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IN THE NEWSForce Protection, Inc. Announces $41 Million Equity FinancingPublisher: Force Protection, Inc.Date: 07/24/2006 Ladson, S.C. - Force Protection, Inc. (OTCBB:FRPT), manufacturer of the Buffalo and Cougar armored vehicles deployed with U.S. forces in Iraq and Afghanistan, today announced it has closed on a private placement of 8.25 million shares of common stock, generating gross proceeds of $41.25 million. The securities were sold to a select group of institutional investors, including John Hancock, at $5.00 per share with no warrants. C.E. Unterberg, Towbin acted as Force Protection's exclusive placement agent. “We are extremely pleased to make this announcement,” said Force Protection CEO Gordon McGilton, who noted that this round of financing would help the company expand its production capabilities to meet expected demand. “The working capital generated by this financing will allow us to maintain focus on delivering armored vehicle technology to support U.S. and Coalition troops in Iraq. “We appreciate the investors who have participated in this financing. Their efforts will help ensure that more lives are saved by the cutting-edge blast protection technology incorporated in the Buffalo and Cougar vehicles.” About Force Protection, Inc. Force Protection, Inc. manufactures ballistic and mine-protected vehicles through its wholly owned subsidiary. These specialty vehicles are protected against land mines, 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 near Charleston, S.C. For more information, visit http://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-K 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. Back |
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