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Force Protection Receives $15.4 Million Award for Additional Field Service Support Related to Ongoing Modernization of Cougar F

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  Published in House and Home on Wednesday, June 23rd 2010 at 7:26 GMT by Market Wire
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LADSON, S.C.--([ BUSINESS WIRE ])--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 it has received a modification to contract M67854-07-D-5031 from the United States Marine Corps Systems Command for additional field service support. The contract modification provides for 43 field service representatives and associated support for installation of modernization kits and to conduct general maintenance for Cougars located in Afghanistan and Iraq. The modification has a firm fixed price value of $15.4 million and is scheduled for completion by June 2011.

Randy Hutcherson, Chief Operating Officer of Force Protection, commented, aRecognizing the critical importance of this asset in its long-term operational strategy, the Marine Corps is continuing its comprehensive program to enhance the Cougar fleet with the latest technologies to ensure success in the field. We take pride in offering the warfighter a unique and proven solution that has saved countless lives, and we look forward to further supporting our customera™s ongoing initiatives.a

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 Companya™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). 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 [ 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 Protectiona™s management, and on information currently available to management. These forward looking statements include, among other things: the growth, demand and interest and demand for Force Protectiona™s vehicles, including the Cougar; expectations for future modernization and related contracts for the Cougar; the benefits and suitability of the Cougar; the ability to meet current and future requirements the Companya™s execution of its business strategy and strategic transformation, including its opportunities to grow the business; and the Companya™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 Companya™s business; the ability to develop new technologies and products and the acceptance of these technologies and products; the other risk factors and cautionary statements listed in the Companya™s periodic reports filed with the Securities and Exchange Commission, including the risks set forth in the Companya™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 March 31, 2010.