America Hangs Tough! Force Dynamics Announces $76 Million U.S. Marine corps contract

IN THE NEWS

Force Dynamics Announces $67 Million U.S. Marine Corps Contract


Publisher: Force Protection, Inc.Date: 02/14/2007Ladson, 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. http://www.forceprotection.net/news/news_article.html?id=156

Force Protection Inc. (FRPT)

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February 21, 2007
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Associated Press and Yahoo.Com Finance

Wednesday February 14, 9:39 am ET

Force Dynamics Receives $67.4 Million Contract to Build 125 Vehicles for the Marines

LADSON, S.C. (AP) -- Force Dynamics LLC, a joint venture between defense contractors Force Protection Inc. and the land systems division of General Dynamics Corp., said Wednesday it received a $67.4 million contract from the Marines.
The contract calls for Force Dynamics to build 125 of its Mine Resistant Armor Protected vehicles. The vehicles are designed to protect soldiers from improvised explosive devices and other explosive threats.
Delivery is scheduled for within the next 120 days.

Shares of Force Protection rose 53 cents, or 2.9 percent, to $18.60 in morning trading on the Nasdaq, having closed Tuesday at $18.07 on the Nasdaq. General Dynamics shares gained 21 cents to $80.02 on the New York Stock Exchange.

All Credit to Associated Press

http://biz.yahoo.com/ap/070214/force_protection_contract.html?.v=1