SRA/Platinum Solutions Awardees On $1.1 Billion Multi-Award Contract From U.S. Department Of Justice
SRA International, Inc. (NYSE: SRX), a leading provider of technology
and strategic consulting services and solutions to government
organizations and commercial clients and its newly acquired Platinum
SRA International, Inc. (NYSE: SRX), a leading provider of technology and strategic consulting services and solutions to government organizations and commercial clients and its newly acquired Platinum Solutions, Inc., today announced that each have been awarded the indefinite delivery/indefinite quantity (IDIQ) Information Technology Support Services 4 (ITSS-4) multi-award contract from the Department of Justice (DOJ). There were 20 awardees on this multi-award IDIQ, which has an estimated ceiling value of more than $1 billion, with a base period of performance plus six option years. The IDIQ task order-based contract provides comprehensive information technology systems development lifecycle support to all components of DOJ, including infrastructure support, systems engineering, operations and maintenance, help-desk support and program management support. “This contract vehicle provides the DOJ a pre-qualified team of IT experts who have proven experience and past performance in supporting all areas of this program, including technology and complex systems design and implementations,” said SRA National Security Sector Senior Vice President Jeffrey Rydant. “SRA will provide an innovative IT services approach for the ITSS-4 program in a timely, efficient and cost-effective manner.” About SRA International, Inc. SRA and its subsidiaries are dedicated to solving complex problems of global significance for government organizations and commercial clients serving the national security, civil government and global health markets. Founded in 1978, the company and its subsidiaries have expertise in such areas as air surveillance and air traffic management; contract research organization (CRO) services; cyber security; disaster response planning; enterprise resource planning; environmental strategies; IT systems, infrastructure and managed services; learning technologies; logistics; public health preparedness; public safety; strategic management consulting; systems engineering; and wireless integration. SRA and its subsidiaries employ more than 7,300 employees serving clients from its headquarters in Fairfax, Va., and offices around the world. For additional information on SRA, please visit www.sra.com. Any statements in this press release about future expectations, plans, and prospects for SRA, including statements about the estimated value of the contract and work to be performed, and other statements containing the words “estimates,” “believes,” “anticipates,” “plans,” “expects,” “will,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Factors or risks that could cause our actual results to differ materially from the results we anticipate include, but are not limited to: (i) reduced spending levels and changing budget priorities of our largest customer, the United States federal government, which accounts for more than 90% of our revenue; (ii) failure to comply with complex U.S. government procurement-related laws and other regulations, including but not limited to, punitive damage liabilities under the False Claims Act and other laws, and financial incentives under so-called “whistleblower” statutes, awarding the whistleblower with a percentage of the recovery if the claims are successfully waged; (iii) possible delays or overturning of our government contract awards due to bid protests by competitors or loss of contract revenue or diminished opportunities based on the existence of organizational conflicts of interest; (iv) entry into new markets or incurring liabilities in hazardous areas; (v) failure to comply with laws such as the Foreign Corrupt Practices Act or regulations on government gratuities; (vi) failure to comply with Federal Acquisition Regulations and Cost Accounting Standards or the Fair Labor Standards Act; (vii) security threats, attacks or other disruptions on our information infrastructure, and failure to comply with complex network security and data privacy legal and contractual obligations or to protect sensitive information; (viii) any violation of third party intellectual rights; (ix) adverse changes in federal government practices such as insourcing; (x) delays in the U.S. government adopting appropriations necessary for program funding and future appropriation uncertainties adversely impacting customer spending plans; (xi) intense competition to win U.S. government contracts or re-competes and commoditization of services we offer; (xii) failure to obtain option awards, task orders or funding under contracts, or inability to successfully execute awarded contracts; (xiii) any adverse results of audits and investigations conducted by the Defense Contract Audit Agency or any of the Inspectors General for various agencies with which we contract, including, without limitation, any determination that our contractor business systems or contractor internal control systems are deficient; (xiv) difficulties accurately estimating contract costs and contract performance requirements; (xv) challenges in attracting and retaining key personnel or high-quality employees, particularly those with security clearances; (xvi) the inability to complete the acquisition of SRA (the “Merger”) by an affiliate of Providence Equity Partners due to the failure to obtain stockholder approval for the Merger, the failure to satisfy other conditions to the completion of the Merger, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction, or the failure to obtain the necessary financing arrangements set forth in the debt and equity commitment letters delivered pursuant to the merger agreement; (xvii) the diversion of management’s attention from ongoing business concerns, and the effect of the announcement of the Merger on our relationships with our customers, operating results and business generally, and the price of our common stock if the Merger is not completed in a timely matter or at all; (xviii) the amount of the costs, fees, expenses and charges related to the Merger; and (xix) the outcome of any legal proceedings, regulatory proceedings or enforcement matters that have been or may be instituted against SRA and others relating to the Merger.Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent our views as of April, 21, 2011. We anticipate that subsequent events and developments will cause our views to change.However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to April 21, 2011.
SRA International (NYSE:SRX) hit a new 52-week high Wednesday as it changed hands at $29.89 compared with its previous 52-week high of $27.70. SRA International is currently trading at $28.48 with 990,877 shares changing hands as of 3:01 p.m..