Newspaper article THE JOURNAL RECORD

Lightweight Armor Firm Signs Intent for Merger / to Make It a Public Company

Newspaper article THE JOURNAL RECORD

Lightweight Armor Firm Signs Intent for Merger / to Make It a Public Company

Article excerpt

A letter of intent has been signed for the merging of a privately-held Oklahoma corporation involved in armoring cars against terrorist attacks and an Oklahoma City-based public company, said Roland Sharman, president of Lightweight Armor Corp. of America.

Lightweight Armor is the privately-held firm, Sharman said.

The public firm, which Sharman refused to name, is basically a shell corporation with no existing assets or liabilities and with stock that has been inactive since earlier this year, he said.

The merger would "expeditiously" enable Lightweight Armor to become a public company, Sharman said, with 100 percent of Lightweight Armor's stock to be acquired by the public company.

"At the same time," he said, "the public company's board of directors will resign and be replaced by ours. We expect to close the deal within two weeks with active trading of our stock to follow closely thereafter."

The agreement is dated Oct. 29, and 5,200,000 shares are involved in the transaction, according to a prepared statement released by Sharman.

Lightweight Armor is a closely-held private company with less than 20 shareholders. Sharman and Executive Vice President Paul Bilhuber control a majority interest in the company, Sharman said.

Lightweight Armor holds the exclusive world-wide rights to a proprietary armor product called LOAM (Lightweight Opaque Armor Material), Sharman said. The material was developed by Composiflex Inc., in conjunction with Lightweight Armor, the state of Pennsylvania and the Allied Fibers Division of Allied Signal Corp., he said.

H.P. White Laboratories of Maryland conducted certification testing in September of this year, and the results, according to Sharman, exceeded the highest threat levels required by any Western government agency for automobile armor.

"In 1986, there were over 700 documented terrorist attacks worldwide involving 110 Americans," Sharman said. "Twenty-six of those attacks were against automobiles. …

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