Recent Contract and Task Order Awards
Recent Awards Represent Potential VSE Revenues of Over $479 Million
ALEXANDRIA, Va.--
VSE Corporation (Nasdaq:VSEC) announced today recent contract and task order awards supporting U.S. Army and Navy customers in a broad range of maintenance and modernization efforts for ships, vehicles, equipment and systems. The contracts and task order awards were made during the period from November 2007 through February 2008 and support requirements for more than 19 end use customers such as:
VSE Awarded Army Omnibus III BPA
VSE's Systems Engineering Division was awarded a Blanket Purchase Agreement (BPA) in December 2007 to provide professional and engineering support services to the Program Executive Office for Combat Support and Combat Service Support in Warren, Michigan. Under this program, VSE is one of eight prime contractors who will provide a broad range of services to individual PEO-CS&CSS project, product and program managers for the acquisition of Army vehicles and support equipment. The VSE Team includes 30 large and small professional support companies, manufacturers, and academia. Under a previous Omnibus contract, PEO-CS&CSS ordered about $85 million in support under about 120 task orders. This BPA was awarded through the U.S. Army Tank-automotive and Armaments Command Life Cycle Management Command, and VSE and its new subsidiary Integrated Concepts and Research Corporation (ICRC) are pleased to be recognized within and provide support to the TACOM LCMC community.
VSE Supports Army Medium Mine Protected Vehicle Program (MMPV)
TACOM LCMC issued an indefinite delivery-indefinite quantity contract in December 2007 having a potential eight-year period of performance to support the Medium Mine Protected Vehicle (MMPV) Program. VSE's Systems Engineering Division will support the prime contractor for this program on an as-required basis in a wide variety of integrated logistics support tasks including supportability, national maintenance work requirements, test and evaluation support, technical publications, provisioning, and other support services as ordered.
VSE Supports Navy Fleet Maintenance
Since January 2008, VSE's Fleet Maintenance Division has received approximately $5.2 million in task order awards to provide alteration and installation support for more than ten U.S. Navy warships, principally in the Norfolk, Virginia, area.
Energetics Provides Consultant Services
Since January 2008, VSE's subsidiary Energetics Incorporated has received approximately $1.2 million in task order awards to provide consulting services support to UT Battelle, LLC for program, technical, and systems analysis related to fuel cell and industrial technologies research and development and to the National Rural Electric Cooperative Association for advanced technology surveillance monitoring. Energetics is a recognized leader in providing energy and environmental consulting services and technical and management support in all aspects of technology research, development and demonstration. The company's expertise lies in state-of-the-art and advanced technology assessment, technical and economic feasibility analysis, technology transfer, R&D program planning, engineering studies, market assessment, strategic resource management, regulatory analysis, environmental compliance, and risk management. Founded in 1979 and acquired by VSE in 1995, Energetics provides superior products and services to clients in both the public and private sectors.
Other Support Services to Army and Navy Customers
In other previously unannounced task order awards to support Army, Navy, and other Department of Defense customers, VSE received aggregate awards totaling approximately $109.9 million in late 2007 and approximately $363.4 million in January and February of 2008. The majority of this incrementally funded work will be performed by VSE and its subcontractors over the next two years.
VSE provides diversified services to the engineering, energy and environment, defense, and homeland security markets from locations across the United States and around the world. For more information on VSE business units, services and products, please see the Company's web site at www.vsecorp.com or contact Len Goldstein, Director of Business and New Product Development, at (703) 317-5202.
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 March 10, 2008