Protective Products of America Announces Sale of Delaware Assets (posted 2/3/09)
“We are pleased to have completed the sale of substantially all of our Delaware assets so quickly,” said Stephen Giordanella, chief executive officer. “We used the cash proceeds to pay down debt, strengthen our balance sheet and improve liquidity. This is yet another step in the turnaround of the company and demonstrates management’s ability to execute on its strategic vision for the future growth and profitability of the business.”
Protective Products of America also announced the appointment of Charles Peters, executive vice president and chief financial officer of Red Hat, Inc., and Frank Jaumot, a director at MasTec, Inc., to its board of directors, effective January 1, 2009. “It is an honor to have Charles Peters and Frank Jaumot join our board,” said Giordanella. “We will benefit tremendously from their public company experience and insight into financial matters, such as accounting, auditing and tax. Charles and Frank will be an asset to our board as we continue to grow and expand our soft armor business.”
Visit www.protectiveproductsofamerica.com for more information.