BlastGard International has entered into an option agreement to purchase 100% of Innovative Composites Incorporated (Innovative), a Michigan based corporation engaged in the design, engineering and manufacturing of continuous fibre reinforced thermoplastics.
Jack Waddell, President of BlastGard stated, “We are really enthused about bringing these two companies together. Together they create far greater opportunities to penetrate the targeted military and homeland security market sectors. In addition, combining our respective materials and technologies should generate some exciting and efficient new blast mitigating and ballistic products. Innovative is a perfect fit, with a strong management team with extensive experience in new composites product development and efficient production. Starting only in mid 2006, Innovative already has four letters of intent from different customers to purchase meaningful volumes of Innovative product, starting with September production.”
“I am proud to report that Innovative Composites’ team is joining BlastGard International,” said Terry Ball, President of Innovative. “Innovative’s composite engineering and manufacturing expertise compliments the exciting technologies of Blastgard International. The combination of BlastGard’s blast mitigation technologies and our proprietary technologies producing continuous fibre reinforced ballistic and shrapnel management systems will provide exciting opportunities in the homeland security and military markets. The synergies created through this strategic acquisition will accelerate our progress in engineering unique product solutions for the marine, fitness and construction market. Our combined sales, marketing and engineering teams will demonstrate the advantages of BlastGard’s expanded technologies to deliver the state of the industry security solutions and systems for the military, defence and homeland security customers.”
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