Point Blank wins $38.5 million contract from U.S. Army for IOTVs
12:00 AM, October 1, 2009
Point Blank Solutions, Inc., a leader in the field of protective body armor, announced today that its wholly owned subsidiary, Point Blank Body Armor has been awarded a $38.5 million contract from the U.S. Army Research, Development and Engineering Command ("RDECOM") Contracting Center to produce the New, Generation II Improved Outer Tactical Vests ("IOTVs"). Under the terms of the contract, the Company will begin production in October 2009 and expects to complete the order by January 2010. "This latest award is another testament to the quality of our products and the Army's trust in our combat-proven solutions," stated Jim Henderson, Chief Executive Officer and Chairman of the Board. "We continue to work closely with the Armed Forces and our other domestic and international customers and partners, to develop the most innovative and safest ballistics in the industry, while lowering our cost position and improving our production capabilities. This was a competitive solicitation and I believe our efforts over the past year enabled us to put forth the best proposal, based on price, performance and quality."