CLEARWATER Fla., May 19, 2011 (GLOBE NEWSWIRE) -- BlastGard International, Inc. (OTCBB:BLGA) ("BlastGard" or the "Company"), the creator of its proprietary blast mitigation materials and finished products made therefrom, is pleased to announce that it has been granted export authority from the U.S. Department of State's Bureau of Political-Military Affairs. This export license will allow BlastGard to offer its BlastWrap® technology based product line to international buyers, which substantially increases its target market size. BlastGard has been providing the U.S. military, law enforcement, government agencies and commercial sector with its patented blast mitigating materials since 2002.
The range of applications for BlastGard's technology is broad. The markets for blast solutions include commercial industries such as explosives manufacturers, commercial transportation, munitions manufacturer, mining etc; armed forces for applications such as munitions and ballistics storage, and transportation; and governments and municipalities (bomb explosions and threats). The demand for blast and fire mitigation is extremely strong. Research suggests that the market for blast mitigation products (including fire suppression systems) was to exceed $6.75 billion in 2009 in North America. In 2007, the overall market for blast mitigation and fire suppression systems in Europe was $603.4 million with a compound annual growth rate of 4.2 per cent forecast until 2014.
Michael Gordon, CEO of BlastGard, stated, "We are very excited about this opportunity. This export authority will open up an entirely new market and allows us to offer our BlastWrap® based product range to commercial businesses, military and government agencies worldwide."
About BlastGard International, Inc.
BlastGard International, Inc., doing business as BlastGard Defense Group, manufactures and markets proprietary blast mitigation materials through BlastGard International and designs, manufactures and distributes a unique range of leading security products and personal protective gear through HighCom Security. The Company's patent-pending BlastWrap® technology effectively mitigates blast effects and suppresses post-blast fires. This unique technology can be used to create new, finished products or be used to retrofit to existing products. BlastGard's core market focus is on blast effects mitigation for the commercial sector, military, law enforcement and government agencies. HighCom provides a wide range of security products and personal protective gear (including tactical armor) that are tailored and offer protection solutions to specific customer requirements. Given the equipment and ballistic protection solutions provided by HighCom, compliance with the U.S. Department of Commerce, U.S. Department of State, U.S. Department of the Treasury and all other governmental agencies' regulations is a high priority. HighCom has sold its products in the defense and law enforcement sectors and is known for innovative technology, exceptional customer service and superior quality performance. Additional information on BlastGard Defense Group's companies can be found at http://www.blastgardintl.com; http://www.highcomsecurity.com; and http://highcomonline.com.
"Safe Harbor'' statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties. It is possible that the assumptions made by management are not necessarily the most likely and may not materialize. In addition, other important factors that could cause actual results to differ materially include the following: the Company's ability to market its products; the Company's ability to obtain additional funding; the Company's ability to obtain regulatory approvals on new products, the general economy; competitive factors; ability to attract and retain personnel; the price of the Company's stock; and other risk factors. The Company takes no obligation to update or correct forward-looking statements.