CHARLESTON, S.C., March 25, 2004 (PRIMEZONE) -- Force Protection, Inc. (OTCBB:FRCP) today announced the completion of a $3 million private equity placement with a small group of institutional and individual investors.
CEO Michael Watts commented, "This financing allows us to do some very important things. First: it allows us to expand our product development efforts into some innovative areas and to be more aggressive in our marketing. Second: it provides the working capital base that will be required to expand production in response to anticipated new orders. We will not be expanding operations much immediately. We are simply getting ready. We are now in a position to be very responsive to our customers' needs. This is an important step in our program to systematically strengthen our balance sheet and our operations."
Force Protection designs and manufactures vehicles that are protected against ballistic attacks, blast attacks from Improvised Explosive Devices (IEDs), and landmines. Vehicles marketing under the TSG brand include the Buffalo, the Cougar, the Tempest, and the Typhoon.
Typhoon is the newest product from TSG, a wholly owned subsidiary. It is a Tactical Armored and Mine Protected Vehicle that is optimized for urban warfare and low intensity conflicts. 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 Bufallo was 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.