Diversified Security Solutions Receives $1.4 Million Contract From the State University of New York At Stony Brook.Business Editors SADDLE BROOK, N.J.--(BUSINESS WIRE)--March 20, 2002 Company To Integrate Card Access Readers Into University's Security System Diversified Security Solutions, Inc. (AMEX AMEX See: American Stock Exchange : DVS DVS Det Vill Säga (Swedish) DVS Descriptive Video Service DVS Dynamic Voltage Scaling DVS Driver and Vehicle Services (Minnesota) DVS Digital Video System DVS Digital Video Services ), a single-source turnkey provider of integrated security systems, announced today that it has received a three-year $1.4 million contract to provide security systems and maintenance for the State University of New York (body) State University of New York - (SUNY) The public university system of New York State, USA, with campuses throughout the state. (SUNY SUNY - State University of New York ) at Stony Brook. "This large-scale project calls for the installation and integration of access card readers into the university's security system," stated Irv Witcosky, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Diversified Security Solutions. "Our Henry Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . integration unit will also provide technical services, including initial software programming, and facilitate the transfer of the school's databases into the system, as well as providing follow-on maintenance services." The Stony Brook campus on Long Island serves 20,000 students and is part of the SUNY university system operated by the State of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . "Colleges and universities in the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. metropolitan area represent a key vertical market for our services due to the growing demand for reliable security systems," Mr. Witcosky said. "DVS specializes in large security system projects such as high-rise buildings, airports and transit systems, which we plan to use as a springboard for providing security systems to other public and private schools. "This $1.4 million contract, when combined with other orders received since January 1, increased new orders this year to a total of $2.0 million. About half of this work will be invoiced this year," Mr. Witcosky added. "The Company started the year with $11 million in project backlog, most of which should be invoiced during the year. We are working on other large jobs and will announce any major signed contracts." Diversified Security Solutions, Inc. is a single-source turnkey provider of technology-based integrated security solutions for commercial enterprises and governmental agencies. The Company has two operating subsidiaries focusing on the electronic security segment of the security industry: Henry Bros. Electronics, Inc. (HBE) provides integration, design, installation and support services. Viscom Products, Inc., develops, manufactures and assembles various security related products. Certain statements in this press release constitute forward-looking statements within the meaning 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, as amended. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. There is no assurance that the contract the State University of New York at Stony Brook will lead to additional projects at other university campuses. There also is no assurance that the Company's backlog will become revenue. Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements is contained under the heading of risk factors listed from time to time in the Company's prospectus and in filings with the U.S. Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information. |
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