SEPTEMBER PRESIDENT’S MESSAGE

Dear Friends and Investors:

This past month our primary focus has been on understanding exactly where the BIMO order stands. Recently, Armor has received confirmation from our strategic partner that the BIMO SA Group has expressed the following:

1. Increased materials costs from our manufacturer Hero have resulted in increased end unit production costs. Currently, the Mexico City Group is exploring setting up a facility to manufacture the frames.
2. The present currency exchange rate between the USD and India has further encouraged the Mexico City Group to manufacture the three wheel taxi cab body and frame in Mexico.
3. It also appears that there is government pressure on the Mexico City Group to provide employment in Mexico through the manufacture of the frame and installation of the EPS system.

In the event that the Mexico City Group manufactures the frame, Armor and their strategic partner would provide the EPS system for the electric drive on these vehicles. There would be therefore, a benefit to Armor to participate in this order regardless of where the frames are manufactured.

In addition, Armor is now investigating interest in a worldwide marketing and distribution agreement for the three-wheeled pedi-cab with Hero.

Unfortunately, the certification testing of the lithium battery scooter in Florida has come to a halt due to technical issues. Presently, our prospective client is working with our EPS strategic partner to determine the failure mechanism and corrective action required to restart the testing process.

Again, I thank you, our stockholders, for your continued support.

Sincerely Yours,
Merrill W. Moses
President
Armor Electric Inc.

 

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