[ARMOR HOLDINGS, INC. LOGO OMITTED] FOR IMMEDIATE RELEASE
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Company Contact: Company Contact:
Warren B. Kanders Robert R. Schiller
Chairman and CEO Chief Operating Officer and CFO
Armor Holdings, Inc. Armor Holdings, Inc.
904.741.5400 904.741.5400
www.armorholdings.com www.armorholdings.com
ARMOR HOLDINGS, INC. COMPLETES THE SALE OF ARMORGROUP
JACKSONVILLE, FLA., (NOVEMBER 26, 2003) -- ARMOR HOLDINGS, INC. (NYSE: AH), a
leading manufacturer of security products and armored vehicles, announced today
that it has completed the sale of ArmorGroup, its security service division, for
$33,660,000 million in cash to a group of private investors led by Granville
Baird Capital Partners of London, England and Management. Armor Holdings
received $31,360,000 million in cash at closing and is scheduled to receive
another $2,300,000 million by the end of 2004. Armor Holdings also expects to
realize a reduction in tax payments of approximately $10,000,000 million on its
2003 tax return as a result of the sale.
"With the sale of our service business behind us, we are now a pure play
manufacturer," said Robert R. Schiller, Chief Operating Officer of Armor
Holdings. "The pending acquisition of Simula will complete our transformation
into a leading provider of life saving equipment to the defense, aerospace and
law enforcement markets." The Simula shareholders' meeting to approve the
acquisition is currently scheduled for Friday, December 5th.
ABOUT ARMOR HOLDINGS
Armor Holdings, included in FORBES magazine's list of "200 Best Small Companies"
in 2002 and 2003, and a member of the S&P Smallcap 600 Index, is a leading
manufacturer of security products for law enforcement personnel around the world
through its Armor Holdings Products division and is one of the world's largest
and most experienced passenger vehicle armoring manufacturers through its Mobile
Security division. Armor Holdings Products manufactures and sells a broad range
of high quality branded law enforcement equipment. Such products include
ballistic resistant vests and tactical armor, less-lethal munitions, safety
holsters, batons, anti-riot products and a variety of crime scene related
equipment, including narcotic identification kits. Armor Holdings Mobile
Security, through its commercial business, armors a variety of vehicles,
including limousines, sedans, sport utility vehicles, and money transport
vehicles, to protect against varying degrees of ballistic and blast threats.
Through its military program, it is the prime contractor to the U.S. Military
for the supply of armoring and blast protection for High Mobility Multi-purpose
Wheeled Vehicles, commonly known as HMMWVs.
Statements in this press release may be forward-looking. Actual events will be
dependent upon factors and risks including, but not limited to, the Company's
ability to: realize the payments owed by Granville Baird Capital Partners;
manufacture and market its core products; provide a variety of services to its
customers on a global basis; respond to new laws and regulations; continue its
strategy of growth by acquisition; manage the impact of foreign exchange; and
manage general world wide security issues, economic conditions, uncertainties
and risks, including those described from time to time in the Company's filings
with the Securities and Exchange Commission, including, the Company's
Registration Statement on Form S3, its 2002 Form 10K and its most recent Form
10Qs. The Company undertakes no obligation to make any revisions to the
forward-looking statements contained in this release or to update them to
reflect events or circumstances occurring after the date of this release.
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1400 MARSH LANDING PARKWAY, SUITE 112 JACKSONVILLE, FL 32250
TEL: 904.741.5400 FAX: 904-741-5403