EXHIBIT 99.1
POINT BLANK
SOLUTIONS, INC.
LOGO APPEARS HERE
NEWS FROM POINT BLANK SOLUTIONS, INC.
2102 SW 2nd Street o Pompano Beach, FL 33069
Tel: 954-630-0900 o www.pointblanksolutions.com
Company Contact: Media Relations/Investor Relations
Glenn Wiener
212-786-6013 / ir@PBSInc.com
POINT BLANK COMMENTS ON ANNOUNCEMENT FROM STEEL PARTNERS
POMPANO BEACH, FL, FEBRUARY 8, 2008 - Point Blank Solutions, Inc. (the
"Company") (OTC Pink Sheets: PBSO.PK), received notice today from Steel Partners
that it intends to nominate five directors for election to the Company's Board
of Directors at the Company's 2008 Annual Meeting of Stockholders.
Larry Ellis, the Company's President and Chief Executive Officer said, "The
Board of Directors and management team of the Company are committed to acting in
the best interests of the Company, our customers and all of our stockholders,
and we are working diligently to maximize stockholder value." He continued "We
have a strong, well-qualified and independent Board. Our Board's Nominating and
Governance Committee will review the nominations and make a recommendation to
our stockholders in due course."
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of
technologically advanced body armor systems for the U.S. Military, Government
and law enforcement agencies, as well as select international markets. The
Company is also recognized as the largest producer of soft body armor in the
U.S. With state-of-the-art manufacturing and laboratory testing facilities,
strategic technology and marketing alliances, and an ongoing commitment to drive
innovation, the Company believes that it can deliver the most advanced body
armor solutions, quicker and better than anyone in the industry.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL,
Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point
Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.com.
IMPORTANT ADDITIONAL INFORMATION
In connection with the 2008 Annual Meeting of Stockholders, the Company will
file a proxy statement and other documents regarding the 2008 Annual Meeting
with the U.S. Securities and Exchange Commission and will mail the definitive
proxy statement and a proxy card to each stockholder entitled to vote at the
2008 Annual Meeting. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY
OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION. The proxy statement and other documents relating to the
2008 Annual Meeting (when they are available) can be obtained free of charge
from the SEC's website at http://www.sec.gov. These documents (when they are
available) can also be obtained free of charge from the Company at the Company's
website at www.pointblanksolutionsinc.com under the "Investor Relations" tab,
upon written request to Corporate Secretary, Point Blank Solutions, Inc, 2102
S.W. 2nd St., Pompano Beach, Florida 33069, or by calling the Investor Relations
department at (212) 786-6013.
The Company and its directors and executive officers may be deemed to be
participants in the solicitation of proxies in connection with the 2008 Annual
Meeting. Information regarding the interests of the directors and executive
officers of the Company in the solicitation will be more specifically set forth
in the definitive proxy statement that will be filed by the Company with the SEC
and which will be available free of charge from the SEC and the Company, as
indicated above. Information about the directors and executive officers of the
Company may be found in its Form 10-K for the fiscal year ended December 31,
2006, filed with the SEC on October 1, 2007.
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) CHANGES IN
THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2)
DE-LISTING FROM THE AMERICAN STOCK EXCHANGE, (3) UNCERTAINTY OF FUTURE FINANCIAL
RESULTS, (4) ADDITIONAL FINANCING REQUIREMENTS, (5) DEVELOPMENT OF NEW PRODUCTS,
(6) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE
COURT, (7) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (8) TECHNOLOGICAL
CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (10) 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, (11)
TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (12) OTHER UNCERTAINTIES
DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION,
INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL
IN PART II ITEM 1A. "RISK FACTORS," IN THE COMPANY'S QUARTERLY REPORT ON FORM
10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2007. 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.
- #### -
2