Force Protection Receives Order for Cougar Mastiff Vehicles
February 23 2010 - 7:30AM
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
that it has received an order for 23 Cougar Mastiff Explosive
Ordinance Disposal (EOD) variants to be delivered to the United
Kingdom via a Foreign Military Sales (FMS) contract from Marine
Corps Systems Command. The undefinitized contract has a value not
to exceed $16.1 million.
The work will be performed in Ladson, SC and is expected to be
completed prior to April, 2010. The first 5 Mastiff EOD vehicles
were delivered on February 8th, 2010, 20 days after contract award
due to long lead funding previously received towards work on the
contract.
Michael Moody, Chief Executive Officer of Force Protection,
commented, “We are delighted with the Cougar Mastiff’s performance
with the United Kingdom’s forces. The Mastiff has proven time and
again to be a life saver and an excellent value for our customer.
These EOD Mastiffs will enable bomb disposal units in the current
theater of operations to perform their missions safely and
effectively. We thank our United Kingdom customer for their
continued confidence in our products and we look forward to
continuing to build on our strong relationships with the Ministry
of Defence to meet other current and future survivability needs for
British forces.”
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 Mastiff vehicle, and its
other specialty vehicles, including the Cougar, the Buffalo,
Cheetah and Ocelot, 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. 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 Mastiff 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 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 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 2008 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 September 30, 2009.
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