Friday, August 20, 2010

DTN News: Force Protection Receives $14.5 Million Award For Field Service Support

DTN News: Force Protection Receives $14.5 Million Award For Field Service Support
(NSI News Source Info) LADSON, SC - August 20, 2010: Force Protection Industries, Inc., a wholly-owned subsidiary of Force Protection Inc. (NASDAQ:FRPT), 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 firm fixed price modification to existing contract M67854-07-D-5031 with a total value of approximately $14.5 million for continuing Field Service Representative (“FSR”) support work and Standard Consumable Kits to support Operations at Vehicle Support Facility-Afghanistan and conduct general maintenance. All work under this modification is expected to be complete by July, 2011.
Randy Hutcherson, Chief Operating Officer for Force Protection Industries, Inc., said, “Maintaining the installed Cougar fleet of vehicles is very critical to current operations. We are proud of the performance of the vehicles in the field and appreciate the continued trust and confidence our customer places in us to perform vital field service support in Afghanistan.”
About Force Protection, Inc.
Force Protection, Inc. is a leading designer, developer and manufacturer of survivability solutions, including 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, including the Buffalo, Cougar and related variants, 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). Complementing these efforts, the Company is designing, developing and marketing new vehicle platforms (including the Ocelot & JAMMA) that provide increased modularity, speed, mobility and concealment with enhanced levels of blast- and ballistic-protection. The Company also develops, manufactures, tests, delivers and supports products and services aimed at further enhancing the survivability of users against additional threats. In addition, the Company provides long-term life cycle support services of its vehicles that involve development of technical data packages, supply of spares, field and depot maintenance activities, assignment of highly-skilled field service representatives, and advanced on and off-road driver and maintenance training programs. For more information on Force Protection and its products and services, visit http://www.forceprotection.net/.
Safe Harbor Statement
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, demand and interest for Force Protection’s services and vehicles, including the Cougar; expectations for future modernization and service-related contracts for the Cougar; the benefits and suitability of the Cougar; the ability to meet current and future requirements; the Company’s execution of its business strategy and strategic transformation, including its opportunities to grow the business; and, the Company’s expected financial and operating results, including its revenues, cash flow and gross margins, 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, 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; and, the 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, 2009 and as updated in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2010.
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