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ESSEX CORPORATION SIGNS DOE CONTRACTS; STARTS WORK

 COLUMBIA, Md., Sept. 15 /PRNewswire/ -- Essex Corporation (NASDAQ-NMS: ESEX) today reported it has executed a $1.4 million letter contract and has begun work on the previously announced $14.2 million Department of Energy (DOE) award to develop and conduct training for nuclear materials couriers. A contract for the entire project will be negotiated and definitized in coming months. The contract is priced for three years of renewed support of DOE Transportation Safeguards Division and two following optional years.
 Harry Letaw, chairman and chief executive officer of Essex, stated, "Our Essex team has awaited this day for many months. This program and other significant backlog additions in the past 30 days will increase revenues in the fourth quarter and improve bottom line results. Our present asset-based borrowing arrangements, however, are not fully responsive to our needs for cash to finance long-awaited growth. Essex is seeking additional funds from several sources."
 Essex Corporation, a publicly traded technology-based company, supplies human reliability assurance and training products and services and optical computer apparatus to government and industry.
 -0- 9/15/93
 /CONTACT: Harry Letaw Jr., chairman and CEO of Essex, 410-730-1097/
 (ESEX)


CO: Essex Corporation; U.S. Department of Energy ST: Maryland IN: CPR SU: CON

LJ-JM -- PH015 -- 2217 09/15/93 12:01 EDT
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Publication:PR Newswire
Date:Sep 15, 1993
Words:212
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