(NSI News Source Info) LADSON, SC - July 29, 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, and SNC-Lavalin Defense Contractors, Inc. (TSX:SNC), a Canadian-based provider and one of the leading engineering and construction groups in the world, today announced the formation of a strategic partnership to collaborate on the solution for the Canadian Government’s Tactical Armoured Patrol Vehicle (“TAPV”) program.
Force Protection Industries, Inc. previously announced that it has been selected by the Canadian Government as one of the competitor companies to provide up to 600 vehicles and related long term support services, with contract award to the final selected bidder in 2011.
Randy Hutcherson, Chief Operating Officer for Force Protection Industries, Inc., said, “We are very pleased to partner with SNC-Lavalin, a highly-respected and experienced company in the Canadian defence sector, to provide the winning solution for the TAPV project. Force Protection Industries and SNC are committed to providing the Canadian Forces with the safest, most reliable vehicle while investing in Canadian industry. We are looking forward to working with SNC as they have a wide range of capabilities and experience that will help shape the winning technical, support, and industrial and regional benefit solution for the Canadian government that will help save the lives of Canadian soldiers.”
Peter Langlais, Senior Vice President and General Manager for SNC, commented, “Force Protection is bringing its expertise in design and supportability for its highly successful Cougar vehicles as the platform for the TAPV solution. Cougars are currently in use by Canada and have been instrumental in ensuring the safe transport of the men and women of the Canadian Forces. The Cougar TAPV will be specifically designed to meet the Canadian Government’s requirements. The primary manufacturing and supportability will be completed in Canada, and Force Protection and SNC will work closely together with other Canadian partners to ensure that Canadian troops get the best possible solution available in terms of safety and performance, as well as a great value for the government.”
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 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 March 31, 2010.