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Shorties stealing shares from the weak.....lol
What a great opportunity this morning was for me.....got more at basement prices.....
AFFIRMATIVE COVENANTS. Borrower agrees that from the date hereof and until final payment in full of the Obligations, unless Bank shall otherwise consent in writing, {b]Borrower will: Access to Books and Records. Allow Bank, or its agents, during normal business hours, access to the books, records and such other documents of Borrower as Bank shall reasonably require, and allow Bank, at Borrower’s expense, to inspect, audit and examine the same and to make extracts therefrom and to make copies thereof. Business Continuity. Conduct its business in substantially the same manner and locations as such business is now and has previously been conducted. Certificate of Full Compliance From Officer. Deliver to Bank, with the financial
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statements required herein, a certification by Borrower’s chief financial officer, or its equivalent, that Borrower is in full compliance with the Loan Documents. Compliance with Other Agreements. Comply with all terms and conditions contained in this Agreement, and any other Loan Documents, and swap agreements, if applicable, as defined in 11 U.S.C. § 101, as in effect from time to time. Estoppel Certificate. Furnish, within 15 days after request by Bank, a written statement duly acknowledged of the amount due under the Loan and identifying each outstanding Letter of Credit, if any, and whether offsets or defenses exist against the Obligations. Insurance. Maintain adequate insurance coverage with respect to its properties and business against loss or damage of the kinds and in the amounts customarily insured against by companies of established reputation engaged in the same or similar businesses including, without limitation, commercial general liability insurance, workers compensation insurance, and business interruption insurance; all acquired in such amounts and from such companies as Bank may reasonably require. Maintain Properties. Maintain, preserve and keep its property in good repair, working order and condition (normal wear and tear excepted), making all replacements, additions and improvements thereto necessary for the proper conduct of its business, unless prohibited by the Loan Documents, Notice of Default and Other Notices. (a) Notice of Default. Furnish to Bank immediately upon becoming aware of the existence of any condition or event which constitutes a Default (as defined in the Loan Documents) or any event which, upon the giving of notice or lapse of time or both, may become a Default, written notice specifying the nature and period of existence thereof and the action which Borrower is taking or proposes to take with respect thereto. (b) Other Notices. Promptly notify Bank in writing of (i) any material adverse change in its financial condition or its business; (ii) any default under any material agreement, contract or other instrument to which it is a party or by which any of its properties are bound, or any acceleration of the maturity of any indebtedness owing by Borrower; (iii) any material adverse claim against or affecting Borrower or any part of its properties; (iv) the commencement of, and any material determination in, any litigation with any third party or any proceeding before any governmental agency or unit affecting Borrower; and (v) at least 30 days prior thereto, any change in Borrower’s name or address as shown above, and/or any change in Borrower’s structure. Other Financial Information. Deliver promptly such other information regarding the operation, business affairs, and financial condition of Borrower which Bank may reasonably request. Payment of Debts. Pay and discharge when due, and before subject to penalty or further charge, and otherwise satisfy before maturity or delinquency, all obligations, debts, taxes, and liabilities of whatever nature or amount, except those which Borrower in good faith disputes. Reports and Proxies. Deliver to Bane promptly, a copy of all financial statements, reports, notices, and proxy statements, sent by Borrower to stockholders, and all regular or periodic reports required to be filed by Borrower with any governmental agency or authority. All such regular and periodic reports which remain unfiled on the date hereof shall be filed on or before September 30, 2008 in a manner and Iona acceptable to the applicable governmental agency or authority.
Wachovia has access to all of FRPT books ! Sweeeeeeeet !
CASH FLOW PROJECTIONS. Borrower shall deliver to Bank updated cash flow projections in a form acceptable to Bank as soon as available, but in any event no later than August 31, 2008.
PERIODIC FINANCIAL STATEMENTS. Commencing with the second quarter of 2008, the Borrower shall deliver to Bank, within 60 days after the end of each fiscal quarter, unaudited management-prepared quarterly financial statements including, without limitation, a balance sheet, profit and loss statement and statement of cash flows, with supporting schedules; all on a consolidated and consolidating basis with respect to Borrower and its subsidiaries, affiliates and parent or holding company, as applicable, all in reasonable detail and prepared in conformity with generally accepted accounting principles, applied on a basis consistent with that of the preceding year, provided however, the financial statements for the first quarter of 2008 shall be due on or before August 31, 2008. Such statements shall be certified as to their correctness by a principal financial officer of Borrower and in each case, if audited statements are required, subject to audit and year-end adjustments.
Nice.....
Wachovia wants financials by August !
ANNUAL FINANCIAL STATEMENTS. Borrower shall deliver to Bank for fiscal year ended December 31, 2007, unqualified, audited financial statements no later than August 31, 2008 reflecting its operations during such fiscal year, including, without limitation, a balance sheet, profit and loss statement and statement of cash flows, with supporting schedules; all on a consolidated and consolidating basis with respect to Borrower and its subsidiaries, affiliates and parent or holding company, as applicable, and in reasonable detail, prepared in conformity with generally accepted accounting principles, applied on a basis consistent with that of the preceding year. All such statements shall be examined by the independent certified public accountant firm of Grant Thornton. The opinion of such independent certified public accountant shall not be acceptable to Bank if qualified due to any limitations in scope imposed by Borrower or any other person or entity. Any other qualification of the opinion by the accountant shall render the acceptability of the financial statements subject to Bank’s approval.
Sweet, The shorts have covered another million shares.....
This will take off very soon ! IMO
Short Interest (Shares Short) 8,043,600
Days To Cover (Short Interest Ratio) 11.5
Short Percent of Float 12.20 %
Short Interest - Prior 9,139,300
Short % Increase / Decrease -11.99 %
Short Squeeze Ranking™ -116
Did any one post this yet !
Sweeet !
http://www.sec.gov/Archives/edgar/data/1032863/000110465908031995/a08-14068_18k.htm
8-K 1 a08-14068_18k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 6, 2008
FORCE PROTECTION, INC.
(Exact name of Registrant as specified in its charter)
Nevada
000-22273
84-1383888
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
9801 Highway 78, Building No. 1, Ladson, SC
29456
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code (843) 574-7000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01. Entry Into A Material Definitive Agreement.
Item 2.03. Creation Of A Direct Financial Obligation Or An Obligation Under An Off-Balance Sheet Arrangement Of A Registrant.
On May 6, 2008, Force Protection, Inc. (the “Registrant”) and its wholly-owned subsidiaries, Force Protection Technologies, Inc. and Force Protection Industries, Inc., entered into an Amended and Restated Loan Agreement (the “Amended and Restated Loan Agreement”) with Wachovia Bank, National Association (“Wachovia”), which amended and restated that certain Loan Agreement dated as of July 20, 2007 by and between the Registrant and Wachovia. Concurrently with the execution of the Amended and Restated Loan Agreement, the Registrant issued a promissory note to Wachovia in the original principal amount of $30,000,000 (the “Note”), which amended that certain promissory note issued to Wachovia on July 20, 2007. Pursuant to the Amended and Restated Loan Agreement, the Registrant has agreed to certain terms that govern a revolving credit facility made available to the Registrant by Wachovia.
The unpaid principal balance of the Note accrues interest at a floating rate per annum equal to the 1-month LIBOR market index rate plus 2.0%. Accrued interest is due and payable on a monthly basis, starting on May 30, 2008 and all outstanding principal is due and payable on October 31, 2008, unless extended by Wachovia. Until October 31, 2008, the Registrant may borrow, repay and reborrow additional amounts from Wachovia under the Note, so long as the total principal balance outstanding under the Note does not exceed $30,000,000. In connection with the issuance of the original promissory note on July 20, 2007, the Registrant also entered into a Security Agreement with Wachovia pursuant to which the Registrant granted Wachovia a security interest in all of its personal property and fixtures, of every kind and nature. The Registrant has never borrowed any amounts under this credit facility.
A copy of the Amended and Restated Loan Agreement and Note are attached as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and are incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Description
10.1
Amended and Restated Loan Agreement by and among the Registrant, Force Protection Technologies, Inc., Force Protection Industries, Inc. and Wachovia Bank, National Association, dated as of May 6, 2008
10.2
Promissory Note by the Registrant in favor of Wachovia Bank, National Association, dated as of May 6, 2008
2
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Force Protection, Inc.
(Company)
Date: May 9, 2008
/s/ Michael Moody
(Signature)
Name: Michael Moody
Title: Chief Executive Officer & President
3
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EXHIBIT INDEX
Exhibit
Description
10.1
Amended and Restated Loan Agreement by and among the Registrant, Force Protection Technologies, Inc., Force Protection Industries, Inc. and Wachovia Bank, National Association, dated as of May 6, 2008
10.2
Promissory Note by the Registrant in favor of Wachovia Bank, National Association, dated as of May 6, 2008
4
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Exactly.....But some will twist anything around to serve thier agenda.
Aero was wise not to move up to the BB as of yet. They can file when they are ready. IMO it will be this week and on time.
You got that right Tallrob0 !
Just reinforces the belief that their is no reward without a struggle and I think we have struggled enough. :)
Night all.....and a Happy Mothers day to all !
Not when you understand the language and base your opinions on facts....
We thought there would be 4-5b outstanding shares just from the merger....but thanks to some major buying the pps went up and the conversion was done at a much higher pps.
Sucks for the insiders and original Aero shareholders, great for the rest of us who got 35% of Aero. :)
Simple !
Actual results......lol
Some people have been screaming R/S for over a year !
Actual results are........There have been no R/S's ..... :)
GS, This has been gone over a million times and still you post nonsense about a R/S...... Please read up my boy !
Issued Tuesday October 23, 11:17 am ET
today issued a brief
statement from management addressing language that was included in the share exchange
agreement between Aero Exhaust and Franchise Capital regarding a potential future reverse split.
“The language included in the share exchange agreement was drafted long before the stock
structure of the post-acquisition public company was known,” stated Bryan Hunsaker, chief
executive officer of Franchise Capital and Aero Exhaust. “It allowed for the fact that there might
have been an insufficient number of shares to consummate the share exchange transaction, so
language was included that indicated that management intended to pursue a reverse stock split
soon after the acquisition closed. Given the current structure of the company, management has
no plans to pursue a reverse stock split in the foreseeable future.
“Shareholder value will continue to be a priority for the company as we work to increase
distribution of Aero Exhaust products
Why not save some $$$$ and file the 10q with all the info needed under subsequent events and everyone will be happy as a clam ! :)
Look at the last 10q and track how many contracts were awarded since then......almost $1b
I believe McCain will win too, but Obahma will be a contender when he has more experience 8 years from now.
http://ih.advfn.com/p.php?pid=nmona&cb=1210353060&article=23260559&symbol=N%5EFRPT
4/23/2007 - Force Protection $481,414,500
12/18/2007 - Force Protection $377,775,613
10/18/2007 - Force Protection $376,644,117
6/19/2007 - Force Protection $221,688,050
11/9/2006 - Force Protection $125,000,000
2/21/2008 - Force Protection $115,167,467
11/1/2007 - Force Protection $91,795,295
1/15/2008 - Force Protection $74,130,482
8/10/2007 - Force Protection $69,799,900
2/14/2007 - Force Protection $67,406,940
1/26/2007 - Force Protection $34,574,582
3/6/2007 - Force Protection $16,260,713
4/28/2008 - Force Protection $15,279,151
4/22/2008 - Force Protection $12,635,801
5/30/2007 - Force Protection $11,991,406
3/14/2008 - Force Protection $9,849,420
1/11/2007 - Force Protection $9,379,370
5/4/2007 - Force Protection $8,867,449
2/21/2008 - Force Protection $8,353,715
3/14/2008 - Force Protection $7,690,529
4/3/2007 - Force Protection $6,896,896
Valuation ! with a p/e ratio of 6 we stand to get closer to 20 IMO......
Contracts will keep coming in while the old inventories are sold off. Our product is by far the troops favorite and even peacetime will bring orders for FRPT.
I hope peace comes sooner than later but I can't even begin to guess what will be on the mideast.
I'm against a buyout ! Why would I want to sell my shares for under $10.00 !
The manipulation that goes on here every day while all these FTD are still outstanding will keep us basically on a steady climb higher, but when the shorts are done covering the combination of the low float and institutionally held shares will combine for a substantial move higher.
I do.....I believe we touch even higher than $30 but thats just IMO....
$15.00 will come easy and will make for a lot of happy campers.... :)
We'll start to really move soon with massive covering by shorts and we'll move even faster when they've finished.
I still hold all my Aero, but the company is on auto pilot now and the market likes Aero.
I've been following FRPT for a long time and fortunately had the opportunity to buy in cheap.
I also have FDG, BQI, and MDU
FRPT SWHC LMIA HRLY
6.54x 25.45x 15.87x 316.16x
P/E ratio's and HRLY has settled a lawsuit with the US government. They have to pay back $6m
FRPT way undervalued !
No.....usually when I pull my RV out of my garage I'm on a mission......lol (r&r)
But I do spread the word at campgrounds. :)
Yeah, and I paid $199 for my Aero....
Aero added a new dealer in my area and it's an RV dealer.
Yep, what goes around comes around and I'm glad we've always conducted ourselves with integrity !
Good morning all.....I'm grinning :)
The shorters count on the weak to sell.....what do you think the float is with institutional holdings so high.
There are still over 9m shares short and as every day passes they get squeezed tighter and tighter.
http://www.cnbc.com/id/15837275?q=frpt
It's mind blowing that we can still add shares under $10.00
This is why we should be back to $30.00 once the financials are filed !
http://www.militaryindustrialcomplex.com/totals.asp?thisContractor=Force%20Protection
Total Value of Listed Contracts: $2,142,601,396
4/23/2007 - Force Protection $481,414,500
12/18/2007 - Force Protection $377,775,613
10/18/2007 - Force Protection $376,644,117
6/19/2007 - Force Protection $221,688,050
11/9/2006 - Force Protection $125,000,000
2/21/2008 - Force Protection $115,167,467
11/1/2007 - Force Protection $91,795,295
1/15/2008 - Force Protection $74,130,482
8/10/2007 - Force Protection $69,799,900
2/14/2007 - Force Protection $67,406,940
1/26/2007 - Force Protection $34,574,582
3/6/2007 - Force Protection $16,260,713
4/28/2008 - Force Protection $15,279,151
4/22/2008 - Force Protection $12,635,801
5/30/2007 - Force Protection $11,991,406
3/14/2008 - Force Protection $9,849,420
1/11/2007 - Force Protection $9,379,370
5/4/2007 - Force Protection $8,867,449
2/21/2008 - Force Protection $8,353,715
3/14/2008 - Force Protection $7,690,529
4/3/2007 - Force Protection $6,896,896
Nice to see the results of all our hard work !
Nothing has changed except that contracts keep rolling in....
I don't think anyone expected Grant Thornton LLP, the new independent registered public accounting firm to have everything done in 1 month.
I'm buying as many as I can......don't do as I do, just wish you had ! :)
Back to $17 by mid July.
Nah, this was already factored in......IMO
The drop in price was from a mere 4k in volume after hours...
The mirror trades all day were the mm's keeping the pps down, funny to watch....
SWEEEEEEEEEEEEEEEEEEEEET !
Force Protection, Inc. (“Force Protection”, the “Company”, “we”, “us”, or “our”) has determined that it is unable to file its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2008 by the prescribed due date. As previously reported, we require additional time to complete our evaluation of our internal controls over financial reporting and preparation of the consolidated financial statements for the fiscal year ended December 31, 2007. We intend to file our Annual Report on Form 10-K for the year ended December 31, 2007 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2008 with the SEC promptly upon the completion of the audit of the consolidated financial statements for the year ended 2007.
We previously reported that we have also determined that our previously filed interim financial statements for the three and nine month periods ended September 30, 2007 and all public communications of such consolidated financial statements should no longer be relied upon because those consolidated financial statements contain material misstatements. Accordingly, we plan to restate our historical financial statements for the quarterly period ended September 30, 2007.
We are working as expeditiously as possible to finalize the consolidated financial statements for the fiscal year ended December 31, 2007, the quarterly period ended March 31, 2008 and to file amendments to our previously filed Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2007. While the lack of an audit firm has slowed our progress, we resolved that contributing factor on April 10, 2008, when we engaged Grant Thornton LLP as our independent registered public accounting firm for the fiscal years ended December 31, 2007 and ending December 31, 2008.
Forward-Looking Statements
Aero is really living up to their expectations !
A great week for all of my plays.....
It's always feast or famine.....but the feast always wins ! :)
Proceed with knowledge !
I agree.....the fuse has been lit, but the bomb has yet to explode !
Morning all.....
sweet open !
The 10q will be what the 8k should have been back in Oct.
looks like the market thinks so.
He probably shorted it......lol
I love the fact that I could be getting some of his money. :)
I see the trades on my TDAmeritrade last sale and its blatant.
This is turning out to be the " bomb " :)
Nice to be able to sit back and watch what we predicted would happen.
The irony....lol
Managed to pick up another 2500 shares at 3.85 Sweeeeeeet !
Love all these law firms still trying to get lead plaintiffs....lol
what a joke !
Nice close.....
Aero is going up because they are about to file a 10q with growing revenues that exceed expectations.....
The market will respond accordingly !