$20m Max $100m: Evermedia Group Affiliate Receives Subcontractor Approval by Department of the Navy
NEW YORK, NY, Aug 28, 2009 (MARKETWIRE via COMTEX) -- The Evermedia Group, Inc.(PINKSHEETS: EVRM) is pleased to announce the recent Department of the Navy approval of affiliate System Technology Solutions, Inc. (STS) to participate, as subcontractor, in a Department of Defense (DoD) contracting initiative exceeding $20 million.
This development follows a recent technical review of STS, held in July 2009, conducted by the Department of the Navy demonstrating that STS satisfied the necessary capability requirements to render services under this subcontract.
An indefinite-delivery/indefinite-quantity (ID/IQ), cost-plus-fixed-fee, performance-based contract, the project could continue through 2012 depending on its option years. Should the DoD exercise all option years, the contract is estimated to total over $100 million in value.
Assuming task order assignments, STS will provide mechanical and engineering support to the Navy, Department of Defense (DoD), and various other government agencies including the Defense Logistics Agency (DLA). While this approval pertains to STS's current prime contractor, the name of the associated contract and prime will be publicly released upon pending approvals. Shareholders will receive updates regarding this project and all participants will be specified at the earliest possible time.
Currently, the prime representing STS is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry.
Regarding the certification and expected involvement in this largest contract, CEO of the Evermedia Group Jonathan Sym said, "STS is moving forward rapidly, and by continuing the effort to align our business objectives, STS will grow to become a highly recognized name in the defense contracting community." Sym added,
"Dick [Richard Weitzel], Patricia [Patricia Waldroop], and the rest of the STS team should be proud of their achievements."
Evermedia is a veteran-owned company based in New York, NY that develops biometric-based identification management and authentication solutions using proprietary, patent-protected iris recognition technology. Evermedia is involved in the development of biometric-based authentication and verification systems to
protect personal identity. The company's proprietary technology is patented in the United States, China and South Korea. In addition to various other companion interests, the Evermedia Group is the largest shareholder in STS Evermedia, the parent of System Technology Solutions, Inc.
About System Technology Solutions Based in San Antonio, TX, STS is a defense contractor providing engineering, logistics, IT and security services to government and large commercial enterprises. STS also provides technical design, program management and security services globally.
The Evermedia Group, Inc.
SOURCE: The Evermedia Group, Inc.
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