Point Blank Solutions Enters into Asset Purchase Agreement with The Gores Group

Point Blank Solutions Enters into Asset Purchase Agreement with The Gores Group

Point Blank Solutions, Inc. (OTC-BB: PBSO), a leader in the field of protective body armor, today announced that it has entered into a "stalking horse" Asset Purchase Agreement ("APA") with an affiliate of The Gores Group, a well known and established private equity firm.  The Company has submitted the APA to the Bankruptcy Court and intends to conduct a Court-supervised auction of its business under Section 363 of the U.S. Bankruptcy Code.   Under the terms of the APA, The Gores Group would purchase substantially all of the Company's operating assets, subject to various conditions, the completion of the auction process and Bankruptcy Court approval.  Based on the current timeline, the Company expects the purchase and sale transaction to be consummated by November 2011.


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