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11/02/2011
VSE Team Poised for Continued Service
Alexandria, Virginia (November 1, 2011) – VSE Corporation (Nasdaq GS: VSEC) Government Services Division has been awarded a one year, $23.4 million indefinite-quantity, indefinite- delivery hybrid firm-fixed price, fixed rate and cost-plus fixed fee contract by the U.S. Department of the Treasury for continued support of the seized and forfeited general property program. This contract includes options, which if exercised, would bring the cumulative 10-year maximum potential value of this contract to approximately $250 million. VSE has been the prime contractor for Treasury’s Office for Asset Forfeiture (TEOAF) general property program since 2006.
Under this contract, VSE will lead its team to provide transportation, storage, and disposition services to several law enforcement agencies, including Customs and Border Protection (CBP), Immigration and Customs Enforcement (ICE), Secret Service, IRS-Criminal Investigation, and the Office of Foreign Asset Control (OFAC).
“The VSE’s Treasury Program Team strives to be highly responsive to all the agencies in the program in direct support of their law enforcement efforts.” VSE CEO Maurice “Mo” Gauthier said, “This requires us to provide ‘24/7’ quick response support, in often challenging situations. We look forward to continuing our partnership with TEOAF for the next decade.”
VSE will continue to operate four central storage facilities for TEOAF in Dayton, NJ; Riverside, CA; Laredo, TX and Pompano Beach, FL. These facilities are the core of the seized and forfeited property operation and are managed by dedicated staffs of highly-skilled logistics professionals.
VSE’s International Group President Harry Flammang commented, “The VSE team offers specialized services - such as vessel/vehicle storage, secured transportation, sale, recycling, and green disposal through its carefully developed team of industry experts.” Offering specialized services to TEOAF is the VSE team of industry experts including: Intermodal FCL (IFCL); Flynn Jensen Company (FJC); Rick Levin & Associates (RLA); Blanchard & Associates, Inc. (BAI); National Liquidators; Cycle Chem; Turtle Wings; and Crowley Marine.
VSE International Group
VSE’s International Group provides global field engineering, logistics, and program management services to the US military and other government agencies. The International Group also provides total program support for surface ships and system’s transferred to foreign countries under the U.S. Navy's Foreign Military Sales program, ship modernization, refurbishment and repair; and aircraft sustainment for all DoD services. VSE supports both the U.S. Department of Treasury and Alcohol, Tobacco & Firearms’ (ATF) seized and forfeited property programs; both programs generate revenue for the umbrella agencies to support their continued law enforcement efforts. For more information about the International Group’s services please see our website at www.vsecorp.com or contact Spence Miller at (703) 329-4601 or Beth Spohn at (703) 317-2247.
About VSE
VSE is a diversified Federal Services company of choice with over 50 years of experience in solving issues of global significance with integrity, agility, and value. VSE is dedicated to making our clients successful by delivering talented people and innovative solutions for logistics, engineering, IT services, supply chain management, construction management and consulting. For additional information on VSE services and products, please see the Company's web site at www.vsecorp.com or contact Randy Hollstein, VSE Vice President of Sales and Marketing, at (703) 329-3206.
VSE encourages investors and others to review the detailed reporting and disclosures contained in VSE public filings with the Securities and Exchange Commission for further information and analysis of VSE’s financial condition and results of operations. The public filings include additional discussion about the status of specific customer programs and contract awards, risks, revenue sources and funding, dependence on material customers, and management’s discussion of short and long term business challenges and opportunities.
News Contact: Sylvia Gethicker (703) 329-4610; Beth Spohn (703) 317-2247
Investor Relations: Christine Peters (703) 329-3263
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