TeleCommunication Systems Awarded Three Contracts to Deliver Cyber Security Solutions for U.S. Department of Defense
ANNAPOLIS, Md., May 3, 2012 /PRNewswire/ — TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS), a world leader in highly reliable and secure mobile communication technology, today announced that it has been awarded one Indefinite Delivery Indefinite Quantity (IDIQ) contract and two IDIQ subcontracts for the U.S. Department of Defense (DoD). TCS will be supplying a variety of cyber security solutions, including training, research and development support and information operations.
The prime contract TCS received is valued at $3.8 million. For the two subcontracts, one has a ceiling value to TCS of $2.4 million, and the other has a total value to the team of $16.3 million.
“The DoD recognizes that action is imperative to ensure that their systems and personnel are ready for the advanced persistent threat of cyber warfare,” said Drew Morin, senior vice president and chief technology officer at TCS. “TCS continues to be a leading provider of mission-specific training and staff to help the DoD protect the citizens, businesses and infrastructure of our country.”
The increased threats of web-based attacks, coupled with the U.S. government’s focus on protecting online assets, indicate that cyber security will be a high growth communications technology area for the foreseeable future. According to Deltek, the federal government IT security market is expected to grow from $9.2 billion in 2011 to $14 billion by 2016. This portends well for TCS’ cyber security offerings and services, as TCS has deep expertise, especially in the areas of training and systems/network security.
TCS computer network operations and information assurance engineers help harden high-value entities, systems and networks against cyber attack. TCS provides focused training via its Art of Exploitation(TM) curriculum in the fields of penetration testing, attack-defend strategies and vulnerability analysis and exploitation, and brings together many of the brightest minds in security as a forum for research, collaboration and building next-generation technologies to protect the nation’s networks.
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’ cyber security 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 the contracts will not be fully funded, that the government IT security market does not grow as expected, that the products and services offered by TCS will not meet government expectations for cyber security solutions and those detailed from time to time in the Company’s SEC reports, including the report on Form 10-K for the year ended December 31, 2011 and on Form 10-Q for the quarter ended March 31, 2012.
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.
Company Contact: Media Contact: Investor Relations: TeleCommunication Systems, Inc. Nadel Phelan, Inc. Liolios Group, Inc. Meredith Allen Graham Sorkin Scott Liolios 410-295-1865 831-440-2406 949-574-3860 MAllen@telecomsys.com email@example.com firstname.lastname@example.org
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