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DHB Inc provides update on a variety of corporate matters

25
Dec '06
DHB Industries Inc, a leader in the field of protective body armor, provided updates on a variety of corporate matters.

Larry Ellis stated, "It was the Company's intent to provide shareholders with some updates on our business, financial statements and outlook at our shareholders meeting scheduled for December 5, 2006, but we decided to postpone that meeting until further notice, due to several factors, including the inconvenience cited by some shareholders."

"Since that time, there have been a couple of other corporate developments that we wanted to convey to the market. We will provide updates from time to time on the state of our business and our plan to continue moving the Company through this challenging period. We also continue to review all options to increase shareholder value."

Financial Update:
In August of this year, the Company announced that its financial results for 2003, 2004 and the first nine-months of 2005 could no longer be relied upon due to discrepancies found in reported information, lack of appropriate documentation and material weaknesses in internal controls. Due to these circumstances affecting prior periods, the Company also is not in a position at this time to report its quarterly financials for 2006.

Over the past several months, the Company has brought in new directors, new management and financial advisors to mount an aggressive effort to bring the Company back into compliance as soon as feasible.

This team has led the tasks of implementing new controls, upgrading information systems and attracting the right talent to allow the Company to develop an appropriate infrastructure to generate and file accurate and compliant financial information.


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