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For further details see our joint press release.
LiteWave Corp. announced that it has entered into a letter of intent to acquire one hundred percent of the issued and outstanding shares of AirArmor Inc. of Scottsdale, AZ (“AAI”). AAI, a private Nevada Corporation, is the business of developing and manufacturing a series of sports related patented limb protection systems. The AirArmor thigh and knee protective devices, designed primarily for protecting athletes both pre and post injury, provide excellent comfort, protection and impact resistance, with no significant reduction of forward speed and agility. The AirArmor Leg Protection System, a Class I medical device listed with the FDA, has received formal approval for use as standard equipment for football by the NFL, NCAA, and National Federation of State High School Athletic Associations. Several NFL teams, and numerous intercollegiate and high school teams have chosen the AirArmor Leg Protection System for their athletes. This product is light, comfortable and affords excellent knee protection while allowing unrestricted, natural mobility of the legs. AAI is at the stage where it is expanding its manufacturing to meet product demand by introducing a new automated process. This process involves recently developed foam core carbon fibre resin injected molding. Implementation of this process will result in lower manufacturing costs, higher margins, and greater ability to meet demand. Due to increased availability of product, AAI is establishing strategic sales and distribution alliances with major outpatient and rehabilitation services companies, and with large international distributors of these types of sports medical devices.
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