TeleCommunication Systems Receives $3.3 Million Contract Modification from the Department of Defense for Cybersecurity Services
Award Doubles Contract Ceiling to $6.6 Million
ANNAPOLIS, Md., May 21, 2014 /PRNewswire/ — TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS), a world leader in highly reliable and secure mobile communication technology, today announced that it has received a $3.3 million contract modification from the Department of Defense for its Art of Exploitation® cyber training and support. The contract’s ceiling value has been raised to $6.6 million. The period of performance for this contract remains through September 2016.
-- TCS Art of Exploitation( )is focused training in penetration testing, forensics attack-defend strategies, vulnerability analysis and exploitation. -- Tech America forecasts that Department of Defense cyber spending will double over the next ten years from $5.5 billion in 2014 to $11 billion by 2024.
TCS Senior Vice President and Chief Technology Officer Drew Morin said: “The Department of Defense recognizes that its networks are increasingly being targeted for cyber attacks and that it needs highly-trained cybersecurity specialists. TCS values the role it has had in supporting cybersecurity for the Department of Defense for over nine years, and looks forward to strengthening our relationship through this contract.”
TCS’ Cyber Intelligence Group helps harden high-value entities, systems and networks against cyber threats by implementing information assurance best practices, performing vulnerability assessments and investigating cyber malicious activity. TCS also provides focused training in the fields of penetration testing, forensics, defense strategies, vulnerability analysis and reverse engineering in a state-of-the-art training facility or at customer locations around the world. TCS brings together many of the brightest minds in cybersecurity as a resource for research, collaboration and development of best-in-class technologies to protect critical networks. To learn more, visit http://www.telecomsys.com/services/cyber-solutions/training.aspx.
About TeleCommunication Systems, Inc.
TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS) is a world leader in highly reliable and secure mobile communication technology. TCS infrastructure forms the foundation for market leading solutions in E9-1-1, text messaging, commercial location and deployable wireless communications. TCS is at the forefront of new mobile cloud computing services providing wireless applications for navigation, hyper-local search, asset tracking, social applications and telematics. Millions of consumers around the world use TCS wireless apps as a fundamental part of their daily lives. Government agencies utilize TCS’ cybersecurity expertise, professional services, and highly secure deployable satellite solutions for mission-critical communications. Headquartered in Annapolis, MD, TCS maintains technical, service and sales offices around the world. To learn more about emerging and innovative wireless technologies, visit www.telecomsys.com.
Except for the historical information contained herein, this news release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties and are based upon TCS’ current expectations and assumptions that if incorrect would cause actual results to differ materially from those anticipated. Risks include without limitation the possibility that options do not get exercised or that funding is not provided for the contract, and those detailed from time to time in the Company’s SEC reports, including the Annual Report on Form 10-K for the year ended December 31, 2013 and on Form 10-Q for the quarter ended March 31, 2014.
Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information in this press release, whether as a result of new information, future events or circumstances, or otherwise.
TCS Contact: Investor Relations: TeleCommunication Systems, Inc. Liolios Group, Inc. Meredith Allen Scott Liolios 410-295-1865 949-574-3860 Mallen@telecomsys.com firstname.lastname@example.org
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