SAN DIEGO, Aug. 6, 2007 (PRIME NEWSWIRE) -- WFI (Nasdaq:WFII), a leader in information technology solutions, command and control systems, weapon systems operations and maintenance and enterprise security solutions, announced today that its Government Division was awarded a task order through ARINC Engineering Services, LLC for the Security Assistance Management Directorate (SAMD) of the U.S. Army Aviation and Missile Command (AMCOM) located at Redstone Arsenal, AL. ARINC, based in Annapolis, Maryland, is a premier supplier of engineering support services and products to the Department of Defense community. The 46 month follow-on task order has an approximate value to WFI of $46 million if all engineering assignments are funded.
"This is an important award for WFI in its roadmap to provide continued support to the DoD community, and it highlights the expanding scale of our federal contract task orders as a percentage of our total business. I am very pleased with the progress we have made with our strategy to build a large federal government and security solutions focused business intent on becoming a significant DoD service provider," said Eric DeMarco, president and CEO of WFI. "We are delighted to continue our support of SAMD and to be on this team with ARINC where we can continue to provide our core capabilities across a broad range of weapon systems lifecycle support."
In support of the task order announced today, WFI will continue to provide lifecycle sustainment support to the U.S. Army AMCOM SAMD Missile Systems Division for various legacy weapon systems, which are fielded in over 23 Foreign Military Sales (FMS) customer locations. Many of these weapons systems are no longer fielded within the U.S. active or reserve component forces, and require continual obsolescence analysis, technology insertion, modernization initiatives, and supportability efforts to remain an effective, viable weapon system for our allies. WFI will continue to provide the critical engineering, integrated logistics support (ILS), and manufacturing capability to support these FMS customers in support of SAMD. Many of WFI's support efforts will require the transition of new technology, electronic circuitry and systems, materials, and components from the DoD and commercial sectors to solve obsolescence problems.
WFI Government Services, Inc. is a wholly-owned subsidiary of WFI, with offices and project locations throughout the United States. Areas of expertise include engineering design, systems engineering, weapons systems support and maintenance, integrated logistics, test and evaluation, public safety and communications technology services. Significant customers for WFI Government Services include various military branches of the U.S. Department of Defense, the Department of Homeland Security, NASA, and state and local government agencies.
About WFI
Headquartered in San Diego, CA, WFI is a leading provider of professional services in the areas of defense, technology, and security solutions. WFI specializes in IT services, command, control, communications, computers and Intelligence (C4I), weapon systems operations and maintenance, and security and surveillance solutions. WFI performs work for a range of federal government agencies, including the U.S. Department of Defense, various state and local agencies, and Fortune 1000 enterprise companies. News and information are available at www.wfinet.com. (code: WFI-mb)
About ARINC Engineering Services, LLC
ARINC Engineering Services, LLC is the wholly-owned defense contracting unit of ARINC Incorporated. ARINC Incorporated is the world leader in transportation communications and systems engineering. The company develops and operates communications and information processing systems and provides systems engineering and integration solutions to five key industries: airports, aviation, defense, government, and surface transportation. Founded to provide reliable and efficient radio communications for the airlines, ARINC is headquartered in Annapolis, Maryland, and operates key regional offices in London and Singapore, with over 3,200 employees worldwide. ARINC is ISO 9001:2000 certified. For more information, visit the ARINC web site at www.arinc.com.
Notice Regarding Forward-Looking Statements
This news release contains certain forward-looking statements including, without limitation, expressed or implied statements concerning the Company's expectations regarding the Company's completion or the full funding of the identified contract. Such statements are only predictions, and the Company's actual results may differ materially. Factors that may cause the Company's results to differ include, but are not limited to: risks that changes or cutbacks may occur in spending by the U.S. Department of Defense, which could cause delays or cancellations of key government contracts; risks that the timing, rescheduling or cancellation of significant customer contracts and agreements may occur, or consolidation by or the loss of key customers occurs; risks that the ongoing review of stock option grants will identify other issues not currently being considered that could delay or alter the results of the review; risks of adverse regulatory action or litigation; risks that the Company will not be able to file its required reports with the SEC by the deadlines established by the NASDAQ and therefore become subject to delisting. The Company undertakes no obligation to update any forward-looking statements. These and other risk factors are more fully discussed in the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2006 and in other filings made with the Securities and Exchange Commission.