EXHIBIT 99.1
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NEWS FROM DHB INDUSTRIES INC.
2102 SW 2nd Street Pompano Beach, FL 33069
Tel: 954-630-0900 www.dhbindustries.com
COMPANY CONTACT: Media Relations/Investor Relations
Glenn Wiener
212-786-6013
pr@dhbt.com or ir@dhbt.com
FOR IMMEDIATE RELEASE
DHB ANNOUNCES CHANGES TO ITS BOARD OF DIRECTORS
CARY CHASIN AND GARY NADELMAN STEP DOWN;
LIEUTENANT GENERAL (RETIRED) MARTIN R. BERNDT AND SUZANNE M. HOPGOOD
JOIN THE BOARD OF DIRECTORS
POMPANO BEACH, FLORIDA, MARCH 1, 2007 - DHB Industries Inc. (OTC Pink Sheets:
DHBT.PK), a leader in the field of protective body armor, announced today that
Cary Chasin and Gary Nadelman resigned as Directors, effective February 28,
2007. In addition, the Company disclosed that Lieutenant General (retired)
Martin R. Berndt of the U.S. Marine Corps and Suzanne M. Hopgood have been
appointed Directors of the Board, replacing Mssrs. Chasin and Nadelman.
Senator (retired) William Campbell, Chairman of the Board of Directors,
commented, "I would like to extend my appreciation and gratitude to Cary and
Gary for their years of service to our company. Both have played key roles in
helping us grow over the years, while providing strategic counsel throughout. I,
along with the Board of Directors and management team, wish them well in their
future endeavors."
"I would like to welcome Marty Berndt and Suzanne Hopgood to our Board. General
Berndt is a proven leader who will contribute immediately to our success. He is
an exceptional source for knowledge into the processes of the Department of
Defense. Suzanne's expertise in the areas of strategic planning and financial
management will complement our existing Board. Her breadth of experience in
working with public companies undergoing transition is a great asset for our
company as we implement corporate governance reforms. With these appointments,
we continue to strengthen our Board, our management team and all facets of our
organization, and thereby, enhance shareholder value," Senator Campbell added.
General Martin R. Berndt retired from the U.S. Marine Corps in 2005, after more
than 36 years of service. He commanded U.S. Marine Corps Forces Atlantic, South
and Europe; U.S. Marine Corps Bases, Atlantic; and U.S. Fleet Marine Forces,
Atlantic and Europe. General Berndt was commissioned a Second Lieutenant in the
Marine Corps upon graduation from West Chester University in 1969. Early in his
career, he served in Vietnam and held various positions with the U.S. Marine
Corps including Commanding Officer of Headquarters and Maintenance Squadron 26,
political-military planner with the Office of the Joint Chiefs of Staff and
Executive Officer of Marine Forces Panama. Between 1990 and 1995, he served as a
Middle East/Africa planner and U.S. Military Liaison to the West Africa
Peacekeeping Force in Liberia, as the Assistant Chief of Staff of Headquarters,
U.S. European Command in Stuttgart, Germany, as the Officer-in-Charge, II MEF
Special Operations Training Group and as the
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commander of the 24th Marine Expeditionary Unit. He then served as the Deputy
Commander, Marine Forces Atlantic, the Director of Joint Training at USACOM, the
Commander of the Joint Warfighting Center and as Deputy Commanding General,
Marine Corps Combat Development Command in Quantico Virginia. In 2000 he assumed
command of the 2nd Marine Expeditionary Force for two years prior to his final
active duty assignment.
General Berndt currently serves as a Senior Mentor for the U.S. Marine Corps
Staff Training Program and in a similar capacity for Joint Forces Command. He
serves as a member of "CorpStrategy" team under the sponsorship of the Institute
for Defense and Business, UNC Chapel Hill and is a member of the Onslow County
Military Affairs Committee. He serves as a Board member for the Governor's North
Carolina Military Foundation and a privately owned company in Northern Virginia.
Suzanne Hopgood is the President and CEO of The Hopgood Group, a business and
workout consulting firm she founded in 1985. She is a financial expert and
served on the board of four public companies and as Chairman of the Board for
two companies. She helped guide a variety of companies through very difficult
business, financial and legal challenges and crises, serving as a turnaround
CEO, Chairman of the Board, Chair of public company executive, nominating,
governance, and audit committees as well as a member of strategic planning,
compensation, and CEO search committees. Suzanne currently serves as the Chair
of the nominating and governance committees of Acadia Realty Trust, a public
company and has twice served as a member of board slates elected in proxy
contests initiated by institutional investors.
Ms Hopgood is a member of the teaching faculty of the National Association
Corporate Directors ("NACD") and is an active educator, facilitator and mediator
for boards of a wide variety of public and private companies on behalf of the
NACD. She is an author and frequent speaker on corporate governance issues, and
co-wrote the award-winning "BOARD LEADERSHIP FOR THE COMPANY IN CRISIS". Prior
to founding The Hopgood Group, Ms. Hopgood was responsible for a $1 billion
equity real estate portfolio for Aetna Realty Investors, a subsidiary of Aetna.
She received a Bachelors of Science in business administration from the
University of New Hampshire.
ABOUT DHB INDUSTRIES
DHB Industries Inc.'s highly recognized subsidiaries, Point Blank Body Armor,
Inc. (www.pointblankarmor.com) and Protective Apparel Corporation of America
(PACA) (www.pacabodyarmor.com) are in the protective body armor industry and are
focused on the design, manufacture, and distribution of bullet resistant and
protective body armor for military, law enforcement, and corrections in the U.S.
and worldwide. Company subsidiary NDL Products, Inc. (www.ndlproducts.com)
produces and markets a comprehensive line of athletic supports and braces which
are merchandised through national superstore chains, as well as through private
label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL,
Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB
Industries Inc. visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS
RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S
EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES,
CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS,"
"ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES,"
"SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE
INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING
STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT
TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT.
THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE
EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR
CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) THE
COMPANY'S LACK OF AUDITED FINANCIAL STATEMENTS AND ITS ABILITY TO FILE ITS
PERIODIC REPORTS WITH THE SECURITIES AND EXCHANGE COMMISSION ON A TIMELY BASIS,
(2) IMPROVEMENT IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL
REPORTING, (3) DE-LISTING FROM THE AMERICAN STOCK EXCHANGE, (4) UNCERTAINTY OF
FUTURE FINANCIAL RESULTS, (5) ADDITIONAL FINANCING REQUIREMENTS, (6) DEVELOPMENT
OF NEW PRODUCTS, (7) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE
SETTLEMENT BY THE COURT, (8) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (9)
TECHNOLOGICAL CHANGES, (10) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS,
(11) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND
THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE
COMPANY, AND (12) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE
SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE
RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE
HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY
FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR
MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR
CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
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