update on litigation currently pending before the Court of Chancery of the State of Delaware. Following a hearing held on November 7, 2014, the Court preliminarily declined to validate a written consent executed by the company's former Chairman of the Board and Chief Executive Officer, James St. Ville, acting through his wholly-owned company Hawthorne & York International Ltd, to remove the incumbent board of directors and to appoint seven new board members. Under consideration by the Court is the validity of St. Ville's actions taking in to account the terms of a "Relationship Agreement" entered into by St. Ville, HYI and the company in December 2007. The Court concluded that the Relationship Agreement contractually binds St. Ville in a way that limits his ability to act as controlling stockholder, and thereby has encouraged investors who relied on its precepts to buy stock and know that they would not be subject to certain control actions by St. Ville. The Court reserved its decision as to the applicability of the Relationship Agreement to invalidate St. Ville's action because the record is devoid of whether St. Ville reasonably believed the action to be in the best interest of the company and its shareholders as a whole. A further hearing is expected to occur but no timetable has yet been set.

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