SPRINGFIELD, Va., Jan. 17, 2013 /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 New England Region. The initial funded award value is $10.5 million, with options totaling $4.5 million for a potential contract total of $15.3 million over the next eight years. These services will be performed for the Air Force Civil Engineer Center (AFCEC) under the WERC09 contract at Hanscom Air Force Base, MA; New Boston Air Reserve Station, MA; Westover Air Reserve Base, MA; and Niagara Air Reserve Station, NY.
Versar, and major team partners Environmental Chemical Corporation, Inc., and EA Engineering, Science, and Technology, Inc., have combined their experience at Air Force Bases in the New England Region to create a team that can implement effective remediation programs and site closeouts. Using various innovative technologies, the Versar team proposed to exceed the Air Force's minimum performance standards while reducing life cycle remediation costs.
The New England PBR award is Versar's fourth major PBR win under the AFCEC WERC09 contract. Versar previously announced the $45 million Tinker Air Force Base award in August, 2011, and both the $7 million Front Range award and the $25 million Great Lakes Group award in August 2012. Versar has been awarded four PBR Task Orders in just over one year totaling more than $92 million.
Tony Otten, CEO of Versar said, "The achievement of our fourth major AFCEC PBR award in just over a year clearly validates Versar's capabilities in assisting the Air Force with their remediation and compliance activities at contaminated sites, significantly reducing the long-term costs. Our team looks forward in continuing our partnership with the environmental professionals at AFCEC and the installations in the New England Region to achieve effective and permanent solutions."
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.