Unedited news and product information from vendors.
Tri-S Security Subsidiary Awarded $220MM Contract from US Social Security
Feb 25, 2008 (08:02 AM EST)
ATLANTA, Feb. 25 /PRNewswire-FirstCall/-- Tri-S Security Corp. subsidiary Paragon Systems today announced that it has been awarded a $220 MM contract from the US Social Security Administration. This contract will run over a ten-year period beginning April 1, 2008. Approximately 500 guards, supervisors and administrative personnel will be allocated to the national headquarters of the US Social Security Administration as well as their national computer center. Both are located in Woodlawn, MD.
Tri-S Security subsidiary Paragon Systems competed with more than 25 other organizations for this contract. Ronald Farrell, President of Tri-S Security, stated, "We are very pleased to be the sole company selected by the US Social Security Administration for this contract. This selection demonstrates the depth and experience of our management team and the high level of service that our company provides."
In January 2008 Tri-S Security subsidiary Paragon Systems also received a contract for $58 million from the State of Georgia to run for a five-year period beginning April 1. These two new contracts will add a total of $287 million in future revenue to the existing revenue base.
About Tri-S Security Corp.
Based in Atlanta, GA, Tri-S Security Corp. is a provider of security services and equipment for government and private entities spanning a wide range of industries. The government sector is serviced through its wholly-owned subsidiary Paragon Systems and the private sector through its subsidiary Cornwall Group. 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.
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, 2006. 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 results of new information, future events or otherwise. You may obtain and review our filings with the Securities and Exchange Commission by visiting http://www.sec.gov .
CONTACT: Ron Farrell, President of Tri-S Security Corporation,+1-678-808-1540
Web site: http://wwwtrissecurity.com//