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Nichols Research Announces Intent to Acquire Welkin Associates, LTD.

HUNTSVILLE, Ala.--(BUSINESS WIRE)--May 11, 1998--Chris H. Horgen, Chairman of Nichols Research Corporation, announced today the Company signed a Letter of Intent with the principal shareholders of Welkin Associates, LTD., to acquire all of the outstanding common stock of Welkin. For financial accounting purposes, the transaction will be accounted for as a pooling of interests. The transaction is subject to the execution and closing of definitive agreements.

Welkin, headquartered in Chantilly, Virginia, and founded in 1988, is a provider of engineering and acquisition management services to the National Intelligence Community. Welkin specializes in systems engineering, processing and analysis, mission utility assessment, system acquisition, and tactical operations and support. Welkin's revenues for fiscal year ending March 31, 1997 and 1998 were $14.3 million and $18.4 million, respectively.

Michael W. Solley, President of Nichols Research's Government IT Segment, stated, "The Welkin acquisition will demonstrate Nichols' commitment to expand our systems engineering and systems integration activities in National Programs. The experienced Welkin staff in Chantilly and Denver is very complimentary to existing Nichols activities in both of these locations." The addition of the 110 Welkin employees will bring Nichols presence in the Washington D.C. area to over 800 employees.

Carl W. Monk, Jr., Founder and President of Welkin said, "Joining forces with Nichols will bring additional depth and capabilities to the services we can provide to our customers, and will offer both companies new opportunities to apply our skills and experience."

Nichols Research Corporation, headquartered in Huntsville, Alabama, provides information technology (IT) and technical services for the Department of Defense, federal civilian agencies, state government clients, and commercial clients. The Company has 31 locations throughout the United States with approximately 2,600 employees. Additional information may be found at Nichols' web site: The Company's stock is traded under the Nasdaq market symbol: NRES.

Except for historical information contained herein, this release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can be generally identified as such because the content of the statement will usually contain words such as the Company or management "believes," "anticipates," "expects," "estimates," "hopes," and words of similar import. Similarly, statements that describe the Company's future plans, objectives, goals or strategies are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties are discussed in more detail in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 1997, including the Management's Discussion and Analysis of Financial Conditions and Results of Operations section of that Annual Report.

CONTACT: Nichols Research Corporation, Huntsville

Pat L. Hattox, 256/885-7447

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Publication:Business Wire
Date:May 11, 1998
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