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Force Protection, Inc. Announces Reverse Company Stock Split Thursday February 3, 5:31 pm ET Armored Vehicle Manufacturer Opens Door for More Diverse Public Investment
Step Positions Armored Vehicle Manufacturer for Continued Growth as Company Announces Conversion of B & C Preferred
Force Protection, Inc. (OTCBB:FRCP), a leading U.S. manufacturer of armored vehicles used by U.S. forces in Iraq, announced that it has completed an equity financing in the form of a "Series D" 6% Convertible Preferred Stock which resulted in gross proceeds of approximately $15.8 million. The agreement is one of several steps by the company aimed at building on recent rapid growth fueled by military operations in Iraq and Afghanistan. Company executives also announced that all outstanding Series B and C Preferred Shares will be converted into common stock. "This financing will provide us with the necessary working capital to support our operations, and it will allow us to take advantage of the substantial growth opportunities present in our key business segments," said Force Protection Vice President and Chief Financial Officer Tom Thebes. "Additionally, with the completion of a pending reverse 12-for-1 split, the conversion of all previously existing outstanding preferred shares into common stock, and the elimination of anti-dilution provisions for all legacy shareholders, we have put the Company's capital structure in a form that will more readily lead to significant interest from both institutional investors and analysts," Thebes said. "Force Protection expects to file for a listing on a national exchange
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