Ladson, S.C. -- Force Protection, Inc., manufacturer of the Buffalo and Cougar armored vehicles deployed with U.S. armed forces in Iraq and Afghanistan, announced today that it has secured a credit line of $5 million through GC Financial Services, Inc. of Houston, Texas. The all-debt deal is coupled with a factor agreement that allows Force Protection to receive payment on its U.S. government contract receivables within 24 to 48 hours of delivery.

Force Protection CEO Gordon McGilton noted that the agreement will help ensure the expansion of the company's production capability to meet the order for 122 Joint Explosive Ordnance Rapid Response Vehicles (JERRV) recently awarded by the Joint IED Defeat Task Force.

“The flexibility of the credit line, together with the $6.7 million milestone payment recently received under the JERRV contract, will provide us with sufficient working capital to meet present cash needs” noted McGilton.

“This will enable Force Protection to maintain its focus on delivering cutting-edge armored vehicle technology to support our troops in Iraq.”

“We are extremely pleased to continue our close working relationship with Force Protection and proud to play a role in the company's mission to protect and save lives,” said Kent Martin, Managing Director of GC Financial.

Force Protection, Inc.
15.07.2005