-- $50M Ceiling Value Contract Awarded to High Performance Technologies, Inc. Subsidiary
-- Leverages Health IT Capabilities Supporting the FDA in Adopting Emerging Technologies
ANDOVER, Mass., Jan. 2, 2013 (GLOBE NEWSWIRE) -- Dynamics Research Corporation (Nasdaq:DRCO), a leading provider of innovative management consulting, engineering, science and technology solutions to federal and state governments, today announced its wholly owned subsidiary, High Performance Technologies, Inc., has been awarded a new contract from the Food and Drug Administration (FDA) to provide scientific computing services. The single award task order contract has a ceiling value of $50 million and a five year period of performance, which began September 17, 2012.
Under the terms of the contract, DRC will provide a wide range of science and engineering services to support the FDA in leveraging new technologies and ensuring the necessary processing, storage and connectivity support needed to achieve its scientific computing objectives. DRC will work closely with researchers and scientific computing users to facilitate document requirements, perform system analysis, and provide prototypes of new technologies.
"DRC's High Performance Technologies Group is at the forefront of cutting-edge scientific computing best practices," said Jim Regan, DRC's chairman and chief executive officer. "We are looking forward to providing our deep expertise in high performance computing and systems engineering to support the FDA's scientific computing needs related to its mission to enhance public health.
"This engagement represents a milestone achievement in the execution of our growth strategy, advancing our federal healthcare market penetration. While we already have a significant level of business at the Department of Veterans Affairs and with the Military Health System, this new relationship with the FDA establishes a strong presence for DRC within the Department of Health and Human Services. We look forward to continuing to expand our business with federal healthcare clients," added Regan.
About Dynamics Research Corporation
Dynamics Research Corporation (DRC) provides measurable performance improvements for government customers through the delivery of innovative management consulting, engineering, science and technology solutions. DRC offers the capabilities of a large company and the responsiveness of a small company, backed by a history of excellence and customer satisfaction. Founded in 1955, DRC is a publicly held corporation (Nasdaq:DRCO) and maintains more than 25 offices nationwide with major offices in Andover, Massachusetts and the Washington, D.C. region. For more information please visit our website at www.drc.com.
Safe harbor statements under the Private Securities Litigation Reform Act of 1995: Some statements contained or implied in this news release, may be considered forward-looking statements, which by their nature are uncertain. Consequently, actual results could materially differ. For more detailed information concerning how risks and uncertainties could affect the company's financial results, please refer to DRC's most recent filings with the SEC. The company assumes no obligation to update any forward-looking information.