SUNRISE, Fla. , Aug. 1 /PRNewswire/ -- Ceramic Protection Corporation ("CPC" or the "Corporation"), a leading manufacturer and distributor of advanced ballistic protective products, is pleased to announce that on July 31, 2008 , it completed the domestication process and is now incorporated in the State of Delaware . The domestication was completed by way of a Plan of Arrangement, pursuant to which the Corporation discontinued from the jurisdiction of Alberta, Canada into Delaware under its new name, Protective Products of America, Inc. The Arrangement was approved by a shareholder vote at a special meeting on July 28, 2008 .
"We are very pleased to be a U.S. company and believe this new status enhances our opportunities for new and ongoing business with the U.S. military, federal agencies and law enforcement," said Steve Giordanella , CEO.
"While Ceramic Protection Corporation has a history of excellence to be proud of, Protective Products of America truly represents the next step in our business evolution. As a U.S. company, we are more closely aligned with our customers and markets," Mr. Giordanella added.
Protective Products of America will continue to be traded on the Toronto Stock Exchange, transitioning from the symbol "CEP" to the new symbol "PPA."
Business of the Corporation
The Corporation is headquartered in Sunrise, Florida , with facilities in Newark, Delaware and Granite Falls, North Carolina . The Corporation, together with its subsidiaries, is engaged in the design, manufacture and marketing of advanced products used to provide ballistic protection for personnel and vehicles in the military and law enforcement markets. The Corporation's product portfolio includes lightweight ceramic armour for vehicles and military personnel, composite based products and concealable soft body armour products for law enforcement and the Modular Tactical Vest (MTV) ballistic system for military personnel.
In many high performance applications, such as handling ballistic threats, products made of advanced technical ceramics meet specifications that similar products made of metals, plastics or traditional ceramics cannot achieve. Advanced technical ceramics withstand extremely high velocity ballistics, combine hardness with light weight, are highly resistant to corrosion and wear, and have low friction characteristics. Management is of the opinion that the Corporation is an acknowledged industry leader in the design, manufacture, and sale of high performance and high quality products used for ballistic protection. The Corporation's subsidiary, Protective Products International is an ISO 9001:2000 certified manufacturer. Further, the Corporation is one of very few companies able to provide customers with an integrated personnel armouring system of ceramic plates, soft ballistic material and vests for soldiers.
Forward Looking Statements
This release may contain forward looking statements including expectations of future sales, cash flow, and earnings. These statements are based on current expectations that involve a number of risks and uncertainties that could cause actual results to differ from those anticipated. These risks include, but are not limited to, uncertainties associated with the defense industry, commodity prices, exchange rate fluctuations, and risks resulting from potential delays, appeals or changes related to government orders in the defense sector.
The Corporation depends on reliable supplies of high quality source materials used in the manufacture of armour products, including aramid fabrics and polyethylene materials, and works actively with key suppliers to ensure that requirements and demands for these materials are anticipated and properly met. The foregoing is not exhaustive and other risks are detailed from time to time in other disclosure filings of the Corporation. Should one or more of these risks or uncertainties materialize, or should stated assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. The reader is also referred to other uncertainties and risks discussed in detail in the MD&A section of the Corporation's May 15, 2008 Interim Report, December 31, 2007 Annual Report dated March 31, 2008 and also the Corporation's Annual Information Form dated March 31, 2008 . These documents are available on SEDAR (www.sedar.com).
In light of certain sensitive aspects in regard to customers and products, the Corporation may choose not to disclose all information related to the purchasers of its products, such as government agencies, countries or other end-users. Products manufactured for export in the United States must first be approved for export by the appropriate U.S. government agencies. Other armour sales may be made to recognized domestic agencies such as the military and those involved in local, provincial, or national law enforcement and homeland security matters.
Analyst and investor relations calls should be addressed to Ms. Grimie Del Valle, 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