Versar Team Awarded Up To $25 Million Task Order For The Great Lakes Region
SPRINGFIELD, Va., Aug. 14, 2012 /PRNewswire/ -- Versar, Inc. (NYSE MKT: VSR) announced today that it has been awarded a task order as the prime contractor to perform performance-based remediation (PBR) for the Great Lakes Region. The initial funded award amount is $11.5 million, with options of up to $13.5M for a potential total of $25 million over the next nine years. These services will be performed for the Air Force Center for Engineering and the Environment (AFCEE) under their WERC09 contract at Air Force Plant 85, OH; Grissom Air Reserve Base, IN; Minneapolis-St. Paul Air Reserve Station, MN; and Wright-Patterson Air Force Base, OH.
Versar, and major team members Shaw Environmental & Infrastructure, Inc., Environmental Chemical Corporation, Inc., and CAM Environmental Services, Inc., have combined their unique skills, resources, and experience at the Air Force Bases in the Great Lakes Region to create a team that can implement effective remediation programs and achieve site closeouts. Using various technologies, the Versar team proposed to exceed minimum performance standards while reducing life cycle costs.
The Great Lakes PBR award is Versar's third major win under the AFCEE WERC09 contract. Versar previously announced the $45 million Tinker Air Force Base award in August, 2011 and the Front Range award, with a value to Versar of nearly $7 million, last week.
Tony Otten , CEO of Versar said, "With this important project, Versar continues its longstanding tradition of providing quality environmental services to the Air Force. Since 1994, Versar has held eight AFCEE ID/IQ contracts and completed more than 230 individual task orders, spanning installations in Europe, the Middle East, Pacific, and the continental U.S. We look forward to continuing our partnership with the environmental professionals at AFCEE and the installations in the Great Lakes Region to achieve efficient and permanent solutions."
VERSAR, INC., headquartered in Springfield, VA, 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 telecommunication and technology integration 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 July 1, 2011, 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.
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