TRIS.n ($1.89) Tri-S Security Subsidiary Awarded 6 New Contracts Estimated at $1.75 Million Annually Monday, November 26 2007 - 6:43
TRIS $1.89 $-0.01 (%-0.53)
ATLANTA--(BUSINESS WIRE)--
Tri-S Security Corp. (NASDAQ: TRIS), a provider of security services and equipment for federal government and private entities, today announced that its subsidiary, The Cornwall Group, Inc., doing business as Vanguard Security, has been awarded six new contracts estimated to generate approximately $1.75 million annually. The contracts were awarded between July and October. All of the contracts have started and will continue through the fourth quarter of 2008.
The six new contracts were awarded by The City of Miami Gardens, (GSA) Homestead Air Force Base, Royal Caribbean Cruise Lines, Burger King, the U.S. Coast Guard and Enterprise Rent-A-Car. All of the contracts are for facilities in the greater Miami area. These contracts, in conjunction with the Miami-Dade County contract announced on November 19, 2007, now total over $3.4 million of new business for Cornwall over the next 12 months.
"One of our primary goals is to grow the commercial side of our business," said Ronald Farrell, chairman and CEO of Tri-S Security Corp. "These contracts are a significant step in that direction. Vanguard is making solid progress and we continue to be focused on growth for this high-margin segment of our business."
"We are very pleased to provide our security services to such high profile governmental agencies and facilities as well as such well know commercial businesses," said Sean Flynn, president of Cornwall Group. "Our goal is to provide these clients with the highest level of security services possible."
About Tri-S Security Corp.
Based in Atlanta, GA, Tri-S Security Corp. (NASDAQ: TRIS) is a provider of security services and equipment for government and private entities spanning a wide range of industries. 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.
Forward-Looking Statements
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 result of new information, future events or otherwise. You may obtain and review our filings with the Securities and Exchange Commissions by visiting http://www.sec.gov.
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