U.S. Department of State Awards $40 Million Security Services Contract to ManTech Joint Venture.
FAIRFAX, Va.--(BUSINESS WIRE)--March 24, 2003
ManTech International Corporation (Nasdaq: MANT), a Fairfax, Virginia-based IT and technical services solution provider supporting Department of Defense and intelligence community customers, announced today that the U.S. Department of State has selected the Investigative Services Joint Venture (ISJV) to provide Personnel Security Investigation (PSI) and adjudication services to support the Bureau of Diplomatic Security (DS), the organization with primary responsibility for all aspects of security for the Department of State in the United States and abroad.
The ISJV was founded to combine the expertise and resources of ManTech Solutions and Technologies Corporation (MSTC) of Alexandria, Virginia and MSM Security Services Inc. (MSM) of Greenbelt, Maryland. As a result of ManTech's acquisition of MSM effective as of February 28, 2003, however, the ISJV work on this State Department contract and a previously awarded contract to support the Defense Security Service will now be managed as internal ManTech projects.
The State Department contract has an estimated value of $40 million, covering a five year period of performance, including a base year and four one-year options. Project management and background investigation work on the contract will be carried out by MSM and MSTC. ManTech Aegis Research Corporation, a company acquired by ManTech in 2002 will also support the contract, providing security clearance adjudication services.
Commenting on the contract win, ManTech Chairman of the Board, CEO, and President, George J. Pedersen stated, "This award is an excellent example of the positive synergy of our acquisition strategy--three ManTech entities joined forces and pooled their expertise to win an important contract, an award that would not have been possible without the acquisitions."
ManTech has combined MSTC's advanced information technology solutions with MSM's 25-year tradition of investigative support services and MARC's 15 years of adjudication experience to provide high quality support for the State Department's background investigation and security clearance adjudication mission under this contract.
Bradley H. Feldmann, ManTech Senior Corporate Vice President, commented, "The partnership of the three ManTech entities, including two acquisitions, that have teamed together to win this contract provides the Department of State with 70 years of combined experience in the security industry, increased capacity, and an end-to-end security solution powered by the corporate resources of ManTech International." Feldmann concluded, "Today's announcement underscores ManTech's commitment to providing end-to-end National Security solutions to the U.S. Government."
Earlier this year, the ManTech ISJV was awarded a $50M contract by the Naval Air Systems Command to provide services to supplement the capabilities of the Defense Security Services (DSS) under the "Whole Case Contract".
About ManTech International Corporation:
Headquartered in Fairfax, Virginia, ManTech International Corporation delivers a broad array of information technology and technical services solutions to U.S. federal government customers, focusing primarily on critical national defense programs for the intelligence community and Department of Defense. ManTech designs, develops, procures, implements, operates, tests and maintains mission-critical, enterprise information technology and communication systems and infrastructures for federal government customers in the United States and 34 countries worldwide. Additional information on ManTech can be found at www.mantech.com.
Statements made in this press release, which do not address historical facts, could be interpreted to be forward-looking statements. Examples of such forward looking statements include experiencing favorable results from acquisition synergies and performing the contract for the five-year period through all options. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. The factors that could cause actual results to differ materially from those anticipated include, but are not limited to the following: failure of government customers to exercise options under contracts; funding decisions of U.S. Government projects; government contract procurement (such as bid protest) and termination risks; competitive factors such as pricing pressures and/or competition to hire and retain employees; failure to experience favorable results from acquisition synergies; material changes in laws or regulations applicable to the company's businesses and other risk factors discussed in the company's filings with the Securities and Exchange Commission. The statements in this press release are made as of March 24, 2003, and the Company undertakes no obligation to update any of the forward looking statements made herein, whether as a result of new information, future events, changes in expectations or otherwise.
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|Date:||Mar 24, 2003|
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