2008-10-07 02:39:01 -
- Force Protection, Inc. (NASDAQ: FRPT) today announced that it has received a new definitized firm fixed price contract modification for service and support, including spare parts, of its Mine Resistant Ambush Protected Vehicles with a value of approximately $41.8 million. This order modifies the M67854-07-D-5031 MRAP contract with Marine Corps Systems Command and deliverables under the modification are expected
to run through 2009. A portion of the work under this contract modification may be performed by General Dynamics Land Systems pursuant to the terms of the workshare allocation set forth in the agreement between the parties dated December 15, 2006.
Michael Moody, Chairman and Chief Executive Officer of Force Protection, commented, "As the MRAP program enters into a more robust support and sustainment phase, we are pleased that the United States Marine Corps continues to look to us to perform this important service work on our fleet of vehicles."
About Force Protection, Inc.
Force Protection, Inc. is a leading American designer, developer and manufacturer of life saving survivability solutions and equipment, 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, forward command and control, 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(TM) 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.
Force Protection, Inc.
Tommy Pruitt, 843-574-3866
Senior Communications Director
or
Investor Relations:
ICR Inc.
James Palczynski, 203-682-8229
Principal and Director