Sonic Jet Announces Results of Shareholders' Meeting
CHARLESTON, S.C., Aug. 29, 2003 -- Sonic Jet Performance, Inc. (BULLETIN BOARD: SJET) held its annual shareholders' meeting on Thursday, August 21, 2003 at the executive offices of its subsidiary, Technical Solutions Group, Inc. (TSG) The facility, in which TSG manufactures its life-saving line of mine protected vehicles, is located at 2031 Avenue B, Building 44, North, in Charleston, South Carolina. The shareholders approved the following actions:
1. The election of Madhava Rao Mankal, Michael Watts, and R. Scott Ervin as Directors of the Company until the next Annual Meeting of shareholders. 2. The appointment of Michael Johnson & Co., LLC as the Company's independent auditor for the fiscal year ending Dec 31, 2003. 3. The change of the Company's name from Sonic Jet Performance, Inc. to Force Protection, Inc.
The full text of the shareholder proxy statement is available by visiting http://sjet.sonicjet.com/ and choosing the link labeled "SEC Filings."
Subsequent to the formal shareholders' meeting, shareholders were given a tour of the TSG production line and were able to see Buffalo Mine Protected vehicles being manufactured. Interested shareholders were then treated to a ride in a completed Buffalo -- one of the world's best-protected vehicles. When asked for impressions afterward, one shareholder summed it up in a single word: "Awesome".
About The Members of the Board of Directors
Mr. Mankal, age 52, has served as the Company's Chief Financial Officer since May 1999, and as President since January 2002. He has also served as a Director since December 2001. Prior to that, Mr. Mankal served as Controller of American Power Products, Inc. between 1998 and 1999, and Manager at American Power Products, Inc., from September 1994 to 1998. He has international experience in various manufacturing industries as Controller for over 20 years including Financial Advisor, New Halfa Agricultural Corporation, Government of Sudan (Rehabilitation Project Management Unit, World Bank). Mr. Mankal is a qualified Chartered Accountant and Cost Accountant, and a member of the Institute of Chartered Accountant, Institute of Cost and Works Accountants, and Institute of Management Accounting. He has served as management nominee on the board of directors of Transport Society of NGEF, Ltd. India, and was appointed the Joint Secretary of Bangalore Chapter of Cost Accountants. Mr. Mankal holds a Bachelors degree from Bangalore University, India.
Mr. Watts, age 56, has more than 30 years of experience as an executive and investor. He has served as CEO of four companies in the computer hardware, computer software, consumer electronics, and semiconductor fields -- two of which were founded by him. In addition, he has served as a management consultant to numerous companies, including BNP Paribas and Wells Fargo Bank, in a variety of industries. In July 2002, the Company appointed Mr. Watts to the position of General Manager of its subsidiary, Technical Solutions Group, Inc. ("TSG"), and President and CEO of the Company on May 29, 2003. Mr. Watts received a Bachelor of Science degree in Electrical Engineering with high honors from Colorado State University in 1969 and majored in Finance in the MBA program at the University of Colorado in 1973. He holds five patents, including one for the laser bar code scanner and four related to software.
Mr. Ervin, age 49, has served as a Director since February 2002. Mr. Ervin also served on the Company's Board of Directors between June and October 2001. From 1999 to the present, he has been an attorney in private practice in Austin, Texas. Between 1991 and 1999, Mr. Ervin practiced law with the law offices of Dr. A. Abbar, in Jeddah, Saudi Arabia. He is a graduate of University of California at Santa Cruz (1978 cum laude) and Boston College Law School (1984 cum laude). Mr. Ervin is licensed to practice law in New York and Texas, and is admitted to practice before the United States Federal District Court, Southern District of New York, the United States Court of Appeals for the Second Circuit and the United States Supreme Court.
About Sonic Jet Performance, Inc. and Technical Solutions Group, Inc.
Sonic Jet Performance, Inc. manufactures and distributes vehicles and watercraft that protect and save lives and property. Its unique fire/rescue boats are manufactured in Orange County, California. Sonic Jet's subsidiary, Technical Solutions Group, Inc., (TSG) manufactures and markets military vehicles that are protected against landmines and hostile fire. These vehicles are typically used to transport personnel safely in areas infested with landmines and for the actual removal of landmines. The vehicles are manufactured in Charleston, SC, where TSG is based. 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: http://sjet.sonicjet.com/ . Contact: Walter Wright, Sonic Jet Performance, Inc., 714-903-0025, investorrelations@sonicjet.com or visit http://sjet.sonicjet.com/ .
Certain statements in this press 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. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. 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.