Protective Products of America, Inc. recently announced that it has completed the sale of substantially all of its Delaware assets for cash proceeds of $3.2 million. Following the sale, the company used $3 million to further reduce its bank indebtedness. This sale is in addition to a prior sale of other Delaware assets in late 2008 for cash proceeds of $280,000.
“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.”
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