Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - VERSAR INC | t67473_8k.htm |
| EX-10.1 - EXHIBIT 10.1 - VERSAR INC | ex10-1.htm |
| EX-10.2 - EXHIBIT 10.2 - VERSAR INC | ex10-2.htm |
Exhibit
99.1
|
|
|||
|
FOR
IMMEDIATE RELEASE
|
March
18, 2010
|
||
|
Versar,
Inc. acquires ADVENT Environmental,
Inc
|
|||
|
|
|||
|
Offices
Headquarters
Springfield,
VA
Inside
the U.S.
Baltimore,
MD
Columbia,
MD
Charleston,
SC
Gaithersburg,
MD
Germantown,
MD
Richmond,
VA
Norfolk,
VA
Chicago,
IL
San
Antonio, TX
Denver,
CO
Dugway,
UT
Tempe,
AZ
Sacramento,
CA
Outside
the U.S.
Kabul,
Afghanistan
Milton
Keynes, UK
Baghdad,
Iraq
Abu
Dhabi, UAE
|
Springfield,
Virginia, March 18, 2010 – Versar, Inc (NYSE Amex: VSR) announced today
that it has acquired ADVENT Environmental, Inc.
(“Advent”). Advent, headquartered in Charleston, South
Carolina, is a Department of Defense, full service environmental
contractor with significant capabilities in Military Munitions Response
Plans (MMRP) and Unexploded Ordinance (UXO) clean-up.
The
Advent acquisition was accomplished with cash, note and an earn-out and is
expected to be accretive in the first year. Advent will add
over $12 million in annualized gross revenue and provide Versar additional
overall contract capacity with the Department of Defense in excess of $100
million and a funded backlog of $10 million Advent’s clients
include the U.S. Army Corps of Engineers (USACE), The Air Force Center of
Environmental Excellence (AFCEE) and the U.S. Navy.
Tony
Otten, CEO of Versar, said, “The acquisition of Advent Environmental is a
great strategic fit for Versar. We are extremely excited about
the opportunities this combination offers. Our cultures are
similar and Advent’s technical capabilities compliment our
own. MMRP and UXO clean-up are a major new Versar initiative
which will move ahead faster and become stronger with the joint
Advent-Versar resources.”
Advent’s
management will stay intact and report to Jeff Moran, Versar’s Compliance
and Environmental Group’s Sr. Vice President. Kenna Sellers,
Advent’s CEO said, “The combination of two outstanding under - 500 Federal
contractors will allow us to combine our resources and deliver outstanding
service to our clients.”
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;
www.ppsgb.com;
www.adventenv.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.
Contact:
Michael J.
Abram (703)
642-6706
Senior Vice
President
Email: mabram@versar.com
Investor Relations
Contact: Andrew
J.
Kaplan (732)
747-0702
Barry Kaplan
Associates
623 River
Road
Fair Haven,
NJ 07704
Email: smallkap@aol.com |
||
