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C3 SHAREHOLDERS EXTEND TERMS OF LETTER OF INTENT TO SELL SHARES TO WSV ACQUISITION COMPANY

 C3 SHAREHOLDERS EXTEND TERMS OF LETTER OF INTENT
 TO SELL SHARES TO WSV ACQUISITION COMPANY
 HERNDON, Va., July 6 /PRNewswire/ -- C3, Inc. a government systems integrator, announced today that a majority of its shareholders have extended through July 31, 1992 the terms of a letter of intent to sell their shares to WSV Acquisition Company for an undisclosed amount. The letter of intent was originally entered into on May 22, 1992. WSV is a privately owned company whose principal shareholders include George W. Whichard, Jack R. Steere and James I. Valentine, who are also principals in Severn Companies, Inc., a Washington-based systems integrator. In addition, WSV will sell Telos Corporation, a wholly owned subsidiary of C3, to a group of current shareholders of C3 for the assumption of a substantial portion of the liabilities currently carried by C3, as well as other consideration.
 Severn Companies was acquired from ICF International, Inc. by the principals of WSV in January 1992. George W. Whichard is chairman of the board of Severn Companies, Jack Steere is president and CEO and James Valentine is a director.
 Telos Corporation was acquired by C3 from GTE Corporation in January 1992.
 The consummation of these transactions are subject to certain governmental approvals as well as consent by various constituencies of C3, including its senior leader and Contel Federal Systems, Inc., a wholly owned subsidiary of GTE.
 -0- 7/6/92
 /CONTACT: Richard C. Auletta of R.C. Auletta and Company, 212-355-0400, for C3/ CO: C3, Inc.; WSV Acquisition Company ST: Virginia IN: CPR SU: TNM


LD-SM -- NY067 -- 6790 07/06/92 17:46 EDT
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Publication:PR Newswire
Date:Jul 6, 1992
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