WFI Awarded Subcontract for Naval Undersea Warfare Center Valued at Approximately $10 Million
SAN DIEGO, July 13, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- WFI (Nasdaq: WFII), a global leader in the design, deployment, and management of wireless communication networks, information technology solutions and security systems, announced today it has been awarded a subcontract from INDUS Technology to provide a range of program and financial management services to the Naval Undersea Warfare Center Division (NUWC) in Keyport, Washington. The award has a total estimated value of approximately $10 million over a four-year period of performance consisting of a base year plus three, one-year extensions.
Under the terms of this award, WFI will provide on-site program and financial management services to NUWC Keyport in multiple departments in six primary areas, including: Homeland and Force Protection, Surface Ship Combat Systems, Undersea Warfare (USW) Analysis and Assessment, USW Command and Control Systems, USW Weapons and Vehicles Systems, and USW Fleet Material Readiness.
"The U.S. Navy programs supported by INDUS Technology requires high quality, dependable work and we rely on only the best subcontractors to assist us on these projects," said Jim Lasswell, President and CEO of INDUS Technology. "We are pleased to include WFI on our list of top subcontractors and look forward to supporting the Navy in this important area."
"This award is an important win for WFI because of the strategic importance of NUWC in support of antisubmarine warfare and undersea warfare," said Robin Mickle, President of WFI's Government Services Division. "WFI has won two NUWC awards and this success demonstrates our reputation in providing quality technical and program management services to the Navy. We look forward to working with INDUS Technology and the Navy to help our nation defend against potential submarine and underwater threats."
"As we have discussed previously, WFI's strategy has been to build a Federal Government business through both internal growth and acquisitions, which compliments our commercial wireless system integration, engineering, consulting and deployment business," said Eric DeMarco, WFI's President and CEO. "The subcontract award from INDUS Technology is another milestone in the successful execution of this strategy, bringing a significant multi year contract to WFI."
About WFI
Headquartered in San Diego, CA, WFI is an independent provider of systems engineering, network services and technical outsourcing for the world's largest wireless carriers, enterprise customers and for government agencies. The company provides the design, deployment, integration, and the overall management of wired and wireless networks which deliver voice and data communication, and which support advanced security systems. WFI has performed work in over 100 countries since its founding in 1994. News and information are available at www.wfinet.com. (code: WFI-mb)
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 anticipated operating results for 2006, future financial performance and cash flows and market developments that involve risks and uncertainties. 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: changes in the scope or timing of the Company's projects; changes or cutbacks in spending by the U.S. Department of Defense, which could cause delays or cancellations of key government contracts; slowdowns in telecommunications infrastructure spending in the United States and globally, which could delay network deployment and reduce demand for the Company's services; the timing, rescheduling or cancellation of significant customer contracts and agreements, or consolidation by or the loss of key customers; failure to successfully consummate acquisitions or integrate acquired operations; the rate of adoption of telecom outsourcing by network carriers and equipment suppliers; the rate of growth of adoption of WLAN and wireless security systems by enterprises; and competition in the marketplace which could reduce revenues and profit margins. 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 March 31, 2006 and in other filings made with the Securities and Exchange Commission.
Contact: Michael Baehr VP of Corporate Communications & Investor Relations Wireless Facilities, Inc. 858.228.2799 Direct michael.baehr@wfinet.com
SOURCE WFI
Michael Baehr, VP of Corporate Communications & Investor Relations of Wireless Facilities, Inc., +1-858-228-2799, michael.baehr@wfinet.com
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