VSE Awarded Second Task Order to Manage and Operate TACOM/TARDEC Corrosion Prevention and Control Program
Award Represents Potential VSE Revenues of Up to Approximately $19.2 Million
ALEXANDRIA, Va.-- VSE Corporation (Nasdaq GS: VSEC) announced today that it has been awarded its second Task Order under the PEO CS&CSS Omnibus Contract to manage and operate the TACOM/TARDEC Corrosion Prevention and Control (CPAC) program. The total contract value over the base period and two option years is $19.2 million, with the base period valued at $5.37 million. VSE has been the prime contractor for the Army's CPAC program since 2005.
VSE and teammates Logis-Tech, DCM Clean-air Products, and Field Data Technologies operate at Ft. Bragg, NC; Ft. Polk, LA; Ft. Hood, Texas; Schofield Barracks, Hawaii; Torii Station, (Okinawa) Japan; and Camp Carroll/Camp Casey, South Korea. To accommodate the CPAC work, VSE has recently opened a new corrosion prevention operation in Ft. Stewart, GA, and another new location is planned for the Port of Charleston, SC. VSE also continues to conduct corrosion comparison testing in facilities based in Alaska.
Along with ground support equipment, the VSE team will initiate CPAC treatments on Patriot missile systems for AMCOM in Okinawa, Japan this year, and AMCOM anticipates expanding the program into South Korea next year.
VSE has transitioned to environmentally friendly formulas for its primary corrosion prevention application. This innovative process has no adverse affect on the environment.
VSE Federal Group President Tom Dacus commented, "VSE has continually demonstrated expertise in solving the challenges of corrosion on military equipment. We are poised to serve the Armed Forces by providing excellence in the important area of equipment protection and repair, and will continue to maintain the highest standards throughout the term of the contract."
About VSE's Federal Group
Federal Group provides engineering, advanced technology, prototyping, technical, management and integrated logistics support services to U.S. military branches and other government agencies. Federal Group also specializes in providing full life-cycle engineering, logistics, maintenance, and refurbishment services to extend and enhance the life of existing equipment. Support also includes providing worldwide field maintenance and logistics support services for a wide variety of military vehicles and equipment in austere environments. For more information about Federal Group's services please see the VSE Corporation website at www.vsecorp.com or contact Keith Prewitt at (703) 329-3251.
About VSE
VSE marked its 50th year as a government contractor in 2009. VSE is a diversified Federal Services company of choice for solving issues of global significance with integrity, agility, and value. VSE is dedicated to making our clients successful by delivering talented people and innovative solutions for consulting and program management, logistics, equipment and vehicle/vessel refurbishment, engineering, information technology, energy consulting, and construction program management. For additional information on VSE services and products, please see the company's web site at www.vsecorp.com or contact Randy Hollstein, VSE Corporate Vice President of Sales and Marketing, at (703) 329-3206.
Safe Harbor
This news release contains statements which, to the extent they are not recitations of historical fact, constitute "forward looking statements" under federal securities laws. All such statements are intended to be subject to the safe harbor protection provided by applicable securities laws. For discussions identifying some important factors that could cause actual VSE results to differ materially from those anticipated in the forward looking statements in this news release, see VSE's public filings with the Securities and Exchange Commission.
Source: VSE Corporation
Released December 21, 2009