SPRINGFIELD, Va., April 22, 2014 /PRNewswire/ -- Versar, Inc. (NYSE MKT: VSR) announced today that its wholly owned subsidiary, Geo-Marine, in a joint venture with Cardno TEC, was awarded one of four new prime contracts from the Environmental Resources Branch, Environmental Division, Fort Worth District, U.S. Army Corps of Engineers, to provide environmental consulting services to support environmental compliance audits and assessments. The Indefinite Delivery Indefinite Quantity (IDIQ) contract is a multiple award with a maximum three-year period of performance consisting of a base year and two option years. The maximum contract capacity is $27.5 million and each task order issued under this contract will be competed for among four firms.
Jeff Moran, Senior Vice President of Versar's Environmental Services Group said, "This is the second consecutive win for this contract with our JV partner, Cardno TEC. We are excited to have the opportunity to work with Fort Worth and the Joint Venture team for another three years and look forward to building on our success. This win underlines one of the key strategic reasons Versar acquired Geo-Marine."
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 28, 2013, 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.