Army Awards $200 Million BRAC Contract to Versar - W. M. Jordan Joint Venture.SPRINGFIELD, Va. -- VERSAR, Inc. (Amex:VSR VSR Very Short Reach (Ciena/Cisco design for high speed, 10Gbps data) VSR Variable Speed Reversible VSR Very Short Reach (optical interconnection; Sprint) VSR Volume Search Radar ) today announced that the W. M. Jordan Company/Versar Joint Venture was awarded a design/build Multiple Task Order Contract (MATOC MATOC Multiple Award Task Order Contract ) by the Norfolk District, U. S. Corps of Engineers in support of the Base Realignment and Closure Base Realignment and Closure (or BRAC) is a process of the United States federal government directed at the administration and operation of the Armed Forces, used by the United States Department of Defense (DoD) and Congress to close excess military installations and realign (BRAC Brač (bräch), Ital. Brazza, island (1991 pop. 13,824), 152 sq mi (394 sq km), off the Dalmatian coast in the Adriatic Sea, Croatia. It is a popular summer resort and tourist spot. Supetar (Ital. ) program at Fort Lee, Virginia and other programs within the jurisdiction of the Norfolk District and North Atlantic Division The North Atlantic Division of the U.S. Army Corps of Engineers is a Regional Business Center made up of nearly 3900 team members in six districts and a Division Headquarters. They are a major subordinate command of the Corps and one of eight division offices nationwide. of the U. S. Corps of Engineers. The one year initial contract has four one-year options. The work under this MATOC contract will not exceed $200 million. Versar's expected revenue over a five year period will be approximately $50 million. This award, which is one of six made by the Norfolk District U. S. Corps of Engineers, is one of the first BRAC contracts issued by the Army. Dr. Ted Prociv, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Versar, said, "This is a tremendous opportunity to continue to grow all parts of our business in the mid-Atlantic and Northeast sections of the country. We expect that the BRAC program, both realignment and closure work, will be an important aspect of our business in the next several years. I am proud with our association with W. M. Jordan Company, an outstanding partner who will play a major role in the joint ventures success." W. M. Jordan Company, privately held and based in Newport News, VA, is one of Virginia's largest building contractors. They provide Construction Management, Preconstruction Services, General Contracting, Design/Build and Construction Consulting to a wide variety of clients in healthcare, Department of Defense, commercial, education, municipal and industrial facilities. John Lawson, President and CEO of W. M. Jordan, said, "This is an exciting opportunity for us and we are looking forward to working with this joint venture." VERSAR, INC., headquartered in Springfield, VA, is a publicly held infrastructure program management company for the Federal Government and the commercial market specializing in homeland defense, engineering and construction management, environmental health and safety and the management of toxic and hazardous materials. VERSAR operates a number of web sites, including the corporate Web sites, http://www.versar.com, http://www.homelanddefense.com, and http://www.geomet.com; and a B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business portal for homeland defense products and services, http://www.nbcprotect.com and http://www.dtaps.com. This press release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended June 30, 2006. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements. |
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