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Wed, December 17, 2008
Force Protection Announces $30 Million Force Armor Awards
LADSON, S.C.--([ BUSINESS WIRE ])--Force Protection, Inc. (NASDAQ: FRPT) today announced that Force Protection Industries, Inc., a wholly owned subsidiary, has received two contract awards from Marine Corps Systems Command for 188 Cougar Exterior Ballistic EFP Kits. These add-on armor packages incorporate the company's proprietary composite armor solution, Force Armor™. These undefinitized contracts carry a combined dollar value not to exceed $30 million with delivery scheduled for late 2008 and early 2009.
Michael Moody, Chief Executive Officer of Force Protection, Inc., commented, "We are very pleased to receive substantial first orders for this new product. We are proud with our research and development effort for this light-weight, readily available materials solution. It directly addresses the threat from larger improvised explosive devices and explosively formed penetrators and will take standards of vehicle survivability to a new level on the battlefield. We continue to believe that this life-saving technology has wide application across a number of vehicle platforms."
About Force Protection, Inc.
Force Protection, Inc. is a leading American designer, developer and manufacturer of survivability solutions, predominantly ballistic- and blast-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 [ www.forceprotection.net ].
Safe Harbor Language
This press release contains forward looking statements that are not historical facts, including statements about our beliefs and expectations are forward-looking statements. These statements are based on beliefs and assumptions by Force Protection's management, and on information currently available to management. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual result to differ materially from those contained in any forward-looking statements. Examples of these factors include, but are not limited to, our ability to fulfill the above described order on a timely basis, our ability to effectively manage the risks in our business; the reaction of the marketplace to the foregoing; 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 2007 Annual Report on Form 10-K for the year ended December 31, 2007.