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March 12, 2009 |
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Force Dynamics, LLC Receives Award for Cheetah M-ATV Vehicles
—Vehicles pass first gate in M-ATV
competition—
Ladson, SC (March 11, 2009) -- Force Dynamics, LLC, a joint venture between
Force Protection, Inc. (NASDAQ: FRPT) and General Dynamics Land Systems, a
business unit of General Dynamics (NYSE: GD), today announced that it was
awarded a contract for two Cheetah light weight, high mobility Production
Representative Vehicles (PRVs) as part of the U.S. Army Tank-Automotive and
Armaments Command (TACOM) Mine Resistant Ambush Protected All Terrain Vehicle
(M-ATV) program. The value of the award is $1 million. The two vehicles were
delivered on February 23rd and met the government’s initial requirements. The
Cheetah vehicle, which has been in development since late 2005, previously
successfully passed testing to MRAP I survivability levels and has undergone
initial mobility and durability testing at the U.S. Army’s Nevada Automotive
Test Center.
Damon Walsh, executive vice president for Force Protection and program director
of Force Dynamics, commented, ”Delivery of these first test vehicles and the
subsequent sale to TACOM is an important milestone gate in the M-ATV
competition. We have long believed that there was a need for a lightweight,
highly mobile and highly survivable tactical wheeled vehicle to supplement the
current fleet. We are proud, not only to have pioneered the MRAP category of
vehicles with our Cougar MRAP, but to have foreseen – through the development of
the Cheetah – the need to evolve the category with enhanced mobility to navigate
the rugged terrain and wider variety of missions that characterize the conflict
in Afghanistan. Our troops can’t afford to choose between mobility and
survivability; they deserve both and the Cheetah was designed to meet this very
requirement.”
The Cheetah provides the same level of survivability as the Cougar at
approximately half the curb weight. The M-ATV Cheetah incorporates several
improvements to the original FPI Cheetah, including independent suspension,
additional interior capacity, and a significantly increased power-to-weight
ratio. Cheetah is well positioned to meet the two most important criteria of the
selection process: survivability and mobility.
The strong partnership between Force Protection and General Dynamics Land
Systems as well as a strong suite of OEMs and partners will allow Force Dynamics
to successfully execute on the aggressive procurement schedule required to
deliver this urgently needed survivability solution to the conflict in
Afghanistan. Together, Force Protection and General Dynamics have successfully
delivered over 3,000 Mine Resistant Ambush Protected (MRAP) Category I and
Category II vehicles under the MRAP program. Force Protection has commenced
low-rate production of the Cheetah at its Ladson, South Carolina, facility and
Force Dynamics has begun to procure long-lead materials to move from limited to
extended production of Cheetah vehicles.
Mike Cannon, chairman of the board for Force Dynamics and vice president, Ground
Combat Systems, at General Dynamics Land Systems, commented, “We are confident
that the respective strengths of each of the partners contributing to this
effort position our submission extremely well. We believe we offer an unmatched
combination of research and development expertise; manufacturing ability and an
excellent logistics network to our customer. We are excited to enter the testing
and evaluation phase of the M-ATV program and to have the continued opportunity
to serve our customer and the war fighter with some of the most important and
life-saving equipment on the battlefield.”
About Force Protection, Inc.
Force Protection, Inc. is a leading American designer, developer and
manufacturer of survivability solutions, predominantly ballistic- and
blast-protected wheeled vehicles currently deployed by the U.S. military and its
allies to support armed forces and security personnel in conflict zones. The
company’s specialty vehicles, the Cougar, the Buffalo and the Cheetah, are
designed specifically for reconnaissance and urban operations and to protect
their occupants from landmines, hostile fire, and improvised explosive devices (IEDs,
commonly referred to as roadside bombs). The company also is the developer and
manufacturer of ForceArmor™ an armor package providing superior protection
against explosively formed projectiles (EFPs) now available for a wide range of
tactical-wheeled vehicles. The company is one of the original developers and
primary providers of vehicles for the U.S. military’s Mine Resistant Ambush
Protected, or MRAP, vehicle program. For more information on Force Protection
and its vehicles, visit www.forceprotection.net.
About General Dynamics Corp.
General Dynamics, headquartered in Falls Church, Va., employs approximately
92,300 people worldwide. The company is a market leader in business aviation;
land and expeditionary combat systems, armaments and munitions; shipbuilding and
marine systems; and information systems and technologies. More information about
the company is available on the Internet at www.generaldynamics.com.
Force Protection, Inc. Safe Harbor Language
This press release contains forward looking statements that are not historical
facts, including statements about our beliefs and expectations which are
forward-looking statements. These statements are based on beliefs and
assumptions by Force Protection’s management, and on information currently
available to management. Forward-looking statements speak only as of the date
they are made, and we undertake no obligation to update any of them publicly in
light of new information or future events. A number of important factors could
cause actual results to differ materially from those contained in any
forward-looking statements. Examples of these factors include, but are not
limited to, the ultimate selection of Force Dynamics under the M-ATV Program,
our ability to fulfill any order for the Cheetah on a timely basis, our ability
to effectively manage the risks in our business, the reaction of the marketplace
to the foregoing and other risk factors and cautionary statements listed in the
Company’s periodic reports filed with the Securities and Exchange Commission,
including the risks set forth in the Company’s 2007 Annual Report on Form 10-K
for the year ended December 31, 2007and Quarterly Report on Form 10-Q for the
period ended September 30, 2008.
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