Force Protection Technologies, Inc. Secures License to Develop Patented Blast Manipulation Technology.LADSON, S.C. -- Force Protection, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FRPT FRPT Force Protection, Inc. (stock symbol) ) today announced that 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. , Force Protection Technologies Inc., has signed an agreement with South Africa's Council for Scientific and Industrial Research The Council for Scientific and Industrial Research (CSIR) is South Africa's central and premier scientific research and development organisation. It was established by an act of parliament in 1945 and is situated on its own campus in the city of Pretoria. focusing on a patented blast manipulation technology applicable to wheeled and tracked vehicles. Under the agreement, which is pending regulatory approval from South Africa's Reserve Bank, Force Protection will have the sole right to perform research and development, conduct testing on any aspect of the technology, and market the product in countries around the world. "The significance of this undertaking cannot be overstated o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o , and we intend to fully exploit this opportunity," said Force Protection 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. Gordon McGilton. "Since the technology can be applied not only to our vehicles, but to virtually any wheeled or tracked vehicle, the potential size of the opportunity may actually exceed that of our vehicle market." Under development for more than five years, this technology substantially reduces the effects of in-ground mines, bombs, and improvised explosive devices (IEDs) on vehicles. In addition, specially-outfitted tires and tracked-vehicle pads have also been proven to decrease the severity of blast damage and enable a faster return to full operation of a vehicle employing the technology. As with all of Force Protection's offerings, the outcome is: Survivability sur·viv·a·ble adj. 1. Capable of surviving: survivable organisms in a hostile environment. 2. That can be survived: a survivable, but very serious, illness. + Repairability = Protection Availability. About the Council for Scientific and Industrial Research Constituted by an Act of Parliament in 1945, the CSIR CSIR Council for Scientific and Industrial Research (Ghana) CSIR Council of Scientific and Industrial Research (India) CSIR Centre for Scientific and Industrial Research is one of the leading scientific and technology research, development and implementation organisations in Africa. It is situated in Pretoria and represented in each of the nine provinces of South Africa South Africa is currently divided into nine provinces. On the eve of the 1994 general election, South Africa's former homelands, also known as Bantustans, were reintegrated and the four existing provinces were divided into nine. . CSIR undertakes and applies directed research and innovation in science and technology to improve the quality of life of the country's people. Building measurable value into its work through local and international partnerships remains a key component of its endeavours to provide world-class technology. This new agreement is a further demonstration of the cooperation between Force Protection and CSIR. About Force Protection Force Protection, Inc. manufactures ballistic- and mine-protected vehicles through its wholly owned subsidiary. 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 on Force Protection and its vehicles, go to 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. |
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