Pentagon Protection in US collaboration deal

Pentagon Protection PLC, the UK-based provider of protective glazing products to the commercial and automotive sectors, said it has entered an agreement with Haytham ElZayn, the chairman of Allegiance…

Pentagon Protection PLC, the UK-based provider of protective glazing products to the commercial and automotive sectors, said it has entered an agreement with Haytham ElZayn, the chairman of Allegiance Holdings LLC, a US automotive warranty group, to collaborate in the introduction and development of Pentagon“s products in the US market. ElZayn has subscribed for 14,322,349 shares in Pentagon at GBP 0.0383 per share, for a total of USD 1 million. Under the deal, a new company, Allegiance Investment Company LLC (AICL), has been incorporated in order to market Pentagon“s commercial buildings products and services throughout the USA. Pentagon and AICL will enter into a licence agreement giving AICL exclusive rights to trade within the US as Pentagon“s sole partner in the application of window films and anchoring products for architectural glass. AICL will invest a further USD 1 million in the development and marketing of Pentagon“s products over the next 18 months. Pentagon also informed that ElZayn has been invited onto the main board of Pentagon. He will be granted options over 18,677,651 ordinary shares in Pentagon, or 10% of Pentagon“s enlarged share capital, exercisable at GBP 0.0425 pence per share. These options will only be granted when AICL achieves turnover of USD 1.3 million within 18 months of starting trading.