Force Protection, Inc. continues to supply life-saving armored vehicle technology to U.S. troops
Oct. 1, 2005BusinessWire.com
"From day one, our vehicles have filled a critically important and a unique role," said CEO Gordon McGilton. "They protect our troops who face the constant threat of IEDs, roadside bombs and land mines as they perform their missions. The solution provided by Force Protection is proven - it save lives. As awareness of and need for these vehicles have grown, it has necessitated a substantial expansion of our facilities and capacity."
In May 2005, the U.S. Department of Defense awarded Force Protection a joint contract for more than 120 Cougar JERRVs, marking the first time the vehicle will be used by all branches of the military. The Buffalo vehicle was used initially by the Army Corps of Engineers, and was sold for the first time to the Marine Corps under an urgent operational request by Marine Corps Systems Command (Quantico, Virginia) in September 2005.
"With the dramatic increase in vehicle orders, we have had to address important manufacturing and infrastructure issues," said McGilton. "After investing significant effort and time, we now have the systems, processes and capacities necessary to meet this increase as well as prepare for future growth. This effort has enabled us to move forward in our two-fold objective to provide our men and women with the technology that will keep them safe against these explosive threats, and to bring lasting value to the shareholders of our company."
Ladson, S.C.-based Force Protection has experienced robust growth since 2003. Today it utilizes 230,000 square feet of manufacturing, integration and test space, employs a workforce of more than 260 personnel, and has become the nation's leading center for counter IED research and blast protection technology.
About Force Protection
Force Protection, Inc. manufactures ballistic- and mine-protected vehicles through its wholly owned subsidiary. These specialty vehicles are protected against landmines, hostile fire, and Improvised Explosive Devices (IEDs, commonly referred to as roadside bombs). Force Protection's mine and ballistic protection technology is among the most advanced in the world. The vehicles are manufactured outside Charleston, S.C.
For more information, visit www.forceprotectioninc.com.
This release contains forward-looking statements, including, without limitation, statements concerning our business, future plans and objectives and the performance of our products. These forward-looking statements involve certain risks and uncertainties ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Technical complications may arise that could prevent the prompt implementation of the strategic plan outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise, except as required by law.
Policy Impact Strategic Communications
Jeff Child, 202-737-5339 (Media Contact)
Force Protection, Inc.
Investor Relations, 843-740-7015, Ext. 306