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LADSON, S.C., Feb 3, 2005 (BUSINESS WIRE)
Force Protection, Inc., (OTCBB:FRCP - News), the leading manufacturer of blast-protected vehicles deployed with U.S. forces in Iraq, announced today a 12-for-1 reverse split of the company's common stock. Shareholders approved the action at the company's annual meeting on December 30, 2004.
"The reverse split is the next important step for Force Protection as it continues its robust growth," said CEO Scott Ervin. "It will result in the conversion of all Series B and C stock to common stock and enable us to reduce the number of outstanding shares."
The split will be effective when the market opens on February 4, 2005. Force Protection's ticker symbol will change to FPRT. The Board of Directors has amended the company's restated Certificate of Incorporation to effect the split, which will affect all outstanding shares of Force Protection common stock, including those shares underlying outstanding stock options immediately prior to the effective date.
"We are confident the reverse split is in the best interest of both Force Protection and its shareholders," said Chief Financial Officer Tom Thebes. "It is our strong desire that shareholders benefit from a capital structure more appropriate to the company and its future potential. This change will open the door to a more diversified and serious investment interest, and will position the company for future growth."
Ladson, S.C.-based Force Protection, Inc. produces two classes of armored vehicles. The Cougar series is a family of medium-size mine-protected vehicles that can be supplied in four-wheel or six-wheel models. The vehicles can be configured for a wide range of tasks including troop transport of up to 10 personnel, Explosive Ordnance Disposal (EOD), command and control, reconnaissance and lead convoy vehicle.
The Buffalo, a clearance vehicle, has been approved by the Pentagon to be part of a newly devised hunter-killer team concept that will lead convoys against the threat of mines and IEDs. The Buffalo incorporates blast protection technology with automotive components made by such companies as Caterpillar Inc. (NYSE:CAT), Allison Transmission, a division of General Motors (NYSE:GM) and Mack Trucks, Inc., a division of Volvo Group (Nasdaq:VOLVY). More than 20 Buffalo vehicles are in active operation in Iraq.
About Force Protection, Inc.
Force Protection, Inc. manufactures ballistic and mine protected vehicles through its wholly owned subsidiary. These specialty 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.
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.
SOURCE: Force Protection, Inc.
Force Protection, Inc., Ladson Investor Relations, 843-740-7015, Ext 233 investorrelations@forceprotectioninc.com or Policy Impact Strategic Communications Jeff Child, 202-661-6372 (Media Contact) jchild@policyimpact.com
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