SPRINGFIELD, VA / ACCESSWIRE / May 17, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced the award of option year four of the Architect-Engineer Construction Phase Support Services Contract that the Company holds through its joint venture with Parsons Corporation. This option year extends the period of performance to May 14, 2018. The total capacity of the contract is $90 million, with $83 million remaining in option year four. Contract funding will be provided separately under each awarded task order.
The Architect-Engineer Construction Phase Support Services Contract was awarded by the U.S. Army Corps of Engineers Middle East District (USACE-TAM) in May 2013. The contract had one base year and four option years.
"This contract allows Versar to work in 18 countries within the Middle East, Northern Africa, and Southwest Asia," said Tony Otten, Versar's Chief Executive Officer. "As USACE begins executing new construction contracts in the region, Versar looks forward to continuing our productive relationship with Parsons to provide onsite professional and engineering services supporting the USACE mission."
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, and professional services market areas.
VERSAR operates the following website: www.versar.com.
Find out more about VERSAR at:
Twitter: https://twitter.com/VersarInc
Facebook: https://www.facebook.com/VersarInc
LinkedIn: http://www.linkedin.com/company/38251
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, 2016, 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.
Contact:
Karin Weber
M&A, Investor Relations Manager
Versar, Inc.
(703) 642-6706
[email protected]
Robert Ferri
Robert Ferri Partners
(415) 575-1589
[email protected]
SOURCE: Versar, Inc.