Quantum Subsidiary, Tecstar, Awarded Contract to Provide Manufacturing Expertise for Military Vehicles
IRVINE, Calif., Aug. 22, 2005 -- Force Protection, Inc. (OCT Bulletin Board: FRPT) today announced that Quantum Fuel Systems Technologies Worldwide, Inc., through its subsidiary, Tecstar Automotive Group, has been awarded a $2.7 million contract to provide its extensive manufacturing expertise to assist in setting up the processes to manufacture Cougar Joint EOD (Explosive Ordnance Disposal) Rapid Response Vehicles (JERRVs) for the U.S. Army, Navy, Air Force, and Marines in the Middle East.
Force Protection recently was awarded a contract to develop 122 vehicles with cutting-edge blast and ballistic protection technology for explosive ordnance disposal missions (see press release dated August 17, 2005). The vehicles will be used by the U.S. servicemen and women engaged in operations Iraqi Freedom and Enduring Freedom, and are scheduled to be completed and delivered by the end of February 2006 under an accelerated production schedule.
Quantum-Tecstar was approached by Force Protection to provide manufacturing expertise in the areas of procedure development and process control in order to optimize and streamline the Cougar production line. Current operations in the Middle East require these advanced vehicles to be rapidly deployed and Tecstar's expertise will play a critical role in increasing the plant's throughput to meet the accelerated schedule.
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, visit http://www.forceprotectioninc.com/. About Quantum
Quantum and its subsidiary, Tecstar Automotive Group, are leaders in powertrain engineering, system integration, and manufacturing of packaged fuel systems and accessories for specialty vehicles and applications including fuel cells, hybrids, alternative fuels, hydrogen refueling, new body styles, mid-cycle vehicle product enhancements, and high performance engines and drive trains for OEMs and consumers of aftermarket parts and accessories. Quantum also designs and manufactures hybrid and fuel cell vehicles.
Quantum has product commercialization alliances with General Motors, AM General, Sumitomo, and IMPCO. Quantum's customer base includes General Motors, Toyota, Opel, Hyundai, Suzuki, Ford, DaimlerChrysler, Sunline, Yamaha, AeroVironment, and the U.S. Army.
More information can be found about Quantum's products and services at www.qtww.com.
Forward Looking Statements
Except for historical information, the statements, expectations, and assumptions contained in the foregoing press release are forward-looking statements. Such forward-looking statements include, but are not limited to, the Company's expectations regarding expected future revenues and operating results, and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Such statements are subject to a number of risks and uncertainties, and actual results could differ materially from those discussed in any forward-looking statement. Factors that could cause actual results to differ materially from such forward-looking statements include, among other factors, prevailing market conditions; the Company's ability to provide manufacturing expertise; and the Company's ability to meet customer specifications and qualification requirements. Reference should also be made to the risk factors set forth from time to time in the Company's SEC reports, including but not limited to those contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2005. The Company does not undertake to update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.
For more information regarding Quantum, please contact: Dale Rasmussen Investor Relations +1-206-315-8242 Cathy Johnston Director of Communications +1-949-399-4548 cjohnston@qtww.com For more information regarding Force Protection, Inc., please contact: Investor Relations, 843-740-7015, Ext. 306 investorrelations@forceprotectioninc.com Jeffrey Child Account Executive Policy Impact Strategic Communications +1-202-737-5339 info@forceprotection.net (C)2005 Quantum Fuel Systems Technologies Worldwide, Inc. Advanced Technology Center 17872 Cartwright Road, Irvine, CA 92614 Phone 949-399-4500 Fax 949-399-4600