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IN THE NEWSForce Dynamics Announces $67 Million U.S. Marine Corps ContractPublisher: Force Protection, Inc.Date: 02/14/2007 Ladson, SC – Force Dynamics, LLC—a joint venture between Force Protection, Inc. (NASDAQ: FRPT) and General Dynamics Land Systems, a business unit of General Dynamics Corporation (NYSE: GD)—today announced it has received a $67.4 million contract award from the U.S. Marine Corps to produce 125 vehicles for its Mine Resistant Ambush Protected (MRAP) vehicle program. Under this latest delivery order, Force Dynamics will produce 65 Category I and 60 Category II MRAP vehicles that will be used by all branches of the armed forces. Force Dynamics also announced it will deliver the vehicles within the next 120 days. The MRAP competitive action for the first year’s estimated requirement for 4,100 vehicles has an approximate value of $2 billion. “This is a huge development for Force Dynamics,” said Force Protection COO Raymond Pollard. “This joint venture was formed precisely for this purpose: to mobilize quickly on any action item announced by the Marines as the MRAP program moves forward. With advanced proprietary vehicle designs and significant manufacturing capacity, Force Dynamics has the capability to make an immediate and strategically important impact on the war on terror while establishing itself as a leader in the U.S. defense industry. We look forward to further supporting this program as it issues future contracts.” “Our team is committed to the rapid delivery and fielding of Mine Resistant Armor Protected vehicles to the Marine Corps,” said General Dynamics Land Systems’ Ground Combat Systems Senior Vice President Mark Roualet. “The joint venture management team is in place; our processes are established and tested; we look forward to supporting this critical effort.” Force Protection’s Cougar and Buffalo vehicles have been deployed with U.S. and Allied forces in Iraq and Afghanistan since 2003. The vehicles have withstood more than 2,000 IED and mine attacks, and are credited by soldiers with saving lives. “These vehicles are a highly effective, proven solution to counter IEDs and other explosive threats,” said Marine Corps Systems Command Captain Jeff Landis. “No other vehicle has matched those of Force Protection for troop safety in the field.” About Force Protection Force Protection, Inc. manufactures ballistic- and mine-protected vehicles through its wholly owned subsidiary. These specialty vehicles protect against landmines, hostile fire, and Improvised Explosive Devices (IEDs, commonly referred to as roadside bombs). Force Protection's mine and ballistic protection technologies are among the most advanced in the world. The vehicles are manufactured outside Charleston, S.C. For more information on Force Protection and its vehicles, go to www.forceprotection.net. About General Dynamics General Dynamics Land Systems, a business unit of General Dynamics (NYSE: GD), designs, manufactures, and supports land and amphibious combat systems for the U.S. Army, U.S. Marine Corps, and allied nations. Headquartered in Falls Church, Va., General Dynamics 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. More information on General Dynamics can be found online at www.generaldynamics.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 that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. The company cautions that these forward looking statements are further qualified by 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) and the company’s public statements. 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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