Source: DTN News / Force Protection(NSI News Source Info) LADSON, SC- October 24, 2010: Force Protection Australasia, a Force Protection, Inc. (NASDAQ:FRPT) group company, today announced it had reached agreement with the South Australian Government to manufacture and support its Ocelot vehicle in Adelaide, if it is successful in securing the contract to manufacture up to 1,300 next-generation protected mobility vehicles under the ‘Land 121 Phase 4’ program.
Chief Executive Officer, Michael Moody, said that following discussions with the State Government and potential suppliers, South Australia offered the most suitable manufacturing base for the Ocelot.
“Since we first met with the Government and potential suppliers in 2009, it has become clear that South Australia can provide the essential ingredients we need to successfully manufacture and support the Ocelot,” Mr Moody said. “This view was confirmed during my recent discussions with Premier Mike Rann.
“The South Australian Government has been very supportive and highly professional in its discussions with us. South Australia’s reputation as Australia’s ‘Defence State’ is well-founded. I certainly believe that with our Ocelot, the strength and capability of Force Protection and our collaboration with South Australia, we will have a compelling offering for the Commonwealth of Australia.”
Force Protection has identified a site within the Edinburgh Parks precinct, in Adelaide’s northern suburbs, as a suitable location for its proposed vehicle manufacturing base.
He said today’s announcement strengthened Force Protection’s commitment to operating in Australia, and looked forward to making further announcements about the company’s plans.
This is a significant step forward in the potential development of the Ocelot in Australia.
It also follows an announcement last month that the UK’s Ministry of Defence (MoD) had selected Force Protection Europe as preferred bidder to supply its Ocelot for the MoD’s urgent operational requirement for the Light Protected Patrol Vehicle program (LPPV).
Mr. Moody concluded, “The Ocelot now has a first class endorsement from the United Kingdom and is ideally suited to the Australian requirement.”
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. Force Protection’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, Force Protection is designing, developing and marketing new vehicle platforms (including the Ocelot and JAMMA) that provide increased modularity, speed, mobility and concealment with enhanced levels of blast- and ballistic-protection. Force Protection also develops, manufactures, tests, delivers and supports products and services aimed at further enhancing the survivability of users against additional threats. In addition, Force Protection 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 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 Ocelot; expectations for future contracts for the Ocelot; the benefits and suitability of the Ocelot, including its survivability; the ability to meet current and future requirements, including expected work commencement and completion dates; and, the expectation that there could be significant demand for the Ocelot in the future. 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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