SAIC Announces Filing of Form 10 Registration Statement in Connection with Planned Separation
MCLEAN, Va., March 7, 2013 /PRNewswire/ -- Science Applications International Corporation (SAIC) [NYSE: SAI] today announced that an initial Form 10 Registration Statement has been filed with the U.S. Securities and Exchange Commission (SEC) relating to SAIC's technical, engineering and enterprise information technology service business, marking a milestone in the company's continued progress toward its previously announced plan to pursue a separation into two independent, publicly traded companies.
"The filing of the Form 10 Registration Statement is another important achievement in our separation plan to create two world class companies that will be able to compete free from existing organizational conflicts of interest, enabling the companies to expand their addressable markets," said Chairman and CEO John Jumper.
SAIC is a FORTUNE 500® scientific, engineering, and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world, in national security, energy and the environment, critical infrastructure, and health. The Company's approximately 40,000 employees serve customers in the U.S. Department of Defense, the intelligence community, the U.S. Department of Homeland Security, other U.S. Government civil agencies and selected commercial markets. Headquartered in McLean, Va., SAIC had annual revenues of approximately $10.6 billion for its fiscal year ended January 31, 2012. For more information, visit http://www.saic.com/. SAIC: From Science to Solutions®
Statements in this announcement, other than historical data and information, constitute forward-looking statements that involve risks and uncertainties. Forward-looking statements in this release include, among others: our intent to separate into two independent publicly traded companies as a result of the proposed spin-off; the timing of the proposed transaction; and expectations for the two independent companies following the spin-off. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. A number of factors could cause our actual results, performance, achievements, or industry results to be very different from the results, performance, or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to the proposed spin-off; failure to obtain stockholder approval to change the name of the corporation; failure to realize the expected benefits of the proposed spin-off. the impact of the proposed spin-off on the company's or the newly formed company's employees, customers and suppliers; disruption to business operations as a result of the proposed transaction; the inability to retain key personnel; and the inability of the companies to operate independently following the spin-off. These are only some of the factors that may affect the forward-looking statements contained in this release. For further information concerning risks and uncertainties associated with our business, please refer to the filings we make from time to time with the U.S. Securities and Exchange Commission, including the risk factors set forth in the Form 10 filed by SAIC Gemini, Inc., SAIC's Annual Report on Form 10-K for the period ended January 31, 2012, , subsequent quarterly reports on Form 10-Q and other such filings that SAIC makes with the SEC from time to time, all of which may be viewed or obtained through the Investor Relations section of our web site at http://www.saic.com. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.
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