ARLINGTON, Va., Sept. 30, 2020 (GLOBE NEWSWIRE) — Armor Express, a leading manufacturer and distributor of high-performance protective solutions for the Domestic and Federal Law Enforcement markets, Department of Defense and First Responders, announced today that it has closed a new asset-based credit facility and secured term loan with CIBC Bank USA (“CIBC”). The credit facilities have a 60-month term and provide the Company with material additional capital to fund current operations and future growth initiatives, while reducing its cost of capital.
Jim Henderson, President and Chief Executive Officer of Armor Express stated, “Over the past two years, following the acquisition and subsequent merger with KDH Defense Systems, we have seen significant growth in our business. While we had the financial resources needed to support our customers and enjoyed a strong working relationship with our former lender, the asset-based credit facility provided by CIBC provides more than twice the borrowing capacity with more favorable terms. With contracts in place with the U.S. Department of Defense, and many new multi-year awards from both Federal and Domestic Law Enforcement, improving liquidity and enhancing financial flexibility will help us scale and invest in our business and better support our customers and partners. We look forward to a long and beneficial relationship with CIBC.”
The Company also announced today the appointment of Joe Kuhn as Chief Financial Officer (“CFO”). Mr. Kuhn joined Armor Express in July 2020 and he oversees all of Armor Express’ financial, accounting, IT, and compliance operations, in addition to banking and financing relationships. He brings over 25 years of financial and operational leadership experience across a number of industries and previously served as CFO at DATUM LLC; Cross Match, Inc; IntelliDyne LLC; Fishbowl, Inc.; NextPoint Networks, Inc.; Sybase 365; OPNET Technologies, Inc.; Ciraden, Inc.; and Alaris Medical Systems, Inc., among others. He began his career at PricewaterhouseCoopers LLP and was a senior manager.
Henderson continued, “Joe has been a great asset for us since he joined, and we’re excited to have him onboard as part of our leadership team. He was instrumental in helping us secure these new facilities with CIBC and his knowledge, skillsets and relationships will be a bonus for Armor Express. This is especially true as we move into the next growth phase and invest in our foundation to enhance the customer experience.”
About Armor Express
Armor Express is a leading manufacturer and distributor of high-performance body armor systems and related protective solutions. Founded in 2005 and following its merger with KDH Defense Systems in 2019, the Company today is one of the largest providers of soft and hard armor products, proudly serving the Federal and Domestic Law Enforcement markets, the Department of Defense, First Responders, and America’s allies around the world. Through our unwavering commitment to quality, innovation and operational excellence, we take pride in bringing America’s protectors home safe. For more information, please visit www.armorexpress.com.
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Glenn Wiener, Chief Strategy Officer