BlastGard(R) International Reports Second Quarter 2007 Results and Conversion of $600,000 in Debt.CLEARWATER, Fla. -- BlastGard International, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BLGA) has reported its financial results for the second quarter ended June 30, 2007. Revenues for the second quarter were $11,320 compared to $486,305 reported in the second quarter of 2006. For the second quarter of 2007, BlastGard International reported a net loss of $1,321,743 or $(0.04) per share based on the weighted average of 33,844,970 shares outstanding compared to a net loss of $483,097 or $(0.02) per share reported in the second quarter of 2006 based on the weighted average shares outstanding of 22,335,913. In addition, pursuant to an agreement dated August 7, 2007, the holders of the June 2006 $1,200,000 Convertible Debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. entered into agreements to sell their Class C and Class F Warrants and June 2006 $1,200,000 Convertible Debenture to certain non-affiliated parties, who have since converted $600,000 into shares of our Common Stock at $.30 per share and agreed to convert the additional $600,000 into shares of our Common Stock at $.30 per share effective at a second closing to occur no later than September 22, 2007. BlastGard's Form 10-QSB for the quarter ended June 30, 2007, available on the corporate Web site, describes the Company's recent developments. BlastGard has initiated new strategic initiatives and partnerships, and made significant progress on ongoing projects. About BlastGard International, Inc. BlastGard International, Inc. creates, designs, develops, manufactures and markets proprietary blast mitigation materials. The Company's patent-pending BlastWrap([R]) technology effectively mitigates blast effects Destruction of or damage to structures and personnel by the force of an explosion on or above the surface of the ground. Blast effect may be contrasted with the cratering and ground-shock effects of a projectile or charge that goes off beneath the surface. and suppresses post-blast fires. This unique technology can be used to create new, finished products or be used to retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in to existing products. While the need for this technology has always been present, the security and safety concerns resulting from the September 11, 2001 acts and the subsequent development of Homeland Security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States make the timing of the Company's emergence even more important. The Company's core market focus is on blast effects mitigation for the commercial sector, military, law enforcement and government agencies. BlastWrap([R]) is based upon well-defined principles and suppresses blast pressures by 50% or more. BlastWrap([R]) products are made from two flexible films arranged one over the other and joined by a plurality The opinion of an appellate court in which more justices join than in any concurring opinion. The excess of votes cast for one candidate over those votes cast for any other candidate. Appellate panels are made up of three or more justices. of seams filled with attenuating filler material (volcanic glass volcanic glass Any glassy rock formed from lava or magma that has a chemical composition close to that of granite. Such molten material may reach very low temperatures without crystallizing, but its viscosity may become very high. bead or other suitable two-phase materials), configurable (designed for each application) with an extinguishing coating that offers a revolutionary blast protection system against Blast & Fire/burn threats. BlastWrap([R]) is a blast mitigation assembly that can be wrapped around or conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" any shape. BlastWrap([R]) is a concept (not a chemical compound) from which blast protection products are built to save lives and reduce damage to valuable assets from explosions. Additional information on BlastGard can be found at http://www.blastgardintl.com. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. |
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