SOLANA BEACH, Calif., Dec. 5, 2006 (PRIME NEWSWIRE) -- Armor (OTCBB:ARME) is pleased to announce that formal Subscription Agreements have been approved with two large institutional investors. The Private Placement Agreements have been arranged for a total of $250,000.00. Armor will issue shares and warrants for these Private Placements. The funds are targeted to be used as operating and engineering capital to further progress in several new projects.
About Armor Electric, Inc.
Armor Electric, Inc. is a leader in the design, manufacture, and distribution of electric battery power drive systems for land and water vehicles.
For further information, please contact: Investor Relations, cschertzer@armorelectric.com, www.armorelectric.com, 858.720.0354.
This information may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed on the website might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.