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T O P I C     R E V I E W
Repoman75  - posted
Here's the list of existing and reasonably likely future contracts for FRPT as of 11/14/06, incorporating the Q3 results info.

Note: Line items within a product are approximately ordered based on confidence, i.e. awarded contracts first, soon to be awarded next, followed by likely or possible. Backlogs are as of October 1. References to the previous messages provide further details and justification. If you have time, you may want to spend some time reading the background messages as well. The RB message numbers refer to messages on Raging Bull's FRPT board and IV for messages on Investorvillage’s FRPT board.

Cougar (Non-ILAV)
1) 100 JERRV to be delivered between Nov 06 and Nov 07. Part of the $125Million delivery order on $214 Mill contract awarded Nov 06.
http://www.forceprotectioninc.com/news/news_article.html?id=133
2) 85 Mastiff PPV for the British. $65Mill awarded, believe deliveries started in Oct.
http://www.forceprotection.net/news/news_article.html?id=117
3) 15 JERRV to be delivered in 3Q-4Q06, $9.3Mill awarded. 4 remain in backlog.
http://www.forceprotection.net/news/news_article.html?id=95
http://www.forceprotection.net/news/news_article.html?id=106
4) Delivery award for 16 more JERRV as the May 06 contract was for up to 79. $10Mill. This appears to have already been quietly awarded as FRPT are including the 16 in the backlog on this contract.
5) 1 HEV remaining to be delivered. $400K. awarded. This one keeps getting pushed out.
6) An additional 100 JERRV to be delivered between Nov 06 and Nov 07. JERRV balance on the $214 Mill contract awarded Nov 06. Per SEC filings and press release, FRPT expects to be awarded and is already treating it as if it has been awarded.
7) The 2600 class II vehicles of the MRAP RFI have been specifically described as similar to JERRV's. RFQ response due in December 06, with award to follow some time after that. Funded by $228 Million line item in 2007 budget and likely other funds. Considering the JERRV has already been well tested in the field, and the desire is to commit funds before end of year, (IV4625) the initial delivery order could be large. 2600 vehicles is approximately $1.3-1.5 Billion over the 2 year life of the contract.
MRAP details are at http://www.fbo.gov/spg/DON/USMC/M67854/M67854MRAP/listing.html and http://www.fbo.gov/spg/DON/USMC/M67854/M6785407R5000/listing.html
My MRAP competitive analysis is at IV 8189
4000 vehicle reference in news article link below is MRAP.
http://www.wilmingtonstar.com/apps/pbcs.dll/article?AID=/20061112/APN/611122014
8) Ambulance Variant of Cougar recently announced. I expect contract will be included in the MRAP class II award. http://www.forceprotection.net/news/news_article.html?id=126
9) The Army has an MMPV draft solicitation out for a 260 Vehicle contract with award projected in April 07. The vehicle is very similar to the JERRV and the MRAP class II vehicle, so they are discussing merging this vehicle in with the MRAP program. Approximate value $125Million. Likely to need two MMPV’s for each Buffalo awarded to form a GSTAMID’s convoy.
http://contracting.tacom.army.mil/majorsys/mmpv/mmpv.htm
10) The Army is now forecasting needs for up to 21,000 vehicles as an interim until JLTV developed. Cougars called out as specific example. IV8316 This would be many Billion $.
11) Follow on order of more Mastiff for the British. Contract specifies details for 4 more, but press articles refer to the total order being for about 100, which would be 15. Approximate value $10 Million. Also, the initial order for 85 could be considered a test quantity with much larger orders possible next year as they prove themselves.

Cougar ILAV
1) Total IDIQ ILAV contract shared with BAE is for up to 1050 vehicles for up to $445 Million delivered by May 2008. DoD can initiate delivery orders up to that number fairly easily. Indication is that they will be issued as equiping the Iraqis with ILAV’s is one of the keys to the US handing over control. Partership terms with BAE are: 50/50 production split with BAE. Royalty paid by BAE to FRPT for units BAE builds. 100% of the training and support contract to FRPT. After 1050, contract with BAE is complete, so FRPT can provide 100% of future ILAV’s or renegotiate.
2) Initial delivery order of 378 units awarded. 2 of FRPT's 189 have been delivered.
http://www.forceprotection.net/news/news_article.html?id=103
3) Follow on delivery order for additonal 20 units awarded. None delivered yet.
http://www.forceprotection.net/news/news_article.html?id=128
4) Proposed sale of 600 ILAV’s announced to Congress. 30 day wait started, depending on how they count the days, may be completed. RB89091. Approximate value of $240 Million shared with BAE. Not awarded yet, TBD.
http://www.dsca.mil/PressReleases/36-b/2006/Iraq_06-69.pdf

Buffalos
1) 44 Buffalos to be delivered by Dec 07. Part of the $125Million delivery order on $214 Million contract awarded Nov. 06.
http://www.forceprotectioninc.com/news/news_article.html?id=133
2) Contracts for a total of 41 Buffalos were awarded in 06 prior to the Nov contract. Approximate contract value $30-40Million. Remaining backlog is 33 units.
http://www.forceprotection.net/news/news_article.html?id=78
http://www.forceprotection.net/news/news_article.html?id=79
http://www.forceprotection.net/news/news_article.html?id=131
3) Rental fees and toy license fees from appearance in the Transformers movie to come out in mid 07. Message RB75575
4) Delivery award for additional 36 Buffalos from Nov 06 contract to be completed by Aug 08. Portion of $214Million Contract. Per SEC filings and press release, FRPT expects to be awarded and is already treating it as if it has been awarded.
5) Sole Source award for up to 64 Buffalos from MRAP RFI. Date TBD (IV5568).
6) Should get a large portion of $200Mill for additional Buffalos (specific line item for mine clearance convoys in 2006 Supplemental).
7) Army procurement plans are to buy another 250 Buffalos between 2007 and 2009. Approximately $220Million. The Buffalo was officially made part of the FCS program for mine clearance and FRPT is the sole source. Message RB76355. These will show up under the GSTAMIDs line item in the budget.
8) British may start buying Buffalos as they gain experience with Cougars. Reference in one of the news articles.
9) The Buffalo is also used in the humanitarian mission of demining old battlefields so that they are safe for civilians. Once capacity allows, there is the possibility of additional Buffalo purchases for this use.
Note: For Buffalo items 5,6,7 it is difficult to tell how much of this demand is satisfied with items 1 and 4.

Cheetah (formerly MUV-R and MRUV)
1) The 1500 Class I vehicles in 1200 vehicle MRAP RFI look a lot like the Cheetah spec. Funded by $299 Million for Mine Resistant Utility Vehicles line item in 2007 defense budget and likely other items. RFQ response due in December 06, with initial award for test units to follow some time after that. Then larger award once testing is satisfactory. See Cougar description for MRAP links.
2) Will probably be included in Army's request for 21,000 interim vehicles before JLTV. IV8316
3) Strong position to compete for the JLTV as it moves forward. JLTV is a many billion dollar, many year contract, that will take some time to roll out.
4) British may also buy Cheetahs as we believe they have also evaluated them.

ILS/PSI (Field Support, Spares, Training, Maintenance, Repairs, Professional Services )
1) Buffalo ILS Contracts. $5Million for Buffalo spares. Awarded, $800K remaining.
http://www.forceprotection.net/news/news_article.html?id=80
2) ILAV ILS Contract: $25Million over the next two years, message 76773 Included in 378 unit award.
3) RFI for 5-year PSI support for 288 Buffalos and Cougars. Response was due August 14. IV4617. FRPT will win this one. Award date TBD.
http://www.fbo.gov/spg/DON/USMC/M67854/M67854RFICIED/SynopsisR.html
4) Additional ILS and PSI as number of vehicles in the field keeps going up. We will have over 1000 vehicles in the field within 12 months.
5) Catalyst reports claim a high return on ILS/PSI, similar to how your auto dealer gets a high return on their service department. Repairs to the vehicle after an IED hit adds significantly to our revenue on an ongoing basis. See latest Catalyst reports on FRPT. http://catalystresearch.biz/ResearchFRPT.html
6) ILS/PSI revenue is somewhat based on total vehicles in the field. In other words, the revene from ILS/PSI would continue to grow every quarter, even if our vehicle shipments were to hit a steady state because the total number of vehicles in the field keeps going up.

Patent Licensing
1) Licensing Revenues from patent on blast protection for wheeled and tracked vehicles. In private negotiations. FRPT Press release, on investor news page June 15. "The significance of this undertaking cannot be overstated, and we intend to fully exploit this opportunity," said Force Protection CEO Gordon McGilton. "Since the technology can be applied not only to our vehicles, but to virtually any wheeled or tracked vehicle, the potential size of the opportunity may actually exceed that of our vehicle market."

Brief comments:

Can FRPT deliver the units for this many contracts?
According to Spartan call, Spartan is now delivering over 5 Cougar chassis/day. IV6398. According to 3Q results, three Cougar lines are now running. A Cougar line should be able to produce at least 20/month. According to this article,
http://www.wilmingtonstar.com/apps/pbcs.dll/article?AID=/20061112/APN/611122014
FRPT is setting up relationships with high volume manufacturing subcontractors to handle the MRAP and Army volumes.

This all confirms plans are in place and being executed to win the very high volume contracts. As we said months ago, the deal was get the production capacity in place and the orders will follow.
 
Repoman75  - posted
Force Protection, Inc. Announces Partnering Agreement with General Dynamics
Thursday November 16, 8:30 am ET


LADSON, S.C.--(BUSINESS WIRE)--Force Protection, Inc. (OTCBB:FRPT - News) today announced it has reached an agreement with General Dynamics Land Systems to partner in the production of its Cougar medium mine-protected vehicle. The agreement, which took effect 11/11, marks the first vendor arrangement between the companies.

Force Protection will be prime contractor under the agreement, with General Dynamics as subcontractor, using available production capacity at the Joint Systems Manufacturing Center in Lima, Ohio to perform structure fabrication of the vehicle.

Force Protection's Cougar vehicle has been deployed since 2004 in the global war on terror. It was first used by the 1st Marine Expeditionary Force in Falujah, and is now used by all branches of U.S. armed forces due to its unmatched safety record in the field. To date, not a single fatality has occurred in a Force Protection vehicle.

"Warfare has changed, and the equipment needed by our troops to stay protected in the face of emerging threats must change with it," said Force Protection CEO Gordon McGilton. "The blast protection technology incorporated in the Cougar is the best available in the world today. Force Protection is delighted to partner with an organization of the caliber, depth and experience of General Dynamics to ensure the production capacity necessary to get this vehicle to the field in the numbers needed."

General Dynamics Land Systems, a business unit of General Dynamics Corporation (NYSE:GD - News), designs, manufactures and supports land and amphibious combat systems for the U.S. Army, U.S. Marine Corps, and allied nations. General Dynamics, headquartered in Falls Church, Virginia, employs approximately 81,100 people worldwide and expects 2006 revenue of approximately $24 billion. The company is a market leader in mission-critical information systems and technologies; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and business aviation.

Force Protection has delivered more than 300 blast- and ballistic-protected vehicles to the U.S. government since 2003.
 
Jo4321  - posted
That was great advice you posted on this yesterday.

Jo
 
Repoman75  - posted
NASDAQ, here we come!


Form 8-K for FORCE PROTECTION INC


--------------------------------------------------------------------------------

16-Nov-2006

Changes in Registrant's Certfying Accountant


ITEM 4.01 CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
The Audit Committee of the Board of Directors of Force Protection, Inc. (the "Company") has approved a change in auditors. At a meeting of the Audit Committee held on November 10, 2006, the Audit Committee approved the engagement of Elliott Davis, LLC to serve as the Company's independent registered accounting firm for the fiscal year ending December 31, 2007. In addition, the Audit Committee dismissed Jaspers + Hall, P.C. as the independent registered accounting firm of the Company effective upon completion of the audit of the Company's consolidated financial statements as of and for the fiscal year ending December 31, 2006.

During the years ended December 31, 2005 and 2004, and through November 16, 2006, the Company did not consult Elliott Davis, LLC regarding the application of accounting principles to a specified transaction, either completed or proposed, the type of audit opinion that might be rendered on the Company's financial statements or any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) and the related instructions to Item 304 of Regulation S-K) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K).

The reports of Jaspers + Hall, P.C. on the Company's consolidated financial statements for the years ended December 31, 2005 and 2004 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principle.

During the years ended December 31, 2005 and 2004, and through November 16, 2006, there were no disagreements with Jaspers + Hall, P.C. on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Jaspers + Hall, P.C., would have caused Jaspers + Hall, P.C. to make reference thereto in its reports on the Company's consolidated financial statements for such years. During the years ended December 31, 2005 and 2004, and through November 16, 2006, there were no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K) with respect to the Company.

The Company requested Jaspers + Hall, P.C. to furnish a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter is filed as Exhibit 16.1 to this Current Report on Form 8-K.

This report may contain forward-looking statements that involve risks and uncertainties. We generally use words such as "believe," "may," "could," "will," "intend," "expect," "anticipate," "plan," and similar expressions to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in our Form 10-K and other reports filed with the Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.


ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

EXHIBIT NUMBER DESCRIPTION
16.1 Letter from Jaspers + Hall, P.C. to the United States Securities
and Exchange Commission, dated November 16, 2006 (filed
herewith).
 
Repoman75  - posted
Force Protection, Inc. Announces NASDAQ Application
Friday November 17, 8:00 am ET


LADSON, S.C.--(BUSINESS WIRE)--Force Protection, Inc. (OTCBB:FRPT - News) today announced its application for listing of its common stock on the NASDAQ Capital Market. The Company believes it meets all of the listing criteria except for its Board composition.

"We have worked diligently to expand our business and develop a leading technology for blast protection," said CEO Gordon McGilton. "As a growing public company, Force Protection believes that it is the appropriate time to apply for listing on NASDAQ."

Force Protection's common stock will continue to trade on the Over the Counter Bulletin Board until NASDAQ approves the application.

"If approved, we believe Force Protection will gain access to a broader institutional investor market, enhance its financing flexibility, and provide greater liquidity for its shareholders," said Chairman Frank Kavanaugh.
 
Repoman75  - posted
NEWS!!!!!!!!!!!!

Force Protection, Inc. Announces Agreement with Armor Holdings, Inc.
Monday November 20, 10:03 am ET


LADSON, S.C.--(BUSINESS WIRE)--Force Protection, Inc. (OTCBB:FRPT - News) today announced it has reached an agreement with the Aerospace & Defense Group of Armor Holdings, Inc. (NYSE:AH - News) to join in the production of Force Protection's Cougar medium mine-protected vehicle.

Force Protection will be the prime contractorunder the agreement, with Armor Holdings as principal subcontractor, using its Sealy, Texas based capacity and core expertise in the automotive integration and assembly of the vehicle.

"Force Protection's commitment has always been to get the life-saving technology incorporated in the Cougar and our other vehicles out to the field in the numbers needed," said Force Protection CEO Gordon McGilton. "This partnering agreement is an important step to ensure this takes place, especially in light of the increasing demand for the vehicle. We are extremely pleased to work with a company of the breadth and depth of Armor Holdings as we continue to fulfill this objective."

Force Protection's Cougar vehicle has been deployed since 2004 in the global war on terror. Despite more than 1,000 mine detonations and IED attacks, not a single fatality has occurred in a Force Protection vehicle. The Cougar was first used by the 1st Marine Expeditionary Force in Falujah, and its use has since been expanded to all branches of the U.S. armed forces.

Robert Schiller, President of Armor Holdings, Inc., said, "Force Protection's Cougar armored vehicle has a proven record of saving lives. Armor Holdings has a proven record of economically supplying world class quality tactical wheeled vehicles in high volumes, and we are very pleased to be working with Force Protection toward getting this critical capability to our troops."

The understanding between the companies is effective as of November 11, 2006. Force Protection has delivered more than 300 blast- and ballistic-protected vehicles to the U.S. government since 2003.
 



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