CHARLESTON, S.C., Nov. 25, 2003 (PRIMEZONE) -- Force Protection, Inc. (OTCBB:FRCP) announced today a dividend of the company held stock of Xtreme Companies (OTCBB:XTRI), which obtained the fire/rescue and patrol boat business from Force Protection, Inc. in October. The board of directors has set the dividend date of record for December 5, 2003. Twenty million shares of Xtreme Companies common stock will be subsequently distributed pro rata among all Force Protection, Inc. shareholders as of that date.
Michael Watts, CEO of Force Protection, Inc. remarked, "This transaction will let us concentrate on the increasing need for life-protecting technology in the military markets. Allowing Xtreme to develop the opportunities inherent in the fire/rescue jet business will free up time and effort for us to focus entirely on our line of landmine-protected vehicles and related products. In exchanging our ownership of the boat business for shares of Xtreme, the Board of Directors has allowed us to provide value for the shareholders both with the dividend itself and also with the freedom to focus on the real core of Force Protection, Inc."
Kevin Ryan, CEO of Xtreme Companies commented, "The fire/rescue boat arena is an exciting opportunity for us. Building on the remarkable groundwork laid by Force Protection, we anticipate bringing real value to our shareholders through development of an aggressive business development plan. These boats can provide an excellent solution to a crucial need of municipalities across the world."
About Force Protection, Inc.
Force Protection, Inc. manufactures and distributes vehicles that protect and save lives and property. Its subsidiary, Technical Solutions Group, Inc., (TSG) manufactures and markets military vehicles that are protected against landmines and hostile fire. These vehicles are typically used to transport personnel safely in areas infested with landmines and for the actual removal of landmines. The vehicles are manufactured in Charleston, SC, where TSG is based. For more information visit www.forceprotection.net. Recently, Technical Solutions Group was highlighted on CNBC's Business Center. A video clip of the segment is available at: http://ir.forceprotectioninc.com. Contact: Investor Relations, Force Protection, Inc., 714-903-0025, investorrelations@forceprotectioninc.com or visit http://ir.forceprotectioninc.com.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) 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 www.sec.gov). The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.