The board of directors of Armor Designs, Inc. (AIM: ADID), a knowledge-based designer and manufacturer of composite protective products, (the "Board") announces that James A. St. Ville, MD, Chairman and Chief Executive Officer of the Company has, for medical reasons, resigned from both roles and will step down as a Director of the Company with immediate effect. The Board recognizes Dr. St. Ville as the Founding Father of Armor Designs and greatly appreciates his significant contribution, dedication and endless hard work and his continued efforts in ensuring a smooth and seamless transition.
Armor Design's newly elected Chief Executive Officer is David L. Oliveira. Mr. Oliveira has served as a non-executive director and Compliance Chair since joining the Board in July 2010 and has been involved with Dr. St. Ville and the Company since inception. Mr. Oliveira brings his 30 years' of experience in the financial services industry, primarily investment markets, with the majority of his career focused in the area of investment portfolio risk analysis and management to his new role. Mr. Oliveira is dually licensed as a General Securities Principal (series 24) and Investment Advisor (series 65).
In addition, the Board has elected Robert Elizondo as Chairman of the Board. Mr. Elizondo currently serves as a non-executive director of the Company. Mr. Elizondo has been an investor in Armor Designs, Inc since 2008. He is a retired senior level executive with United Parcel Service, Inc. He worked for United Parcel Service for 31 years and his last assignment was President of all United Parcel Service's Latin America and Caribbean operations. Prior to that he served as a commissioned U.S. Army field artillery officer in the Republic of Vietnam.
The Board is working with the Company's commercial and other partners to ensure a smooth transition and will provide further updates as appropriate.
For further information please contact:
|Armor Designs, Inc.
|Tel: +1 520 329 7686|
|SP Angel Corporate Finance LLP
|Tel: +4420 3463 2260|
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