Force Protection, Inc. Offers Comment on Report by Pentagon's Inspector General
Force Protection, Inc.
LADSON, S.C.--(BUSINESS WIRE)--Force Protection, Inc. (NASDAQ:FRPT) today offered comment on a June 27 report issued by the Pentagon’s Inspector General that criticized the U.S. Marine Corps for awarding sole source armored vehicle contracts to the company in 2005, despite delays in delivering the vehicles on schedule.
“Like all Americans, we are disappointed with some of the findings in the Inspector General’s report,” said Force Protection CEO Gordon McGilton. “From its beginnings, Force Protection’s objective has been to provide the finest lifesaving vehicles in the world. We have consistently operated under urgent operational needs and have sought diligently to meet government requirements under extremely short timeframes. However, we believe that recent press coverage on the report has missed some key findings. As stated clearly on page 26, ‘the Cougars and the JERRVs proved to have significant and operational value to our warfighters on the field.’ The report also states that, ‘We reviewed documentation from users and classified data on vehicle performance and learned that the vehicles performed well and saved lives.’
“When past delivery delays have occurred it has been representative that even a minor glitch in the supply chain can push things back under such tight parameters,” McGilton said. “Enormous progress has been made in fielding this proven, battlefield solution years ahead of traditional defense schedules. Tens of thousands of our servicemen and women are alive and have reunited with their families and friends at home because of the protection provided by our vehicles. Force Protection will continue to work with the Department of Defense to produce and improve upon the best blast and ballistic protection technology in the world.”
Force Protection’s vehicles have become the gold standard in troop protection against IEDs, roadside bombs, and land mines. The vehicles have logged more than three million hours of heavy combat operations and withstood thousands of blast attacks in Iraq and Afghanistan since 2003.
Force Protection is a leading ballistics research and manufacturing enterprise, specializing in the development and production of highly reinforced armored personnel carriers that are designed to save soldiers' lives by shielding them from the deadly effects of roadside bombs, or IEDs, which have become a leading killer of U.S. troops in Iraq. The trucks' unique, V-shaped hull is designed to deflect the force of IED blasts away from the vehicle, keeping soldiers inside safe and alive, and have become the proven response to an emerging global threat to U.S. troops. Its leading models include the 23 ton “Buffalo”, a uniquely-designed mine clearance vehicle with a reinforced mechanical arm, and the family of “Cougar” vehicles, both of whose mine and ballistic protection capabilities are among the most advanced in the world. The vehicles are manufactured outside Charleston, S.C. Visit the company's website at 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. The company cautions that these forward looking statements are further qualified by factors including, but not limited to, those set forth in the company's Form 10-K filing and other filings with the United States Securities and Exchange Commission (available at http://www.sec.gov) and the company's public statements. 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.
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