Point Blank Solutions Inc a leader in the field of protective body armor, announced that its wholly-owned subsidiary, Point Blank Body Armor was awarded an $86.2 million contract to produce the Improved Outer Tactical Vest (“IOTV”) for the U.S. Army.
Point Blank Body Armor will produce 150,000 IOTVs at a rate of 25,000 per month for six months. Production will begin immediately and run through December 2008.
In May 2007, the Army awarded two contracts for the procurement and initial fielding requirement of 230,000 IOTVs.
While the initial 230,000 IOTVs were in production, a full and open competitive solicitation for 736,000 IOTVs to complete the Army's Acquisition Objective of 966,000 IOTVs was released in November 2007.
This Request for Proposal was delayed at the request of potential bidders. Point Blank Body Armor remains active in competing for this open solicitation.
With the delay, there was a need for a Bridge Buy of an additional 150,000 IOTVs. Point Blank Body Armor is one of only two companies producing the IOTV and having the U.S.
Army approved ballistic material packages for the IOTV. The Army determined that both companies had the manufacturing capabilities to meet the Bridge Buy IOTV production and performance requirements. Only one company - Point Blank Body Armor - was awarded the entire contract based on its best value proposition.
Larry Ellis, President and CEO stated, “We are proud Point Blank continues to be the chosen supplier of the U.S. Army and look forward to meeting the requirements of the soldiers who protect our nation.
We have continuously proven we have the highest quality, best value products and more capacity than anyone in our industry.
We have a track record of exceeding our customers' expectations and this latest award will be no different. Our team firmly believes we are positioned to capture awards from not only the U.S. Army, but other customer segments, both domestically and abroad, especially in light of our recent joint venture, with LifeStone Materials.”
Point Blank Solutions Inc
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