Force Protection Industries, Inc. Assesses Growth, Prepares for Future Expansion.LADSON, S.C. -- Force Protection Industries, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FRPT FRPT Force Protection, Inc. (stock symbol) ) is building on the robust growth experienced in 2004 as its product line, production capacity, and workforce continue to expand. "By every standard, 2004 was a remarkable year for Force Protection," said CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. R. Scott Ervin. "We moved to a new and enlarged 230,000 sq ft facility, began production of the Buffalo vehicle in earnest, developed and shipped a new product (the Cougar cougar: see puma. cougar or puma or mountain lion or panther Species (Puma concolor) of large, graceful cat that lives in a wide variety of habitats in the Americas, from southern Alaska to Patagonia. ) within the same year, dramatically increased our workforce to more than 180 people, and have substantially expanded our production capabilities to sustain future growth." The Ladson, S.C.-based manufacturer shipped both Buffalo and Cougar mine and blast-protected vehicles to U.S. forces in Iraq during 2004. They have been used for troop transport and mine clearance The process of removing all mines from a route or area. operations to successfully remove more than 220 improvised explosive devices (IEDs) from thousands of kilometers of dangerous road in and around Baghdad. "The growth we've experienced has been truly phenomenal," said Vice President and Chief Financial Officer Tom Thebes. "Force Protection transitioned from a small company in 2003, with a product that was relatively unknown. A year later, we stand as the industry leader in a market segment that has become mainstream." Force Protection's Buffalo, a mine clearance vehicle recently dubbed the "SUV on Steroids," has been featured by the Los Angeles Times Los Angeles Times Morning daily newspaper. Established in 1881, it was purchased and incorporated in 1884 by Harrison Gray Otis (1837–1917) under The Times-Mirror Co. (the hyphen was later dropped from the name). and Associated Press and is used in the Army's combat engineer patrols to detect and remove explosive threats. It incorporates blast protection technology with a mine detection device that allows soldiers to conduct searches from the safety of an armored hull. The Buffalo incorporates automotive components made by such companies as Caterpillar Inc. (NYSE NYSE See: New York Stock Exchange :CAT), Allison Transmission, a division a division of General Motors (NYSE:GM) and Mack Trucks, Inc., a division of Volvo Group (Nasdaq:VOLVY). The Cougar is a family of medium-size, blast-protected vehicles that can be customized for multiple tasks including troop transport, mine and explosive ordinance disposal (EOD EOD abbreviation for every other day; used in medical records. ), command and control, reconnaissance and as a lead convoy vehicle. The Cougar Hardened Engineer Vehicle (HEV HEV abbr. hepatitis E virus HEV hemagglutinating encephalomyelitis virus of pigs. ) was first deployed with Marine Expeditionary Forces last October as a transport vehicle for engineer EOD teams and has been recently described in the Marine Corps News as a "28,550 pound hulk of a vehicle, wrapped in steel armor and ballistic glass." About Force Protection, Inc. Force Protection, Inc. manufactures ballistic and mine protected vehicles through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . These specialty vehicles are protected against landmines, hostile fire In insurance law, a combustion that cannot be controlled, that escapes from where it was initially set and confined, or one that was not intended to exist. A hostile fire differs from a friendly fire, which burns in a place where it was intended to burn, such as one confined , 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. 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-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. |
|
||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion