(NSI News Source Info) Ladson, SC- July 21, 2010: Force Protection, Inc. (NASDAQ: FRPT), a leading designer, developer and manufacturer of survivability solutions and provider of total life cycle support for those products, (July 20, 2010) today announced it has received notification from the Government of Canada that it has been selected to continue in the procurement for the Tactical Armored Patrol Vehicle Project (“TAPV”). Force Protection responded to the Solicitation of Interest and Qualification (SOIQ) phase with their Cougar 4x4 and 6x6 variants in June 2010.
In addition to the two Cougar variants, seven vehicles from other equipment manufacturers have been selected in the TAPV program to now move into the Request for Proposal (“RFP”) phase. The procurement is for up to 600 vehicles and related long term support services. Contract award to the final selected bidder is expected in 2011.
Randy Hutcherson, Chief Operating Officer of Force Protection, Inc. commented, “We are pleased that we have been selected to continue in the TAPV competition in Canada. The Cougars and Buffalos currently in service with the Canadian Forces are proven to save lives and perform critical missions to the efforts in Afghanistan. We look forward to responding to the request for proposal and continuing to build on our strong relationship with the Canadian Forces.”
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). 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 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.