James W. Lexo Named Executive Vice President
VSE Strengthens Business Development Team
ALEXANDRIA, Va., June 7 /PRNewswire-FirstCall/ -- VSE Corporation (Nasdaq: VSEC) reported today that James W. Lexo has been appointed an Executive Vice President - Strategic Initiatives and Business Development by the Board of Directors of VSE Corporation.
VSE Chairman, President, and CEO/COO Don Ervine said, "Jim Lexo has extensive experience in industry and government, and he has proven leadership in the area of strategic initiatives and business development. Jim has served as CEO of Integrated Concepts and Resources Corporation (ICRC) since 1996. We are very pleased he has agreed to join our business development team, and we look forward to his contributions as we continue to seek opportunities to serve our customers and grow our business in the years ahead."
Mr. Lexo has successfully managed small businesses for 19 years, 10 of which have been focused on government services. In January of 1996, Mr. Lexo was named President and CEO of Integrated Concepts and Research Corporation (ICRC), which at that time was a start-up company with revenues less than $200,000. In the past eight years, ICRC's revenues have doubled each year. In 2005 ICRC's revenues exceeded $100 million. VSE acquired ICRC in 2007.
From 1973 and 1984, Mr. Lexo served as the Administrative Aide to Alaska's Congressman Don Young (R). Mr. Lexo successfully managed five statewide campaigns for Congressman Young. Prior to that, he worked for the Republican National Committee (RNC) on the 1972 Presidential election. Mr. Lexo received a Bachelor of Arts Degree in Political Science in 1970 from Westminster College in Pennsylvania, and he has also taken graduate courses in government contracting from the University of Virginia.
VSE is a diversified professional services company established in 1959. The company provides engineering, systems integration, scientific, and management solutions to customers in the defense, homeland security, law enforcement, energy, and environmental industries. VSE has more than 1,000 employees supporting customers at locations and facilities across the United States and around the world. For the year December 31, 2006, VSE reported consolidated revenues of $363.7 million and earnings of $7.8 million ($3.21 per diluted share).
For more information on VSE services and products, please see VSE's web site at www.vsecorp.com or contact Len Goldstein, Director of Business and New Product Development, at (703) 317-5202.
For more information on ICRC, please see ICRC's web site at www.icrcsolutions.com or contact Kevin Mulrenin, ICRC Vice President of Business Development, at (586) 799-1795.
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.
News Contact: C. S. Weber, CAO, (703) 329-4770
SOURCE VSE Corporation