FRPT - 1.94 urgently needed vehicles for the US military
Force Protection, Inc. Confirms $21 Million Contract for Buffalo Armored Vehicles; First Delivery Order for Route Clearance Defined and Received
Business Wire - February 08, 2006 08:10
LADSON, S.C., Feb 08, 2006 (BUSINESS WIRE) -- The U.S. Army has issued an initial order to Force Protection, Inc. (OTCBB:FRPT) for approximately 19 Buffalo mine clearance vehicles to be used in Iraq and Afghanistan, the company announced today. The order for vehicles, training and field support is the first given under a procurement contract and is worth an estimated $21 million.
"We are encouraged by this order and the fact that it has come so quickly after the procurement contract was announced," said Force Protection CEO Gordon McGilton. "This is a clear indicator that the critical need for the Buffalo continues to increase, and we will respond accordingly by delivering the first vehicles to the Army in the next 30 days."
The Buffalo was first deployed with the Army Corps of Engineers in 2003. This is the first time, however, that the Army's Tank-automotive and Armaments Command in Warren, Michigan has placed an order.
"Force Protection has the necessary infrastructure in place to meet customer requirements for both the Buffalo and Cougar series," said McGilton. "The processes and resources are unique to each vehicle. We will be able to maximize already-existing Buffalo production cells while moving forward on expansion of multiple Cougar production lines. These distinctions are necessary due to the dramatically larger market represented by Cougar and its multiple configurations."
Since its inception in 1997, Force Protection has become the nation's leading center for research against IEDs and blast protection technology.
About Force Protection
Force Protection, Inc. manufactures ballistic- and mine-protected vehicles through its wholly owned subsidiary. These specialty vehicles are protected against landmines, hostile fire, and Improvised Explosive Devices (IEDs, commonly referred to as roadside bombs). Force Protection's mine and ballistic protection technology is among the most advanced in the world. The vehicles are manufactured outside Charleston, S.C.
For more information on Force Protection and its vehicles, go to www.forceprotection.net.
This release contains forward-looking statements, including, without limitation, statements concerning our business, future plans and objectives and the performance of our products. These forward-looking statements involve certain risks and uncertainties ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Technical complications may arise that could prevent the prompt implementation of the strategic plan outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Force Protection, Inc.
Policy Impact Strategic Communications
Jeff Child, 202-737-5339 (Media Contact)
jchild@policyimpact.com
or
Force Protection, Inc.
Investor Relations, 843-740-7015, Ext. 306
investorrelations@forceprotectioninc.com |
