LADSON, S.C.--(BUSINESS WIRE)-- for Friday (September 10)-- Force Protection, Inc. (OTCBB:FRCP), will commemorate September 11, 2001 during "South Carolina Strikes Back," a ceremony officially recognizing delivery of the first of a new batch of top-rated mine and blast protected vehicles to the US Army and the US Marines in Iraq. The event will be held at Force Protection corporate headquarters on Friday, September 10, 2004, beginning at 9 a.m. and concluding at 12:00 noon. South Carolina Congressmen Henry Brown and Jim DeMint will speak at the event. Governor Mark Sanford and Congressman Joe Wilson have also been invited. Force Protection, Inc. manufactures ballistic and mine protected vehicles through its wholly owned subsidiary, Technical Solutions Group (TSG). Its specialty vehicles are protected against landmines, hostile fire, Improvised Explosive Devices, small arms fire, and air bursts. Force Protection's Cougar Hardened Engineer Vehicle (Cougar HEV) is slated to go to combat engineers and explosive ordinance disposal teams now in Iraq before Thanksgiving. -0- *T
WHO: Force Protection, Inc. FEATURING: Congressmen Henry Brown and Jim DeMint WHAT: "South Carolina Strikes Back" Ceremony WHEN: Friday, September 10, 2004 at 11 AM WHERE: Force Protection, Inc. Headquarters 9801 Highway 78, #3 Ladson, SC 29456 (843) 740-7015 *T
KEYWORD: SOUTH CAROLINA DISTRICT OF COLUMBIA INDUSTRY KEYWORD: GOVERNMENT GOVERNMENT GOVERNMENT AEROSPACE/DEFENSE ADVISORY SOURCE: Force Protection, Inc.
CONTACT INFORMATION: Force Protection, Inc. Jeff Child, 202-412-1567 jchild@policyimpact.com
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Up to .21 now on heavy volume. This could rock again today! GO FRCP
quote:Originally posted by Dardadog: News Editors / Assignment Desks
LADSON, S.C.--(BUSINESS WIRE)-- for Friday (September 10)-- Force Protection, Inc. (OTCBB:FRCP), will commemorate September 11, 2001 during "South Carolina Strikes Back," a ceremony officially recognizing delivery of the first of a new batch of top-rated mine and blast protected vehicles to the US Army and the US Marines in Iraq. The event will be held at Force Protection corporate headquarters on Friday, September 10, 2004, beginning at 9 a.m. and concluding at 12:00 noon. South Carolina Congressmen Henry Brown and Jim DeMint will speak at the event. Governor Mark Sanford and Congressman Joe Wilson have also been invited. Force Protection, Inc. manufactures ballistic and mine protected vehicles through its wholly owned subsidiary, Technical Solutions Group (TSG). Its specialty vehicles are protected against landmines, hostile fire, Improvised Explosive Devices, small arms fire, and air bursts. Force Protection's Cougar Hardened Engineer Vehicle (Cougar HEV) is slated to go to combat engineers and explosive ordinance disposal teams now in Iraq before Thanksgiving. -0- *T
WHO: Force Protection, Inc. FEATURING: Congressmen Henry Brown and Jim DeMint WHAT: "South Carolina Strikes Back" Ceremony WHEN: Friday, September 10, 2004 at 11 AM WHERE: Force Protection, Inc. Headquarters 9801 Highway 78, #3 Ladson, SC 29456 (843) 740-7015 *T
KEYWORD: SOUTH CAROLINA DISTRICT OF COLUMBIA INDUSTRY KEYWORD: GOVERNMENT GOVERNMENT GOVERNMENT AEROSPACE/DEFENSE ADVISORY SOURCE: Force Protection, Inc.
CONTACT INFORMATION: Force Protection, Inc. Jeff Child, 202-412-1567 jchild@policyimpact.com
posted
Moving up to .22 on good volume. Looks like more orders coming in! Force Protection, Inc. Announces New Request for Additional Armored Vehicles Friday September 10, 10:00 am ET
LADSON, S.C.--(BUSINESS WIRE)--Sept. 10, 2004--Force Protection, Inc. (OTCBB:FRCP - News), the leading manufacturer of mine-protected vehicles for military and security users, has received a request from an existing customer for an additional 15 "Buffalo" vehicles, to be put under contract as soon as possible. Deliveries are planned for the first quarter of 2005. The configuration of these Buffalos will be essentially the same as the configuration of the 21 Buffalos currently being produced for the U. S. Army. The order has a value of about $10 million, although a related spares order, which has not yet been finalized, may push the total somewhat higher.
"This request underscores the critical need that Force Protection's vehicles continue to meet," said CEO Michael Watts. "We employ the most advanced ballistic and mine protected technology in the world and are clearly becoming the manufacturer of choice for those who want to protect and save lives. That the Buffalos in the field have done their job very well is of paramount importance."
The Buffalo combines advanced protection against landmines, IEDs (roadside bombs) and other blasts as well as small arms fire with state-of-the-art automotive components. It has multiple mission configurations and can be repaired in the field; it has been deployed with the U.S. Army in Iraq and Afghanistan. The Buffalos have taken numerous hits from landmines and IEDs but no serious casualties have resulted and the vehicles have been placed back into service. In addition, 14 Cougars have recently been committed for use by the U.S. Marines in Operation Iraqi Freedom II. The Cougar is also protected against mines, IEDs and small arms fire. The Cougar is smaller than the Buffalo and has been specifically configured to meet the needs of the Marines.
The additional Buffalos will be produced at the company's 225,000 square foot facility in Ladson, near Charleston, S.C.
About Force Protection, Inc.
Force Protection, Inc. manufactures ballistic and mine protected vehicles through its wholly owned subsidiary, Technical Solutions Group (TSG). These specialty, protected 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.
posted
Finally in this one, this is a real company providing much needed goods and services - not just to our military but soon to other nations, international anti-landmine organizations, law enforcement and high profile individuals the world over - who knows maybe the smaller vehicle will become the next hot item for rappers! But seriously, these guys are real and being supported and touted by our local and state legislators here in South Carolina. Latest news-
Force Protection, Inc. Commemorates 9/11, Announces Vehicle Deployment During 'South Carolina Strikes Back' Ceremony
LADSON, S.C., Sep 22, 2004 (BUSINESS WIRE) -- Force Protection, Inc. (OTCBB:FRCP) announced the official delivery of a series of its top-rated mine and blast protected vehicles to the US Army and the US Marine Corps during its "South Carolina Strikes Back" ceremony on September 10 at its corporate headquarters. South Carolina Congressmen Henry Brown and Jim DeMint spoke at the event, lauding Force Protection's vehicles, the Cougar and Buffalo, which protect American troops against landmines, Improvised Explosive Devices, small arms fire and air bursts.
"The Cougar and the Buffalo mean to our troops what the bullet proof vest means to our policemen here in America," said Brown. In comparing them to other vehicles currently used by the military, DeMint described Force Protection's vehicles as "a better idea, a better product that met in this case a national security need."
Force Protection CEO Michael Watts emceed the event and outlined the company's recent growth.
"We are delighted to announce today that 14 of Force Protection's Cougar vehicles will be deployed by Christmas to the Marines in Iraq, with an additional 13 Cougars slated for deployment in the first fiscal quarter of 2005," Watts said. "We have also received confirmation that the Army has made a new request for 15 Buffalo vehicles. All of this is indicative that these vehicles meet the critical need of protecting our troops and saving lives, and we are honored to support them in their mission."
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.
Ladson-based Technical Solutions lands $10 million Marine contract
BY CHARLES WILLIAMS Of The Post and Courier Staff With its Humvee vehicles coming under frequent attack in Iraq, the military has ordered more than two-dozen heavily armored vehicles from Ladson-based Technical Solutions Group.
The Marine Corps put in an order worth almost $10 million for TSG to build 27 Cougar mine- resistant vehicles. The vehicles, which weigh 12 tons and are already being used in Iraq, transport troops and equipment. Each costs more than $300,000.
TSG, a subsidiary of Force Protection Inc., expects to begin deliveries in September.
The company builds several mine- and bullet-resistant vehicles.
FILE/STAFF Garth Barrett, president of Technical Solutions Group, with one of the anti-mine vehicles made by his company.
Its top line is the Buffalo, which is used to remove land mines and costs in excess of $600,000. The company has already sold 13 Cougars and 14 Buffalos, all to the military.
"It's more than just steel," said Garth Barrett, TSG's president, in explaining how the vehicles can withstand attack. "It's the design and the materials. We use ballistic armor for bullets and special other steels for mines."
He said some of the military's combat vehicles aren't designed to deal with mines. "They're fine in normal combat situations until they get confronted with this menace," he said.
TSG employs 55 people at the old General Electric plant. Barrett anticipates his work force growing to more than 100 employees in the next few months because of additional orders, not only from the American military, but from other governments as well.
TSG was started in 1997. Before moving to Ladson, it operated at the former Charleston Naval Base. Its revenues last year were $6 million.
Production of armored Humvees, meanwhile, is picking up at the AM General LLC plant in Mishawaka, Ind., and at Fairfield, Ohio-based O'Gara-Hess & Eisenhardt.
The Army increased its order for armored Humvees in December and is expected to buy nearly four times as many as last year.
Production at O'Gara-Hess has jumped from 100 vehicles a month to 250, with plans to boost that to 325 by summer. At AM General, production increased last month to 32 Humvees a day, up from 30.
Mike Heaberlin said he and his co-workers understand the importance of their jobs because the armor they add to the Humvees could mean the difference between life and death for American soldiers.
"We never stop thinking about them," said Heaberlin, a supervisor at the plant. "Every time one goes out, I wonder who's going to be sitting in that."
The Humvee is a utility vehicle, designed to carry troops, equipment and wounded soldiers and at first was not intended for combat zones. The armored Humvee was built initially as a scout vehicle that would be a potential target of enemy fire.
It was later used by military police and security officers at battlefield checkpoints.
Each of the five-ton Humvees costs $150,000 -- $80,000 for the vehicle and $70,000 for the armor.
U.S. Rep. Ted Strickland, D-Ohio, wants the military to order more armored Humvees and get them to Iraq more quickly. He has written a letter to Defense Secretary Donald Rumsfeld asking why the Pentagon hasn't ordered production increased to maximum capacity.
"It's common sense to conclude that there have been unnecessary deaths and serious injuries because our soldiers have not been properly equipped," Strickland said. "I don't sense the urgency on the part of decision makers to get this problem solved."
Maj. Gary Tallman, spokesman for the Army on weapons and technology issues, said that in the fiscal year that begins July 1, the Army has earmarked $168 million for 818 additional vehicles.
The Army wants to have 4,400 armored Humvees in Iraq and Afghanistan, up from the current 2,700.
"We can procure as fast as we have the money to do so," Tallman said.
Tallman said the Army has also bought 8,000 kits that will enable soldiers to armor Humvees are already in Iraq and Afghanistan.
Item 8.01 Other Events. Our Chief Executive Officer and Director, Michael Watts, was indicted in the United States District Court for the Northern District of California, San Jose Division on September 29, 2004. The indictment alleges that Michael Watts and his wife, Jan Watts, understated their taxable income for 1997 by approximately $2,000,054 and that their tax due and owing for that year was understated by approximately $782,624. The indictment also alleges that they established offshore corporations for the purpose of concealing income derived from the sale of stock options; transferred stock options offshore for the same purpose, maintained offshore bank accounts for the purpose of concealing income derived from the sale of stock options and hired a third party to falsely pose as president of a separate company in order to claim a purported debt owed for a software purchase.
The Board of Directors has discussed this matter at length, and with the information currently available, has determined that the events giving rise to the indictment occurred several years prior to Mr. Watts' employment with the Company and do not relate to the current operation of the Company. The Board will continue to investigate the impact of this event on the Company and its shareholders and plan accordingly while recognizing that the indictment contains only allegations and Mr. Watts must be presumed innocent unless and until convicted.
This Report on Form 8-K contains forward-looking statements regarding future board and company actions. Our actual future actions could differ materially from those anticipated in the forward-looking statements for many reasons including the interim and final results of the indictment; Mr. Watts' continued employment with the company; our ability to continue to implement our business plan and other factors discussed in our reports filed with the SEC. Although we believe the expectations expressed 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 and actions, levels of activity or performance 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.
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As it's for year 1997 i think pps will drop but i don't think,as stated in the news,that it will affect it badly,maybe it will create us a good entry point,depending on panic stength buy low,sell high Posts: 46 | Registered: Sep 2004
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