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Archive for the ‘Industry’ Category

Point Blank Files Chapter 11 – For Reals

Saturday, May 22nd, 2010

They really did it this time. No more of that temporary protection crap. Point Blank Solutions filed for Chapter 11 bankruptcy protection in Federal District Court in Wilmington Delaware on Wednesday citing the same reasons they asked for temporary protection last month. According to recently filed documents, they list assets of $63.9 million and debt of $68.5 million as of Feb. 28 so no word on the impact of the $20 million of Debtor-in-Possession (“DIP”) financing they had arranged for in April. A sizable portion of the debt is said to be tied to their former CEO so it has been difficult to find a buyer to get them back on track.

Tdi Arms Now Manufacturing in the US

Sunday, May 16th, 2010

Several firms have come together to offer a unique set of products and services. Tdi Arms America offers original Tdi Products in partnership with Covert Coatings for the “Ultimate in Weapons Accessories Technology”. Mil Spec camouflage is now available as an option on all Tdi Arms products with either a Water Transfer or a Vinyl Wrap Cover.

Both Tdi Arms America and Covert Coatings products are distributed by Tdi Lakota Holdings. There is also another element to this business that may interest many SSD readers. Lakota Archery offers original bows handcrafted on the Cheyenne River Indian Reservation in Timber Lake, SD, by gifted individuals who have a proud tradition of their craftsmanship and expertise.

Tdi Arms was established in 2002 in Israel to manufacture weapon accessories. Lakota is well known to many SSD readers as the first company to be licensed by Crye Precision to offer MultiCam water transfer services.

www.tdilakotaholdings.com

Propper Expands Military Management Team

Sunday, May 16th, 2010

In order to increase responsiveness to this fast paced market, Propper has expanded their Military Division with some promotions as well as new hires in business development, research and development, and uniform technologies. Propper has assembled some of the top subject matter experts in the industry to focus specifically on the military market. While there are some new members of the team, not all of the faces in this expanded division are unfamiliar.

Stu Muladore was promoted last year to Vice President of Military Sales. Stu came to Propper after retiring from the Marines in 2007 and put his experience to work as Military Business Manager.

Greg Graves serves as Sales Manager for Federal agencies and brings a wealth of experience to the team. Greg, an Army veteran has been with Propper for 11 years and has developed an excellent relationship with his customer base whether military or federal agency.

Timothy Booth, an Experimental and Research Chemist brings over 22 years of experience in fabric treatment and finishing and will work with the military to improve FR and other protection properties such as insect repellancy.

Jonathon Long recently retired from the Army as a Lieutenant Colonel in charge of procurement at the contracting command in Kuwait. He brings his experience as an acquisitions professional to bear in his new position as Program Manager, Military Systems.

Joining the team as Design Director is Dan Bergeron who cut his teeth in the outdoor industry with Arc’teryx where he produced several iconic designs. Dan went on to work with both BAE and Eagle Industries before joining Propper.

Lonnie Braxton comes on as Director of Fabric/Business Development after many years with Milliken & Company and will focus on new applications for textile technologies.

As you can see, Propper has assembled an excellent team and I am excited about the possibilities in the coming year.

Revision Offer to Purchase Pacific Safety Products

Friday, May 14th, 2010

Pacific Safety Products Inc. announced today that it has received an offer from Revision Eyewear Inc. to purchase all the issued and outstanding shares of PSP at a price of Cdn $0.18 per share in an all-cash transaction. The purchase price represents a premium of 50% over the weighted average trading price of PSP’s common shares on the TSX-V for the 30 trading days prior to March 4, 2010. The sale still requires the approval of PSP’s shareholders.

Revision is a private company with corporate headquarters in Montreal and operational headquarters in Essex Junction, Vermont, USA which develops and delivers purpose-built eye protection solutions for military and tactical clients worldwide.

What makes this so significant is that PSP is an armor manufacturer and this move signals Revision’s desire to move into new areas of the personal protection market.

Vetrepreneur of the Year on CEOs

Thursday, May 13th, 2010

Mark Llano, head of Source One Distributors and Vetrepreneur of the Year recently authored an article on what it takes to be a good CEO. It is particularly poignant for military veterans turning their drive and good ideas toward the business world yet lack experience in this new environment.

Vetrepreneur CEO Article

Warrior Protection and Readiness Coalition Members to Brief Congress on Need for Warfighter Equipment

Wednesday, April 21st, 2010

WPRC LogoMembers of the Warrior Protection and Readiness Coalition (WPRC) will meet this week with more than forty Congressional offices as part of their ongoing effort to educate Members and staff on Capitol Hill about the need to adequately fund Individual Equipment programs for America’s Soldiers, Sailors, Airmen and Marines. This is an issue that is very dear to Soldier Systems Daily.

The WPRC is an industry-led coalition comprised of many of the leading manufacturers and suppliers of combat clothing and Individual Equipment for the American warfighter. The WPRC provides a unified voice for a key component of America’s domestic industrial base and is actively engaged in advocating for policies that ensure that our warfighters are outfitted with the clothing and equipment they require to ensure battlefield superiority. This week, the WPRC’s primary goal is to educate Congress and the Administration on the importance of meeting warfighter needs during times of war, as well as during times of relative peace.

Luke Hillier, the Chief Executive Officer of WPRC founding member ADS Inc., explained the WPRC’s mission, noting that “Operational readiness is not just a wartime concern. We need to make absolutely certain that when Congress stops providing supplemental appropriations to fund overseas conflict, our warfighters do not lose access to the best possible clothing and Individual Equipment available. Building the WPRC’s relationship with Congress is a critical step in raising awareness of the warfighters’ needs, and preventing a funding vacuum that our Armed Services and our country cannot afford.”

The founding members of the WPRC include ADS Inc., Darn Tough, Insight Technology, Integrated Wave Technologies, London Bridge Trading, Milliken, New Balance, Otis, Pelican, Sperian, Surefire, Wiley X and W. L. Gore. Additional leaders in the Individual Equipment industry are expected to join as this effort gains momentum. For more information on the Warrior Protection and Readiness Coalition please visit www.warriorprotection.net.

Point Blank Files Chapter 11

Thursday, April 15th, 2010

Armor manufacturer Point Blank, a Delaware Corporation based in Florida, announced yesterday that it has filed a voluntary petition for Chapter 11 reorganization. The Company also announced that it has reached an agreement for up to $20 million of Debtor-in-Possession (“DIP”) financing, pending bankruptcy court approval. The DIP is a loan to help with the restructuring. At the end of Wednesday trading, the company’s stock had fallen to .05 per share.

The company blames the need to file for bankruptcy on “continued expenses associated with legacy issues from former management, and the lack of financing available to the Company given the state of the credit markets.” Those “legacy issues” are that the former CEO David Brooks is under indictment for fraud and the company itself has been under investigation by the Securities and Exchange Commission as well as the subject of a shareholder lawsuit. All told, this costs Point Blank about $600,000 a month on legal fees.

But let’s face it, they grew rapidly to accommodate OTV and IOTV contracts and then they didn’t sustain the same level of work. It happens. Other companies are dealing with issues in their own ways as well. Maybe they can find a small business shill to get them some work under the proposed IOTV Class Waiver.

Proposed IOTV Class Waiver

Thursday, April 15th, 2010

First off, what is a class waiver? What you need to know is that it is a determination made between DoD and the Small Business Administration to make a change to what types of businesses may provide goods or services to the government. In this case they are considering a Waiver of the Nonmanufacturer Rule, allowing small businesses who do not manufacture the IOTV to bid on providing them. Normally, a business has to manufacture 51% or more of an item to be the prime contractor on a project and they can then sub the remainder out to other businesses. This normal way of doing business is perfectly acceptable and assists a small business to take on a project larger than what they have the infrastructure to support.

However, I am a bit concerned about the precedence such a waiver might make. What I mean by this is that a decision to allow non-manufacturers to bid on providing goods as a small business could facilitate a win by a company consisting of just one person, with virtually no overhead, teamed with a large company who does all of the work. The preponderance of businesses in America are small businesses and this would essentially undermine the small business set aside. If it looks like it works here, what is to stop them from applying it more liberally? Small businesses are the backbone of the tactical industry and are the fountainhead from which much of the innovation springs. They must be compensated for their hard work and dedication to the military through the awarding of contracts.

If the concern of the federal government is that no small businesses are manufacturing the IOTV this could be remedied by awarding more companies contracts. As it is, the most recent round of awards took a long time and caused upheaval in the armor industry while companies kept workers on staff in anticipation of an award that never came. Award more contracts to both large and small businesses, and large companies won’t need to lobby to alter a system that works. Note to Contracting Officers; there is more than one company in the armor business. Spread the wealth.

Here is the notice on FedBizOps. I encourage businesses who would be affected by such a decision to contact the POC and provide feedback.