CHARLESTON, S.C., March 31, 2004 (PRIMEZONE) -- Force Protection, Inc. (OTCBB:FRCP) announced today that its Technical Solutions Group (TSG) subsidiary has signed a non-exclusive agreement with U.S. Marketing Group LLC to develop a commercial U.S. distribution channel for its Lion (see www.forceprotection.net), a ballistic and blast protected vehicle with the protection necessary to deter carjacking and able to resist most threats that might be experienced in the United States - including small arms fire and homemade explosives or bombs.
U.S. Marketing Group LLC has ordered one Lion as a demonstration vehicle which is scheduled to be delivered this year. At more than $200,000 per vehicle, the Lion is a military class vehicle designed with the latest in blast and ballistic protection technology. In addition the vehicle can be configured to protect against Nuclear, Biological, or Chemical threats. The vehicle can withstand a significant explosion on any wheel, anyplace under the vehicle and from the side. The all-welded armored capsule and glass is ballistically protected and capable of resisting small arms fire. As an additional safeguard, Virtual Electronic Windows are an available option.
Aimed at the VIP transport market, the Lion is designed to seat six passengers comfortably and may be equipped with a plush interior based upon specific customer requirements. The Lion is fitted with U.S. components (or the customer's specified components) to ensure efficient logistic support.
Market data is difficult to determine, since most armored vehicles of this type are sent to specialists for post manufacturing conversion by automotive manufacturers. However, the potential is notable. Some estimates place the armored car luxury niche as high as $4.4 billion per year worldwide.
Ms. Britta Evans, Managing Partner of U.S. Marketing said, "CEOs are trying to protect themselves against terrorism; movie stars are taking death threats seriously; and many music stars fear violence. Right or wrong, individuals' concern for safety has increased the interest in armored vehicles, and we believe the Lion offers a unique capability in this high-end market. While the primary market for these kinds of vehicles has been in developing countries, we believe the opportunities and interest in the United States will grow substantially."
"This vehicle is designed to keep its occupants alive," Michael Watts, CEO of Force Protection, Inc., remarked, "and the vehicle is manufactured to quality levels befitting military action. This arrangement with U.S. Marketing allows us to focus on our expertise of building for and selling to military and government markets while U.S. Marketing can focus on the opportunities for protected vehicles in the private sector. We believe this type of arrangement with U.S. Marketing can create additional demand and interest in our products without diluting our efforts on expanding our core military and government markets."
Force Protection designs and manufactures vehicles that are protected against ballistic attacks, blast attacks from Improvised Explosive Devices (IEDs), and landmines. Vehicles marketed under the TSG brand include the Buffalo, the Cougar, the Tempest, and the Typhoon.
The Buffalo was recently featured in Geraldo Rivera's tour across Iraq for Fox News. A DVD of this segment is available from Investor Relations. In addition, the Buffalo was recently featured in the European edition of Stars and Stripes. That article is available online at http://www.estripes.com/article.asp?section=&article=18869&archive=true.
To see video of a TSG vehicle clearing landmines, please visit www.forceprotectioninc.com. More information about TSG vehicles is available at www.forceprotectioninc.com.
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, hostile fire, and Improvised Explosive Devices ("Roadside bombs"). The vehicles are manufactured in just outside Charleston, SC. 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: www.forceprotectioninc.com. Contact: Investor Relations, Force Protection, Inc., 714-903-0025, investorrelations@forceprotectioninc.com or visit www.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 statements in this release, whether as a result of new information, future events or otherwise.