Versar, Inc. Awarded $13 Million Subcontract To Provide Chemical Munitions Destruction Using Explosive Detonation Technology
Versar, Inc. (NYSE Amex:VSR) announced today the award of a $13 million subcontract from URS Corporation (NYSE: URS) through its EG&G Defense Materials subsidiary for Chemical Munitions Destruction using the first-of-a-kind DAVINCH system (Detonation in a Vacuum Assisted Chamber). Versar teamed with Kobe Steel, LTD of Japan, the developer of DAVINCH for this award, which has an initial 13 month period of performance.
Versar will provide project management at the Deseret Chemical Depot, near Tooele, Utah for this contract. This is the first implementation of the DAVINCH proprietary technology in the United States. The DAVINCH technology will be used to destroy munitions that have certain characteristics that make them extremely difficult to process using traditional methods, such as incineration.
Dr. Ted Prociv, President and CEO of Versar, Inc., said, “The DAVINCH technology represents a major step toward the safe and efficient destruction of a wide variety of chemical and conventional munitions across the globe. We look forward to successfully implementing this program, and continuing our strong relationships with Kobe Steel, LTD and our prime contractor, EG&G Defense Materials.”
VERSAR, INC., headquartered in Springfield, VA, is a publicly held international professional services firm supporting government and industry in national defense/homeland defense programs, environmental health and safety and infrastructure revitalization. VERSAR operates a number of web sites, including the corporate Web sites, http://www.versar.com, http://www.homelanddefense.com, http://www.geomet.com; http://www.viap.com; http://www.dtaps.com; and www.ppsgb.com.This press 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 year ended June 26, 2009. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.
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