ANNAPOLIS, Md., Oct. 21, 2015 /PRNewswire/ -- TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS), a world leader in secure and highly reliable wireless communications, today announced that it has received $5 million in incremental funding from the U.S. Army for sustainment of the AN/TSC-198A SNAP (Secret Internet Protocol Router (SIPR) and Non-classified Internet Protocol Router (NIPR) Access Point), Very Small Aperture Terminals (VSATs). Combined with the initial funded contract value of $18.6 million, this brings funding to date to $23.6 million. The ceiling contract value, including funded and unfunded amounts, is nearly $91 million through September 2018, if all options are exercised.
TCS' Government Solutions Group has a 28-year track record as a proven, trusted provider of communication technology solutions to the government's technical challenges, under conditions that demand the highest level of reliability, availability and security. TCS satellite communications experience includes standards-compliant design as well as technically advanced production, deployment, installation, operation, service and maintenance. TCS' dedicated Operations and Maintenance division currently supports thousands of systems around the globe, ensuring that products and turnkey solutions are supported and available in their intended environments. Learn more at TCS Professional Services.
About TeleCommunication Systems, Inc.
TeleCommunication Systems, Inc. (TCS), headquartered in Annapolis, Maryland, is a world leader in secure and highly reliable wireless communications. Our patented solutions, global presence, operational support and engineering talent enable 9-1-1, commercial location-based services and deployable wireless infrastructure; cybersecurity; defense and aerospace components; and applications for mobile location-based services and messaging. Our principal customers are wireless network operators, defense and public safety government agencies, and Fortune 150 enterprises requiring high reliability and security. Learn more at www.telecomsys.com.
Except for the historical information contained herein, this news release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties and are based upon TCS' current expectations and assumptions that if incorrect would cause actual results to differ materially from those anticipated. Risks include without limitation the possibility that the contract options will not be exercised, that the contract will not be fully funded and those detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended December 31, 2014 and on Form 10-Q for the quarter ended June 30, 2015.
Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information in this press release, whether as a result of new information, future events or circumstances, or otherwise.
SOURCE TeleCommunication Systems, Inc.