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Technology Stocks : VSE Corp (VSEC)--turnaround is about complete
VSEC 181.26+0.3%Nov 3 3:59 PM EST
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To: Paul Lee who wrote ()10/6/1999 6:35:00 PM
From: Paul Lee   of 97
 
VSE Unit Awarded Five-Year Contract For Naval Aircraft Engineering Investigations

ALEXANDRIA, Va., Oct. 6 /PRNewswire/ -- VSE Corporation (VSE) (Nasdaq: VSEC) reported today that its Value Systems Services Division (VSS) located at Lexington Park, Maryland, has been awarded a five-year blanket purchase agreement to support the U.S. Navy's Engineering Investigations (EI) safety program related to naval aircraft and aircraft systems and subsystems. The Navy's program is estimated to represent potential revenues of up to $42 million to the participating contractors. The blanket purchase agreement provides for VSS and Sherikon, Inc., a small business subcontractor teamed with VSS on this effort, to render services during the period of 1999 through 2004 at NAVAIR headquarters sites in Virginia and Maryland and at three regional Naval Aviation Depots around the country. The award also contains a five-year option to extend services from 2004 to 2009.

VSS President and General Manager William Albertolli said, "VSS looks forward to providing services under this important contract. As a part of the Navy's EI team, we will be supporting efforts to increase the safety and reliability of naval aircraft. This award complements other work we are performing for the Navy at our Patuxent River facility, and we are excited about our role in supporting U.S. Naval Aviation."
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