Force Protection, Inc. Had Robust Growth in '04; Armored Vehicle Manufacturer Expands Workforce, Production Capacity 1/5/2005 9:02:00 AM
LADSON, S.C., Jan 5, 2005 (BUSINESS WIRE) -- Force Protection, Inc. (FRCP), the leading U.S. manufacturer of mine- and blast-protected vehicles, recorded substantial growth in its workforce, physical facilities and production capacity during fiscal 2004.
Force Protection's multi-faceted growth was cited during a shareholder meeting held on December 30, 2004. The company's workforce increased tenfold over the last twelve months. In addition, the physical plant has more than doubled in size. New production techniques have been implemented, and the rate of production of Force Protection's Buffalo and Cougar vehicles continues to increase.
"We have had a wonderful year," said Frank Kavanaugh, Chairman. "Despite steel shortages and long lead times on truck and automotive components, we have continued to increase our rate of production in order to supply the armed forces with the vehicles they need to be protected from the threat of land mines and other explosive devices."
Also addressed during the meeting were items that required a vote of the shareholders, including the election of a board of directors. No additional nominations were received from the floor. The directors nominated in the Proxy, Kavanaugh, Scott Ervin, and Gale Aguilar, were reelected to the board.
All proposed resolutions passed overwhelmingly during the meeting, resulting in the move of the legal domicile of Force Protection Inc. from Colorado to Nevada, establishing a par value of $ .001 per share, and granting the Board of Directors the authority at its discretion to approve a reverse stock split of common stock of between 1 for 2 to 1 for 12.
"The nature of war has changed," said Gale Aguilar. "Our troops are being attacked on all fronts. They need mobile defensive capability in order to stay safe and accomplish their missions. Our focus at Force Protection is to continue to produce the vehicles that meet this crucial need, and our commitment is reflected in the advances we have made in 2004."