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Tri-S Security Subsidiary Awarded $8.7 Million Contract for State of Florida
Aug 04, 2008 (08:08 AM EDT)
ATLANTA, Aug. 4 /PRNewswire-FirstCall/ -- Tri-S Security Corp. , a provider of security services and equipment for government and private entities, announced today a $8.7 million contract has been awarded to Vanguard Security, Inc., a subsidiary of its Cornwall Group. The contract will begin September 2, 2008 and run for three years with three one year renewals. The contract will generate approximately $1.45 million annually. The scope of the work is to provide both armed and unarmed guards at State of Florida facilities in 11 locations including Miami, Tampa, Orlando, Jacksonville, West Palm Beach, Tallahassee, Ft. Lauderdale, Ft. Meyers and other cities throughout the State.
Ronald G. Farrell, Chairman/CEO of Tri-S Security Corp., stated, "This is a first for Vanguard and now opens up the entire State of Florida for future business." Mr. Farrell further stated, "This contract is hopefully the beginning of Vanguard's moving into new markets. We currently are bidding on over $25 million of contracts throughout the State of Florida. This was a plan we initiated during the first quarter of the year and are now seeing the results. "
About Tri-S Security Corporation
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, Chairman and CEO of Tri-S Security Corp.,+1-678-808-1540; or Booke and Company, Inc., Investor Relations Counsel,+1-212-490-9095
Web site: http://www.trissecurity.com/