3SOF

This is an OTCBB stock go to "penny stock picking board" there is already a thread started exclusively for FRPT 

click this link:
http://www.3stocksonfire.org/trading/index.php?topic=3375.60

In 2003, FPI had a handful of employees and $6.2 million in sales. In 2004, revenue increased to $10.3 million. In 2005, revenue was $49.7 million. In the first quarter of 2006, FPI had $34.8 million in sales, and the next quarter should have more than $50 million in sales.

Sales began ramping up fast in 2005 after FPI built a production line for the Cougar line of vehicles. Prior to building the production line, FPI built the vehicles on a one by one basis in bays. This is a suitable manufacturing method for low numbers of vehicles but is not suitable for large contracts of several hundred vehicles.

FPI's Cougar production line is capable of manufacturing approximately 20 Cougar type vehicles per month. FPI has the floor space in the manufacturing facility to add more production lines if needed and has recently added a second production line. The second production line is still in the testing phase. FPI is designing the third production line which will be used to build the ILAV (Iraqi Light Armored Vehicle) which is another Cougar variant.

Along with the Cougars, FPI is currently manufacturing 3 to 4 Buffalo Mine Clearing Vehicles per month. Force Protection has said that they could potentially build up to 16 Buffalos per month by adding additional shifts. Based on recent media reports that had the following quote, "more than 140 Buffalo vehicles will be deployed by the end of 2006." To deploy around 140 Buffalo vehicles by the end of the year, FPI will have to build 14 per month or more because prior reports indicated that there were approximately 65 Buffalos currently in use (end of June). FPI currently has not announced contracts sufficient to build 140 Buffalo vehicles.

FPI's Buffalo and Cougars are in demand because they are the safest vehicles in Iraq. So far, there have been no reported casualties of soldiers in Buffalo and Cougar vehicles. Although this statistic may change in the future, it indicates the extraordinary toughness of their vehicle design.

The key to the blast protection for FPI's vehicles is the armor plating and blast resistant design that FPI acquired from South African companies. The South African design is based on over 40 years of development of blast resistant and economical vehicles.

FPI's chassis is based on various designs including the Mach truck from South Carolina-based Hughes Motors in the Buffalo vehicles. For the Cougar and Cougar variants, FPI uses Chassis provided by Spartan Chassis Inc. Spartan Chassis is one of the most innovative Chassis manufacturers in the United States. For the drive train, transmissions and motors, FPI uses the best commercially available solutions from US manufacturers such as Caterpillar, Mack, Allison, Fabco and Marmon-Herrington. This ensures high reliability because they are using proven designs. It ensures the vehicles are economical because FPI is purchasing products already produced in volume. In short, FPI is able to build a highly reliable vehicle by using the best technology from many different vendors and integrating it together. FPI's genius has been their ability to rapidly adapt, design, prototype and manufacture the best in class vehicle faster than their larger competitors.

Recently, FPI announced the acquisition of the manufacturing and development rights to a new "Blast Manipulation Technology" that may be used on wheeled and tracked vehicles. The new technology substantially reduces the blast effect on vehicles and it is possible that this technology will be one of the most valuable technologies FPI has acquired in future years. FPI believes that sales of products based on this technology are over a year away but that it might be their most compelling product.

The Buffalo was designed for use by Engineers for mine and bomb detection and destruction missions. The Cougar is a Medium Mine Protected Vehicle that has several possible roles. It can be used by Military Engineers, for the transport of soldiers, for convoy protection roles and for patrolling. For use where a lighter vehicle is more economical in roles currently taken by the Humvee, FPI has a solution that was designed from the ground up to survive mine and IED blasts. FPI's vehicle is called the Mine Resistant Utility Vehicle - Rapid Deployable (MUV-R).

With one Cougar production line and the Buffalo line producing 4 Buffalos per month, FPI could easily produce over $200 million per year worth of vehicles. With one Cougar line and the Buffalo line producing 16 Buffalo per month starting in June, the revenue potential goes up over $80 million per quarter. With the second Cougar production line and the ILAV production line, this figure again increases dramatically.

FPI's highest margin business is the support contracts for deployed vehicles. Support contracts include field representatives in Iraq and Afghanistan, spare parts, training and supplies. As the number of FPI vehicles grows, the amount of spare parts and field representatives also grow.  By 2007, FPI's revenue potential could easily be in the range of $350 to $500 million assuming that they get sufficient contracts.

Congress recently passed the Defense Supplemental bill. Included in the Supplemental was more than two billion to be used to defend against IEDs and mines in Iraq and Afghanistan. The vehicles that can best address this threat are the Buffalo for route clearance and various versions of the Cougar to protect engineers and as the point vehicles in patrols. FPI's vehicles are made in the United States and more economical than other competing vehicles. FPI's vehicles have the best history of survivability in "real world" situations and have survived over 1000 IED and mine attacks without a single fatality. Nothing else comes close.

The future looks bright for FPI.

FRPT: Volume Spike; 8% > 20-adsv, Stock -7.05%
Monday , July 10, 2006 10:20 ET

This is the 1st VOLUME alert for FRPT in the past 7 calendar days.

Trading for Force Protection, Inc (OTCBB: FRPT) has been heavier than usual in today's session. By 10:20 ET, the stock had already traded 627,600 shares via 145 trades. The cumulative volume is 8.41% above its 20-day average of 578,930. Normally the stock experiences around 284 individual trades per session.

So far, today's volume surge has caused a net decline in FRPT's stock price. At the time of this alert, the stock was trading at $5.930, down $-0.450 (-7.05%).

One year ago, the Company's shares closed at $1.720. The price has gained more than 244 percent since then.

Over the last 10 trading session FRPT has traded in a range between $5.160 and $6.680 and is currently trading 11.23% below its 52-week high of $6.680 set on June 28,2006 and 759.42% above its 52-week low of $0.690 from December 30,2005.

In the previous 3 sessions, FRPT trading has displayed a mixed trend. Closing results have been as follows:

July 07, 2006 --- closed at $6.380 down $0.070 (-1.09%) on 311,100 shares
July 06, 2006 --- closed at $6.450 down $0.150 (-2.27%) on 385,500 shares
July 05, 2006 --- closed at $6.600 up $0.290 (+4.60%) on 242,400 shares

1)
BUYINS.NET: FRPT Have Also Been Removed From Naked Short List Today
Tuesday , July 11, 2006 10:34 ET

Jul 11, 2006 (M2 PRESSWIRE via COMTEX) -- BUYINS.NET, www.buyins.net, announced today that these select companies have been removed from the NASDAQ, AMEX and NYSE naked short threshold list: Cardiogenesis Corporation (OTC: CGCP), Force Protection, Inc. (OTCBB: FRPT). For a complete list of companies on the naked short list please visit our web site. To find the SqueezeTrigger Price before a short squeeze starts in any stock, go to www.buyins.net.

Force Protection, Inc. (OTCBB: FRPT) and subsidiaries engages in the design, manufacture, and marketing of mine and blast protected vehicles in the United States and South Africa. Its products include The Buffalo, designed principally for route clearing activities; and The Cougar, a light weight vehicle that is used for urban patrol, route clearance support, utility transport, and special unit activities. It primarily serves the United States Army and the United States Marine Corps. The company was founded as Boulder Capital Opportunities III in 1996 and is headquartered in Ladson, South Carolina. With 38.73 million shares outstanding and an undisclosed short position, there is no longer a failure to deliver in shares of FRPT.

2)
From Raging Bull:
By: frpt_inv
12 Jul 2006, 05:00 AM EDT
   Msg. 76596 of 76596
Jump to msg. # 
August Announcements

August will be a big month for FRPT. All these announcements are high probability.

August 1
1) Announcement of receipt of contract for development funding for MUV-R for JLTV contract.
2) July's Monthly Production press release includes first ILAV shipments.

August 15
3) 2Q Earnings Release
Operating and bottom line profitability.
Revenue for quarter exceeds total revenue for all of 2005.
Major growth in highly profitable ILS revenue.
Two Cougar lines operational, ILAV line ramping up.
Buffalo line capacity significantly higher.
Dramatic increase in number of employees to support volume production on new lines, ILAV and development of MUV-R.
Positive cash flow allows continued pay down of debt.
Positive cash flow enables growth without further dilution beyond exercise of previously issued warrants/convertibles.
Most/all convertibles converted to common, further reducing interest expense.
On track for growing to 50 Field Sales Reps deployed.

Likely shortly after 2Q release
New Catalyst report with higher revenue and earnings projections, resulting in higher price per share target

Mid-August
Minor announcement possibly for additional armor contract. Example of the ongoing revenue stream created as vehicles in field are deployed.

If not announced in July, then August will have
Additional Buffalo orders to keep the pipe filled to hit the 140 by end of year number
Additional Cougar orders to keep the two lines busy. They would not be ramping up a second line if there wasn't an order in the pipe to fill it.

3)
FRPT answer regarding the LA Times Article:
Message from Force Protection CEO Gordon McGilton
Publisher: Force Protection, Inc.
Date: 07/11/2006

Force Protection would like to confirm that, to the company's knowledge, all of its Cougar vehicles deployed in Iraq are currently operational or undergoing routine maintenance procedures.

Force Protection also confirms that the company has specific information to indicate that none of its Buffalo or Cougar vehicles were involved in the recently reported fatal attack in Ramadi.

Our mission to protect and save lives continues.

Gordon McGilton
July 11, 2006

4)
Small New Contract

Posted Date: Jul 10, 2006
The Marine Corps Systems Command, Ground Transportation Engineering Systems (GTES) intends to award a sole source Contract to Force Protection Industries, Inc (FPII) of Ladson, South Carolina for twelve (12) sets of Armox steel plates for Cougar vehicles.

http://www.fbo.gov/spg/DON/USMC/M67854/DON%2DSNOTE%2D060710%2D002/Synopsis.html

pullback is good entry point IMO 

Demand for Specialty Armored Vehicles Increases as Force Protection, Inc. Announces Additional Production Lines
Monday July 17, 8:24 am ET

LADSON, S.C.--(BUSINESS WIRE)--July 17, 2006--Force Protection, Inc. (OTCBB:FRPT - News) today announced it is expanding production to meet increased demand for its mine-protected vehicles.

"Our customers in uniform recognize the unmatched protection our vehicles provide and continue to order them at an unprecedented rate," said CEO Gordon McGilton. "As a result, Force Protection is engaged in efforts to triple its internal manufacturing capacity, as well as make use of other companies' capacity to fill present and future orders. We are also increasing our workforce, and today exceeded our 500th employee. We had just twelve employees in the beginning of 2004."

Force Protection's Buffalo and Cougar armored vehicles have been deployed in the global war on terror since July 10, 2003. Operated by combat engineers and explosive ordnance disposal teams, the vehicles have been used in dangerous detection and removal operations and are recognized as an effective solution to counter IEDs and other explosive threats. Despite inaccurate news reports, no fatalities have occurred in any Force Protection vehicle as the company continues to innovate and enhance the blast protection of its products to ensure that troops have the best protection available.

"We receive constant feedback from the troops that these vehicles are saving lives daily," said Vice President for Army Programs Damon Walsh. "They fill a vital role, and we are now establishing a second and third Cougar production line and doubling Buffalo production to ensure these vehicles are delivered in the numbers required by the men and women who need them most."

More than 200 Buffalo and Cougar vehicles are currently deployed in Iraq and Afghanistan.

good news fro FRPT 

Bombproof vehicles for troops in Iraq
MORE than 100 new heavily armoured patrol vehicles have been ordered by the government to protect British troops in Iraq against roadside bombs, writes Michael Smith.

The move — to be announced this week — follows a review ordered by Des Browne, the defence secretary, after the father of a soldier killed in a Snatch Land Rover accused the government of allowing soldiers to die needlessly to save cash.

Roger Bacon, whose son was killed by a roadside bomb last September, spoke out after the 18th death of a soldier in a Snatch Land Rover. Yesterday he welcomed the new move.

The latest vehicles will be upgraded versions of the armoured Cougars used by US marines in Iraq. They will have additional armour, making them the most protected vehicles of their kind in the world.

Browne, a former chief secretary to the Treasury, asked his former boss Gordon Brown to provide the tens of millions of pounds to rush new vehicles to Iraq, a senior defence source said yesterday.

Snatch Land Rovers cost about £50,000 apiece. The new vehicles cost about eight times as much but carry more troops.

Ministry of Defence (MoD)officials were ordered to bypass their complex procurement system and buy the best vehicle available. The Cougar, built in America by BAE Systems, came closest to fulfilling the requirement, but despite surviving a number of bomb attacks in Iraq it was still deemed to have insufficient armour.

"Browne accepted the arguments in favour of the Snatch Land Rover but ruled that the new range of roadside bombs meant that the situation had changed," the source said. The MoD aims to have the Cougars in Iraq by the end of the year.

The US marines initially used them as the lead vehicles in their convoys but found them so effective against roadside bombs that they replaced all their Humvee vehicles with Cougars.
Yesterday General David Richards, head of Nato's international security force in Afghanistan, described the situation in the country as "close to anarchy" and warned that western forces were short of equipment. The RAF is trying to persuade MoD officials to buy the Predator unmanned spy plane for use in Afghanistan. They believe they need better surveillance after Taliban forces took over two towns in southern Helmand province undetected by coalition forces.

link:
http://www.timesonline.co.uk/article/0,,2087-2281708.html

if YOU need the the 9 slides Reuters report (OUTPERFORM RATING on 11th of July), please contact me

Mean Machine, buffalo truck video

http://www.forceprotection.net/news/video.html?video=discovery

wow 
CORRECTING and REPLACING Force Protection, Inc. Announces $41 Million Equity Financing
Monday July 24, 6:28 pm ET

LADSON, S.C.--(BUSINESS WIRE)--July 24, 2006--Please replace the release with the following corrected version due to multiple revisions.

Force Protection, Inc. (OTCBB:FRPT - News), manufacturer of the Buffalo and Cougar armored vehicles deployed with U.S. forces in Iraq and Afghanistan, today announced it has closed on a private placement of 8.25 million shares of common stock, generating gross proceeds of $41.25 million.

The securities were sold to a select group of institutional investors, including John Hancock, at $5.00 per share with no warrants. C.E. Unterberg, Towbin acted as Force Protection's exclusive placement agent.

"We are extremely pleased to make this announcement," said Force Protection CEO Gordon McGilton, who noted that this round of financing would help the company expand its production capabilities to meet expected demand. "The working capital generated by this financing will allow us to maintain focus on delivering armored vehicle technology to support U.S. and Coalition troops in Iraq.

"We appreciate the investors who have participated in this financing. Their efforts will help ensure that more lives are saved by the cutting-edge blast protection technology incorporated in the Buffalo and Cougar vehicles."

offical press release out & MACD crossing 

The third, new element is the Cougar manufactured by Force Protection Incorporated of Charleston, South Carolina. We judge that this vehicle meets our requirement for a well protected, wheeled patrol vehicle with a less intimidating profile than tracked vehicles like Warrior or FV430. We are arranging to rapidly procure around 100 vehicles through US military sources. We have received excellent co-operation from the US Government, military and industry—an example of the special relationship bringing real benefits for our soldiers on the ground. Once we take possession of the vehicles, we must then customise them with Bowman radios and electronic counter-measures—and then fit additional armour beyond the standard level, to ensure they have the best possible protection. This procurement and enhancement process takes time. But we expect to be able to deliver the vehicles, in batches, with an effective capability in place before the end of the year and continuing through the next six month rotations in Iraq and Afghanistan.

http://www.forceprotection.net/news/news_article.html?id=115

Chart strong, volume strong.  Looking good to $10.  Great run on this one.  Been on this one from $1.75 in and out but in again now.

Here is something I wrote about FPI...

Force Protection, Inc., Growing Fast
July 17, 2006 Force Protection Inc (FPI) announced that they were in the process of tripling their internal manufacturing capacity and just exceeded 500 employees. FPI is expected to continue to ramp up to over 670 employees as fast as reasonably possible. To put this in growth in perspective: In 2004, FPI began with about 12 employees and yearly revenue of $10.3 million. In 2005, revenue was $49.7 million and they ended the year with over 320 employees.  This year, FPI is expected to have well over $200 million in revenue and will likely end the year with over 670 employees. To help fund the rapid growth, FPI announced July 25 that they had sold 8.25 million shares in a private placement for $41.25 million dollars.

FPI currently produces two major types of vehicles – the Buffalo and Cougar. The Buffalo was designed for use by Military Engineers as a mine clearing vehicle to keep roads and transportation routes clear of mines and IEDs. The Cougar has several variations and may be used for a large number of possible missions. It can be used to transport military engineers, as a patrol vehicle, as a troop transport or for command and control. FPI has a third vehicle under development called the Mine Resistant Utility Vehicle - Rapid Deployable (MUV-R). The MUV-R is a light weight vehicle that was designed from the ground up to survive small arms fire, mine and IED blasts. It would be used as a replacement for the Humvee.

In 2005, FPI increased production of the Cougar vehicles by building a production line. Before building the line, FPI built the vehicles on a one by one basis in bays. FPI's Cougar production line is capable of manufacturing approximately 20 Cougar type vehicles per month. Recently a second Cougar production line was built and as of June 2006 was still in the testing phase. FPI is designing the third production line which is specifically designed to build the ILAV (Iraqi Light Armored Vehicle) which is another Cougar variant.  FPI is currently building ILAV Cougars as part of a BAE contract to build 378 Cougars. BAE is paying FPI a license fee and FPI retains all rights to the Cougar design. In addition, FPI is building Joint Explosive Ordnance Disposal Rapid Response Vehicles (JERRV) Cougars for the US military.

FPI is currently manufacturing 3 to 4 Buffalo Mine Clearing Vehicles per month but they have said that they could potentially build up to 16 Buffalos per month by adding additional shifts. It is believed that FPI is going to rapidly increase production of Buffalo vehicles to meet increased demand. FPI has mentioned that they will have over 140 Buffalos by the end of this year and that implies that they will build over 14 per month.   

Congress recently passed a defense supplemental bill and this has money allocated to buying additional Buffalos and other vehicles. The contracts for this have not yet been awarded. It is expected that the awards of contracts will begin to occur within the next few weeks for both Buffalo and Cougar vehicles. In addition, FPI should get a funding grant to help pay for the development of the MUV-R.

On July 24, there was an announcement by British Secretary of State for Defense that the British government would be purchasing 100 Cougars from US military sources. The details are sketchy but the British government may be purchasing a 6X6 Cougar. They expect to get the vehicles in batches before the end of the year and will be adding electronic counter measures, additional armor and British military radios.

FPI's Buffalo and Cougars are in demand because they have been a reliable, easily repairable and safe vehicle. FPI's vehicles have a history of survivability in "real world" situations where they have already survived over 1000 IED and mine attacks without any reported deaths. No other comparable vehicle has demonstrated that amount of survivability. The key to the Buffalo and Cougar blast protection is the armor plating and blast resistant design that FPI acquired from South African companies. The South African design is based on over 40 years of development of blast resistant and economical vehicles.

The Buffalo and Cougar use high volume commercial designs when possible. The Buffalo chassis is the same one as used in some Mack trucks. For the Cougar and Cougar variants, the Chassis are provided by Spartan Chassis Inc. Spartan Chassis is one of the most innovative Chassis manufacturers in the United States. For the drive train, transmissions and motors, FPI uses the best commercially available solutions from US manufacturers such as Caterpillar, Mack, Allison, Fabco and Marmon-Herrington. This ensures high reliability because they are using proven designs. It ensures the vehicles are economical because FPI is purchasing products already produced in volume. In short, FPI is able to build a highly reliable vehicle by using the best technology from many different vendors and integrating it together. FPI's genius has been their ability to rapidly adapt, design, prototype and manufacture the best in class vehicle faster than their larger competitors.

Recently, FPI announced the acquisition of the manufacturing and development rights to a new "Blast Manipulation Technology" that may be used on wheeled and tracked vehicles. The new technology substantially reduces the blast effect on vehicles and it is possible that this technology will be one of the most valuable technologies FPI has acquired in future years. FPI believes that sales of products based on this technology are over a year away but that it might be their most compelling product. 

My Prediction for future FPI business:

1) The Cougar manufacturing line begins work on the ILAV contract.

2) The second Cougar line is ramping up by the end of July and begins work on other Cougar contracts.

3) The third Cougar line could be laid out and in the process of building by the end of July.

4) Once the third Cougar line has been completed and tested, production of the ILAV will move from the first Cougar line to the ILAV production line since it was developed specifically for this. The first line would then be taken down and upgraded and improved.

5) Sometime probably the end of July or early August, FPI begins to get new US military contracts. The decisions on how to spend the money Congress allocated to defeat IEDs may take another two or three months before all the contracts are announced. However, FPI will have continue to get follow on contracts to keep them going full steam ahead during this time – including new contracts for the Buffalo.

greta update amstocks82 (applaud)

TA update (quoted from RB Board):

-MACD is just about to cross over - showing uptrend. This rally today gave several positives that show a nice uptrend brewing.
-RSI is @ 65. CCI is still managable. Both not too high to stop the acceleration.
-CMF is still positive (of course)
-FRPT accum/dist is poiting up agin
-ROC is back positive, showing a decrease in selling pressure and momentum building
-Aroon and DMI are far apart, again showign strong uptrend

Mine-protected Utility Vehicle / Rapid-Deployable (MUV-R)

Force Protection Industries Inc., Ladson, SC, plans to compete in the competition to replace the Humvee. Neither the Buffalo nor Cougar has all the performance the Army is looking for in the nextgeneration vehicle. Specifically, they lack off-road capabilities. Force Protection's prototype, initially nicknamed the Lion, is said to weigh no more than 7 tons but still offer the same level of protection as the much larger Cougar. The prototype vehicle is known as the Mine-protected Utility Vehicle / Rapid Deployable (MUV-R). Earlier names included "Lion," which was dropped because the King of Swaziland's armored vehicle was named "Lion." The next name was "Kodiak," but Chevrolet was first with that name.

The MUV-R is a new armored vehicle with the same speed, climb, and general off-road performance capabilities as the Humvee. At 10 to 12 tons, the MUV-R is designed to meet these requirements as well as offer mine and blast protection. In addition, it incorporates a roof-mounted weapons system that is remotely controlled by the right front-seat passenger. A 360-degree battlefield requires vehicles small enough to enable a full range of motion and strong enough to take the punch of an IED. A lighter weight troop carrier is designed to fill this critical role. The MUV-R is being developed with that purpose in mind, and will likely be ready for active operations near the end of 2006.
link:
http://www.globalsecurity.org/military/systems/ground/muv-r.htm

FRPT -- The latest news.

August 11, FRPT announced a contract to build 85 Cougar for the British and that they would be called the Mastiff Protected Patrol Vehicles (Mastiff PPV). The contract with spares and manuals was for $62.9 million. The details of the contract are still sketchy but it appears that they are purchasing a 6X6 Cougar. First deliveries on the new contract are expected to ship by November 2006 and the contract is expected to be completed by May 2007.

http://biz.yahoo.com/bw/060810/20060810005675.html?.v=1

In addition, FPI reported that they had delivered 11 Cougar JERRV and two Buffalo Mine Protected Route Clearance (MPCV) vehicles to the U.S. government in July.

Other non-published reports indicate that FRPT also delivered to BAE 8 ILAV Cougars as the first installment of the approximately 189 that they will deliver in the next few months. FRPT is working on the ILAV contract as a subcontractor and didn't report the additional 8 vehicles in in the monthly production report.

FRPT was falling ahead of the production report (they normally report monthly production in the first week of each month). This production report was late and the speculation is that BAE didn't want the 8 ILAV Cougars mentioned in the production report. Therefore, FRPT delayed the report for a few days until they would have good news the next day which was the $62.9 million dollar contract. It was expected that FPI would report at least 20 Cougars and 3 Buffalo vehicles produced. Instead they reported 2 Buffalo and 11 Cougars.

Another report from the institutional investement meeting at FRPT's headquarters last Friday is that FRPT has divided up the workers from their first Cougar production line into two groups. One group on the orginal line and the other on the new line. Then they added in the recently hired 150 people. Now FRPT has two lines but both of them are in training. They have half experienced people and half new people on each line. With one Cougar line, and producing around 3 Buffalo per quarter, FRPT could potentially have made approximately $50 million per quarter.

FRPT is waiting for the next Buffalo contract which should be announced in the next few weeks. After getting that, FRPT could potentially make 10 Buffalo per quarter. However, the new contract has not yet been given so it is unknown what the exact details will be. It is known that FRPT is getting the contract as there was language in the Defense Supplemental Bill mandating as much.

More Cougar contracts should also be given to FRPT in the next few weeks. Possibly a 1200 vehicle contract.

FRPT is in the process of getting another director. Their CFO resigned as a director so that they could get an independent director as part of their effort to get listed on a major exchange. FRPT has been above $4.00 a share for almost 2 months and above $5.00 a share for about 45 days.

I expect that FRPT applies to be listed on a major exchange when they qualify and to get listed fairly easy. FRPT is now trending to have in excess of $200 million in revenue this year and more than $400 million next year.

Nibbled some just over $6...still in the trend...glta.