Force Protection, Inc. Announces $152.75 Million Equity Financing

Business Wire, Dec 21, 2006

LADSON, S.C. -- Armored vehicle manufacturer Force Protection, Inc. (OTCBB:FRPT) today announced it has closed on a private placement of 13 million shares of common stock, generating gross proceeds of approximately $152.75 million.

The securities were sold to a select group of institutional investors at $11.75 per share with no warrants. C.E. Unterberg, Towbin acted as Force Protection's lead placement agent.

"We are excited to announce this arrangement," said Force Protection CEO Gordon McGilton. "Force Protection appreciates the confidence evidenced by the investors who have participated in this financing. This working capital will enable us to finish pre-production activities related to our new vehicle line, Cheetah, as well as continue to expand our production capacity and deliver life-saving Buffalo and Cougar vehicles in greater numbers than ever before."

Demand for Force Protection vehicles has risen dramatically since their initial deployment in 2003, based on their unmatched record for troop safety against improvised explosive devices, land mines, and roadside bombs. All branches of the U.S. military have credited the blast protection technology incorporated in the Buffalo and Cougar with saving lives.

About Force Protection

Force Protection, Inc. manufactures ballistic- and mine-protected vehicles through its wholly owned subsidiary. These specialty vehicles are protected against landmines, hostile fire, and Improvised Explosive Devices (IEDs, commonly referred to as roadside bombs). Force Protection's mine and ballistic protection technology is 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.

This release contains forward-looking statements, including, without limitation, statements concerning our business, future plans and objectives and the performance of our products. These forward-looking statements involve certain risks and uncertainties ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Technical complications may arise that could prevent the prompt implementation of the strategic plan 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 http://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, except as required by law.