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[ARMOR HOLDING, INC. LOGO OMITTED] FOR IMMEDIATE RELEASE
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COMPANY CONTACT: MEDIA CONTACT: INVESTOR RELATIONS CONTACT:
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Robert R. Schiller Michael Fox James R. Palczynski
President President, Corporate Communications Principal
Armor Holdings, Inc. Integrated Corporate Relations, Inc. Integrated Corporate Relations, Inc.
904.741.5400 203.682.8218 203.682.8229
www.armorholdings.com mfox@icrinc.com jp@icrinc.com
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ARMOR HOLDINGS, INC. COMPLETES ACQUISITION
OF SECOND CHANCE BODY ARMOR
JACKSONVILLE, FLA., -- AUGUST 2, 2005 -- ARMOR HOLDINGS, INC. (NYSE: AH), a
leading manufacturer and distributor of security products and vehicle armor
systems serving military, law enforcement, homeland security and commercial
markets, announced today that it has completed its previously announced
acquisition of substantially all of the domestic assets of Second Chance Body
Armor, Inc. ("Second Chance"). Founded in 1970, Second Chance manufactures
concealable and tactical body armor for the law enforcement and military markets
worldwide. The acquired assets will be integrated into Armor Holdings' Products
Division and are expected to be meaningfully accretive to Armor Holdings
earnings per share in 2006.
Scott O'Brien, President of the Armor Holdings Products Division, commented, "We
are delighted to welcome Second Chance to the Armor Holdings team, and we
believe this transaction creates a fresh start for Second Chance. We expect the
purchase to allow Second Chance to move beyond the recent issues that have
clouded its reputation in the market. With this new beginning, we intend to
invest in the Second Chance brand, to restore its reputation, renew its presence
on the U.S. military's Outer Tactical Vest program and expand its distribution
internationally."
Armor Holdings paid $45 million in cash for substantially all of the assets of
Second Chance, including substantially all intellectual property, free and clear
of all liens, claims and encumbrances, and assumed certain trade liabilities.
The acquisition specifically excluded any Zylon(R) or Zylon(R) related assets
and all outstanding claims related to Zylon(R), including those related to
Ultima, Ultimax, and Triflex model vests. The United States Bankruptcy Court,
Western District of Michigan, confirmed the transaction on Wednesday, July 27,
2005.
Robert R. Schiller, President of Armor Holdings, Inc., added, "The fact that
Second Chance is still operating in spite of what it has been through during the
last several years, is a credit to the quality of its brand. By restoring Second
Chance's financial position, we hope to provide a much needed boost to the
Company's employees, suppliers and customers, primarily those law enforcement
officers who have been such loyal supporters of the Second Chance brand for many
years."
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13386 INTERNATIONAL PARKWAY JACKSONVILLE, FL 32218 TEL: 904.741.5400
FAX: 904-741-5403
ABOUT ARMOR HOLDINGS, INC.
Armor Holdings, Inc. (NYSE:AH) is a diversified manufacturer of branded products
for the military, law enforcement, and personnel safety markets. Additional
information can be found at www.armorholdings.com.
Certain matters discussed in this press release constitute forward-looking
statements that involve risks and uncertainties that could cause actual results
to differ materially from those projected. The Company may use words such as
"anticipates," "believes," "plans," "expects," "intends," "future," and similar
expressions to identify forward-looking statements. These risks and
uncertainties are described in the Company's filings with the Securities and
Exchange Commission, including the company's Registration Statement on Form S-3,
its 2004 Form 10-K and amendments thereto and most recently filed Forms 8-K and
10-Q.
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