PEC Solutions Announces New Federal Government Contract Vehicle with Department of Treasury; Technology Services Acquisition Contract has 5-year, $250 Million Ceiling.Business Editors/Hi-Tech Writers FAIRFAX, Va.--(BUSINESS WIRE)--Sept. 23, 2002 PEC Solutions (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PECS), a professional technology services firm specializing in eGovernment solutions, announced today that it acquired a Treasury Information Processing information processing: see data processing. information processing Acquisition, recording, organization, retrieval, display, and dissemination of information. Today the term usually refers to computer-based operations. Support Services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services (TIPSS-2) contract vehicle with the Department of Treasury. PEC now holds the TIPSS-2 contract through its June 2002 acquisition of Vector Research, Inc. The multi-year government contract vehicle has a select group of pre-qualified vendors who provide advanced information technology support services to Treasury, including the Internal Revenue Service (IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. ), the Bureau of Alcohol Tobacco & Firearms (ATF ATF Molecular virology Activating transcription factor A cellular protein that stimulates transcription of adenovirus E4 transcription unit, which acts early in infection at any of several 'enhancer' binding sites ), the U.S. Customs Service, the U.S. Secret Service, and the Bureau of Engraving and Printing Noun 1. Bureau of Engraving and Printing - the agency of the Treasury Department that produces currency Department of the Treasury, Treasury Department, United States Treasury, Treasury - the federal department that collects revenue and administers federal . The contract covers four major service areas, including Information Systems Services, Telecommunications Services, Organization/Management Services, and Operational Services. The ceiling value of the vehicle amounts to $250 million over 5 contract years. Specific work orders can be applied against the contract by various client organizations within Treasury, up to the ceiling amount of the contract. The contract recently entered its second option year. Paul G. Rice, PEC's 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. , noted that "TIPSS-2 opens up a major new market for our highly customized technology solutions and services. Not only will TIPSS-2 make it easier for Treasury entities to contract with us, but given the federal government's emphasis on the value of a company's past performance, this new contract mechanism enhances our availability to attract new clients." About PEC PEC Solutions is a professional services firm that helps government clients harness the power of the Internet and other advanced technologies to improve mission performance. The company specializes in Web-Enabling Government(R) by providing secure, interoperable technology solutions for clients in law enforcement, intelligence, defense, and civilian agencies within the Federal Government and at State and local levels. PEC Solutions is based in Fairfax County, Virginia Fairfax County is a county in Northern Virginia, in the United States. As of 2005, the estimated population of the county is 1,041,200;[1] making it by far the most populous jurisdiction in the Commonwealth of Virginia, and larger than seven states. , with offices around the United States. Visit the company on the Web at www.pec.com. This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject 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. created by those sections. PEC Solutions assumes no obligation to update the information contained in this press release. PEC Solutions' future results may be affected by its ability to continue to implement its eGovernment solutions, its dependence on the federal government and other federal government contractors as its major customers, its dependence on procuring, pricing and performing short-term government contracts, its dependence on hiring and retaining qualified professionals, potential fluctuations in its quarterly operating results, its dependence on certain key employees and its ability to timely and effectively integrate the businesses it may acquire. |
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