Saw this news this morning, not in it but taking a look; do you follow this one?
SYS Technologies Announces Contract Awards with U.S. Navy
Aug 2, 2005 7:30:00 AM
Copyright Business Wire 2005
SAN DIEGO--(BUSINESS WIRE)--Aug. 2, 2005--
SYS Technologies, (AMEX: SYS), a leading provider of real time information technology solutions to industrial and U.S. government customers, announced today that the Naval Sea Systems Command (NAVSEA) has awarded SYS a modification to its 2004 SeaPort-enhanced contract, naming SYS a prime contract holder in all seven geographical zones, thereby providing the company nationwide opportunities to compete for services tasks. Additionally, SYS was awarded a contract from the Naval Facilities Engineering Command for project management support efforts.
The SeaPort Multiple Award contracts were instituted by NAVSEA to promote efficiency and cost savings in contracting by eliminating redundant contracts, promoting competition, creating partnerships through longer contracts, and opening contracting opportunities up to innovative small businesses. A significant new feature of the SeaPort-enhanced contracts is that their applicability has been expanded from NAVSEA to all activities within the Virtual Systems Command. This includes the Naval Air Systems Command, the Naval Supply Systems Command and the Space and Naval Warfare Command as well as NAVSEA.
SeaPort-enhanced is the contract of choice for obtaining engineering, management and financial services within the Virtual Systems Command, and is eventually expected to become the preferred vehicle for all Navy services acquisition in the future. These contracts are part of the SeaPort-enhanced Multiple Award Contracts ("MAC") that are envisioned to become a key contracting component for NAVSEA in the future. All tasks awarded under the Seaport Enhanced MAC's will be competitively bid among all eligible MAC holders. The contract ceiling for all award recipients, including SYS, is approximately $33 billion over the next 15 years.
In addition, SYS announced that it has been awarded a one year information technologies services contract valued at $800,000 from the Naval Facilities Engineering Command, Washington, D.C. The Naval Construction Force Management Information System is being developed to replace legacy computer applications that provide logistics and supply chain management for the Navy. SYS will provide a wide range of project management support efforts during prototype development leading to initial operating capability. The work will be performed in Port Hueneme, CA.
"These contract awards demonstrate our ability to continue to grow our important legacy business," said Cliff Cooke, President and CEO of SYS Technologies. Cooke continued, "Expanding our tasking in the areas of engineering, management, and logistics support is critical to our success, while we continue to execute our strategic plan to diversify our business base. We are pleased that the U.S. government has recognized our demonstrated abilities with these awards."
About SYS Technologies
SYS Technologies (AMEX: SYS), is a leading provider of information and communications systems for the Department of Defense, Homeland Security, and industrial markets. SYS Technologies' expertise is in real time sensor capture, communications, applications development, integration and data visualization.
For the Department of Defense (DoD), the company provides command and control systems to operational commanders. For the U.S. Department of Homeland Security and various state agencies,it provides real-time safety and security products and services, including sensor networking products and end-to-end solutions. For large industrial customers in the telecommunications, utilities, construction, chemical, and biomedical industries, its products and services are used to intelligently and profitably manage remote assets.
SYS is headquartered in San Diego at 5050 Murphy Canyon Road, San Diego, California 92123 and has principal offices in California, Virginia and Washington, DC. For additional information, visit the SYS Technologies web site at systechnologies.com.
Notice Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release regarding the Company's strategies, plans, objectives, expectations, and future operating results are forward-looking statements. Although SYS believes that the expectations reflected in such forward-looking statements are reasonable at this time, it can give no assurance that such expectations will prove to have been correct. Actual results could differ materially based upon a number of factors including, but not limited to, the state of economy, competition, unanticipated business opportunities, availability of financing, market acceptance, government regulation, dependence on key personnel, limited public markets and liquidity, shares eligible for future sale, continuation and renewal of contracts and other risks that may apply to the Company, including risks that are disclosed in the Company's Securities and Exchange Commission filings, including its report on Form 10QSB filed on May 9, 2005 and Form SB-2 filed on June 23, 2005.
Source: SYS Technologies
Edward M. Lake
Le Vay & Rose