February 5, 2008
North Charleston, SC - Protected Vehicles, Inc (PVI) has today filed a Chapter 11 petition in the United States Bankruptcy Court for the District of South Carolina. Since suspending operations in early December, PVI has been working diligently with a number of companies who have expressed interest in ensuring that PVI will move forward and continue to produce life saving vehicles and up-armor solutions. PVI is pleased to announce that it has cemented a relationship with Sequence Investment Partners, a local Charleston Investment Bank, to ensure the success of the PVI reorganization
The products manufactured by PVI continue to attract strong interest --- from within the US and internationally. Shortly, PVI expects to ramp up its business capabilities and commence re-hiring personnel.
PVI has five vehicle products and an advanced Up-Armor appliqué. These have passed extensive testing at the EOD School at Indian Head, the Army Test and Evaluation Center and the Army Research Laboratory at Aberdeen Proving Ground.
In the short term, PVI anticipates that its terminated staff will receive all their pay and any other monies due them. In the slightly longer term, PVI anticipates ensuring that all its creditors are made whole.
PVI is pleased to make this announcement, and it is especially pleased that the important market served by PVI will realize substantial benefits from PVI’s competitive reentry into that market.
Protected Vehicles, Inc. designs and manufactures mine and ballistic protected vehicles using advanced U.S. technology; technology derived from Rhodesian and South African vehicle development programs carried out from 1970 through 1994; and U.S. DoD technology developments. Founded in 2005 by Garth Barrett, a pioneer in mine blast and ballistic protection since the early 1970's, PVI is headquartered in North Charleston, South Carolina. The Company has approximately 600,000 square feet of R&D and heavy metal fabrication space capable of cutting, bending, and manufacturing; thus enabling complete on site fabrication of capsules and vehicle assemblies.
For more information reference www.protectedvehicles.com or e-mail info@protectedvehicles.com.