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bingo2004
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Force Protection, Inc. Announces Expansion Plans
Monday July 19, 4:38 pm ET


CHARLESTON, S.C.--(BUSINESS WIRE)--July 19, 2004--Force Protection, Inc. (OTCBB:FRCP - News) announced today the company will expand its Ladson, S.C. manufacturing facilities, reflecting positive feedback from customers regarding the performance of its Technical Solutions Group line of mine and ballistic-protected vehicles.
"Our new facilities, combined with the recent appointment of highly-experienced executive Mark Edwards as Vice President, Manufacturing, demonstrates our belief that the U.S. and other militaries will continue to place orders for our superior-performing vehicles," said Michael Watts, Chief Executive Officer of Force Protection, Inc. "The combination of new facilities and improved expertise will enable us to more quickly respond to orders, enhance our strong track record of innovation, as well as ensure the highest-possible vehicle quality."

Force Protection's new facility includes 142,000 square feet of heavy manufacturing space, and is located next to the company's existing 86,000 square feet of space. Force Protection will now have total space of 228,000 square feet. The new facility also includes 21 cranes with up to 75 ton capacity, a paint booth, loading ramp and additional office space. Force Protection will take possession of the space on July 15, 2004 and it requires minimal refitting and repair. The company holds a five year lease with a five-year option. Force Protection will invest in several upgrades immediately, for example new radio controls for four large overhead cranes will be installed in the first months of occupation.

When completed, this expansion will enable Force Protection to produce more than 500 vehicles per year, up from the current figure of roughly 180.

In May, the U.S. Army signed a contract to purchase 21 Buffalo Mine Protected Clearance Vehicles (MPCVs) from the company's TSG subsidiary. The estimated value of the contract was $15.3 million. In April, TSG sold up to 27 Cougar multi-purpose vehicles to the U.S. Marines, that sale totaled up to $9.7 million. Several additional orders are now in the discussion phase.

About Force Protection, Inc.

Force Protection, Inc. manufactures and distributes vehicles that protect and save lives and property. Its subsidiary, Technical Solutions Group, Inc., (TSG) manufactures and markets military vehicles that are protected against landmines, hostile fire, and Improvised Explosive Devices (IEDs, commonly referred to as roadside bombs). Its 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 http://www.forceprotection.net.

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 http://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.

--------------------------------------------------------------------------------
Contact:
Stearns Johnson Communications
Tim Johnson, 415-397-7600 (Media)
tjohnson@stearnsjohnson.com
or
Force Protection, Inc.
Investor Relations, 843-740-7015 x233
investorrelations@forceprotectioninc.com

--------------------------------------------------------------------------------
Source: Force Protection, Inc.


Posts: 638 | From: new york | Registered: Jun 2003  |  IP: Logged | Report this post to a Moderator
bingo2004
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FRCP News link
http://www.forceprotectioninc.com/news.html

Posts: 638 | From: new york | Registered: Jun 2003  |  IP: Logged | Report this post to a Moderator
   

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