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Tri-S Security Subsidiary Awarded $29 Million Government Contract
Tuesday April 11, 8:45 am ET
Company To Protect Department of Homeland Security Headquarters
ATLANTA--(BUSINESS WIRE)--April 11, 2006--Tri-S Security Corp. (NASDAQ: TRIS - News), a provider of security services and equipment for federal government and private entities, today announced that the Department of Homeland Security (DHS), U.S. Immigration and Customs Enforcement Procurement Division, has selected its subsidiary, Paragon Systems, Inc., to secure the DHS headquarters Nebraska Avenue Complex (NAC) in Washington, D.C. The contract is expected to generate approximately $29 million in revenues over five years.
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Paragon Systems, based in the Washington, DC area, will provide highly trained armed guards, special police officers, emergency dispatchers, desk sergeants, emergency medical technicians and alarm monitors to the DHS headquarters 24 hours a day, seven days a week. Paragon Systems' management team has begun to execute the transition protocols for security services which will commence in August 2006.
President Bush established the DHS in November 2002. It is comprised of twenty-two former independent agencies and is responsible for transforming and realigning the current patchwork of government activities into a single department whose primary mission is to protect U.S. homeland. DHS is also charged with increasing the nation's overall preparedness for catastrophic events, improving transportation security systems, strengthening border security and interior enforcement, reforming immigration processes and enhancing information communications. Many of these operations are housed in the Nebraska Avenue Complex.
"It is an honor to be selected by the U.S. Department of Homeland Security as the security provider for this important facility," said Leslie Kaciban, president of Paragon Systems. "We appreciate the value of this agency's work and are dedicated to ensuring its safety. Just as we do for all our federal government customers, we will provide the highest level of security and overall satisfaction."
"This contract is a milestone in Tri-S Security's growth plan," said Ronald Farrell, CEO, Tri-S Security Corp. "We invested in the further development of Paragon Systems' management team and security professionals because we understood the value this team could bring to current and new federal government clients. We look forward to serving this and additional new contracts throughout 2006."
About Tri-S Security Corp.
Based in Atlanta, GA, Tri-S Security Corp. (NASDAQ: TRIS - News) is a provider of security services and equipment for government and private entities spanning a wide range of industries. Security services include uniformed guards, electronic monitoring systems, personnel protection, access control, crowd control and the prevention of sabotage, terrorist and criminal activities. As a leading aggregator of elite security companies, Tri-S Security is designed to build a strong enterprise in which to service a unique customer base that ensures America's safety at home and work. Tri-S Security assumes responsibility for the marketing, infrastructure and overall operational performance for its subsidiaries. Tri-S Security's management leverages highly trained government officers, experienced industry leaders, proven financial executives and infrastructure experts to consolidate the fragmented security industry into one efficient and effective security force.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Federal securities laws. Forward-looking statements are commonly identified by such terms and phrases as "should", "expects", "plans", "anticipates", "believes", "estimates", "projects" and other terms with similar meaning indicating potential impact on our business. Although we believe that the assumptions upon which such forward looking statements are based are reasonable, we can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from our projections and expectations are disclosed in our filings with the Securities and Exchange Commission, including the "Risk Factors" section set forth in our Annual Report on Form 10-K for the year ended December 31, 2004. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to their underlying assumptions. We do not undertake to publicly update the forward-looking statements contained herein to conform to actual results or changes in our expectations, whether as a result of new information, future events or otherwise. You may obtain and review our filings with the Securities and Exchange Commissions by visiting sec.gov.
Contact:
Tri-S Security Corp.
Media Contact:
Ginger Lightburn, 678-808-1540, x 111
gingerlightburn@trissecurity.com
or
Investors:
Alliance Advisors, LLC
Alan Sheinwald, 914-244-0062
asheinwald@allianceadvisors.net |
