Business Services Industry
Force Protection Confirms Correct Value For U.S. Marine Corps Field Service and Training Support Contract
Business Wire, Nov 8, 2007
LADSON, S.C. -- Force Protection, Inc. today announced a correction to the value of its contract from the U.S. Marine Corps reported November 5. The contract, which calls for the purchase of services in support of operation of the Mine Resistant Ambush Protected (MRAP) Vehicles University, an MRAP training program at Red River Army Depot, integrated logistics support, and field service representative support, was estimated at a value of $91.8 million. The correct value of the contract is an estimated $83.6 million, as confirmed by the U.S. Department of Defense.
Pursuant to Force Protection's agreement with General Dynamics Land Systems, a portion of the work under this contract will be performed by General Dynamics Land Systems pursuant to a subcontract. Work under the contract is scheduled for completion by November 2008.
About Force Dynamics, LLC
Force Dynamics, LLC is a joint venture between leading defense manufacturers Force Protection, Inc. (NASDAQ:FRPT) and General Dynamics Land Systems, a business unit of General Dynamics Corporation (NYSE:GD).
About Force Protection Inc.
Force Protection, Inc., answering the call to duty to bring lifesaving mine-resistant ambush protected vehicles to U.S. troops in combat and an American company whose vehicles, Cougar and Buffalo, have a proven track record where it matters most, in the battlefield, manufactures ballistic- and mine-protected vehicles. 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, visit www.forceprotection.net.
About General Dynamics
General Dynamics, headquartered in Falls Church, Va., employs approximately 83,000 people worldwide and anticipates 2007 revenues of approximately $27 billion. The company has leading market positions in mission critical information systems and technologies, land and amphibious combat systems, shipbuilding and marine systems, and business aviation. More information about the company is available on the Internet at www.generaldynamics.com.
This press release contains forward-looking statements that involve risks and uncertainties. The Company generally uses words such as "believe," "may," "could," "will," "intend," "expect," "anticipate," "plan," and similar expressions to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in the Company's Form 10-K and other reports filed with the Securities and Exchange Commission. Although management believes the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and the Company's future results, levels of activity, performance or achievements may not meet these expectations. The Company does not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in expectations, except as required by law.
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