(NSI News Source Info) Ladson, SC - July 29, 2009: Force Protection, Inc., a leading designer, developer and manufacturer of survivability solutions and provider of total life cycle support for those products, today announced that it has received a modification to contract W56HZV-08-C-0028 from the United States Army Tank- automotive and Armaments Command (TACOM) for approximately $52.8 million for 48 Buffalo Mine Protected Clearance Vehicles (MPCV). This contract modification is subject to definitization. 
The Buffalo mine protected vehicle built by Force Protection Inc is based on the successful South African Casspir mine-protected vehicle. As of late 2004, the United States has a limited number of Buffaloes in service, with an order for 15 more, at a cost of $10 million.
While the Casspir is a four wheeled vehicle, the Buffalo has six wheels. They are also fitted with a large articulated arm, used for ordnance disposal. Both vehicles incorporate a "V" shaped monohull chassis that directs the force of the blast away from the occupants. It is also now equipped with BAE Systems' LROD cage armor for additional protection against RPG-7 anti-tank rounds.
The Buffalo combines ballistic and blast protection with technology to detect the presence of dangerous ordnance and render it ineffective. Personnel operate the Buffalo’s 30-foot robotic arm and iron claw from within the armored hull via a mounted camera and sensory equipment, disposing of mines and IEDs safely.
On June 6, 2008 Force Protection, Inc delivered its 200th Buffalo to the U.S. Military.
The work will be performed in Ladson, SC and is expected to be completed prior to January 31, 2010. As a result of this award and a continued commitment to the Buffalo program, Force Protection on July 27th, 2009 amended and extended its lease for building 3 at its Ladson, SC facility until June 30, 2014.
Michael Moody, Chief Executive Officer of Force Protection, commented, “This order from TACOM is representative of the ongoing demand and requirements for the Buffalo as an integral component of the United States Army’s route clearance companies for the long term. The extension of our lease for the Buffalo manufacturing facility is an indication of our commitment to meeting the current and future requirements for Buffalo and its vital mission. ”
About Force Protection, Inc.
Force Protection, Inc. is a leading American designer, developer and manufacturer of survivability solutions, predominantly blast- and ballistic-protected wheeled vehicles currently deployed by the U.S. military and its allies to support armed forces and security personnel in conflict zones. The Company’s specialty vehicles, the Cougar, the Buffalo and the Cheetah, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (IEDs, commonly referred to as roadside bombs). The Company also is the developer and manufacturer of ForceArmor™, an armor package providing superior protection against explosively formed projectiles (EFPs), now available for a wide range of tactical-wheeled vehicles. The Company is one of the original developers and primary providers of vehicles for the U.S. military’s Mine Resistant Ambush Protected, or MRAP, vehicle program. For more information on Force Protection and its vehicles, visit http://www.forceprotection.net/.
Force Protection, Inc. Safe Harbor Language
This press release contains forward looking statements that are not historical facts, including statements about our beliefs and expectations. These statements are based on beliefs and assumptions of Force Protection’s management, and on information currently available to management. These forward looking statements include, among other things: the growth and demand for Force Protection’s vehicles, including the Buffalo vehicle; the rate at which the Company will be able to produce these vehicles; its expected work completion dates for the vehicles and the ability to meet current and future requirements; and the Company’s expected financial and operating results, including its revenues and cash flow, for future periods. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Examples of these factors include, but are not limited to, the ability to effectively manage the risks in the Company’s business; the ability to develop new technologies and products and the acceptance of these technologies and products; the ability to obtain and complete new orders for its vehicles and products; the Company’s ability to identify and remedy its internal control weaknesses and deficiencies; and other risk factors and cautionary statements listed in the Company’s periodic reports filed with the Securities and Exchange Commission, including the risks set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, as updated in the Quarterly Report on Form 10-Q for the period ended March 31, 2009.
No comments:
Post a Comment