Versar, Inc. Announces Afghanistan Personal Services Contract Growth
SPRINGFIELD, Va., Feb. 26, 2013 /PRNewswire/ -- Versar, Inc. (NYSE MKT: VSR) announced that the United States Army Corps of Engineers, Middle East District (USACE-MED) has ordered more requirements under Versar's ongoing Personal Services Contract providing Afghan citizens to support the USACE construction program in Afghanistan.
Two new modifications, requiring an additional 221 Afghan citizens, adds $7.6 million in funding to the contact that was awarded to Versar on September 29, 2012 and brings the funded base year value to $32.0 million to date. The base year period of performance runs through September 28, 2013. The contract – with a maximum capacity of $170 million over its entire performance period - has the potential for three option years beyond the base period.
The Personal Services Contract primarily provides Afghan engineering and technical staff to work with USACE personnel in carrying out construction projects throughout Afghanistan.
Jeff Wagonhurst, President of Versar, said, "Versar has been supporting the United States Department of Defense reconstruction and capacity development efforts in Afghanistan since 2006. We are excited to maintain a sizeable ongoing presence throughout Afghanistan by providing engineering support and construction management services to various federal agencies."
VERSAR, INC., headquartered in Springfield, Virginia, is a publicly traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, munitions response, and professional services market areas.
This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended June 29, 2012, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.
SOURCE Versar, Inc.