Command Security Corporation Announces $11 Million Contract Award From the United States Department of State
HERNDON, Va., Oct. 02, 2017 (GLOBE NEWSWIRE) -- Command Security Corporation (NYSE MKT:MOC) today announced the award of a new five-year contract to provide armed security services for the Department of State at the U.S. Mission Tegucigalpa, Honduras. Total revenues associated with this award are estimated to be approximately $2.25 million annually or approximately $11.0 million over the one-year base period and the four (4) one-year option years that follow. Work under the contract will commence on or about January 1, 2018.
“We are extremely pleased with the award of this new contract with the Department of State. This work is strategically important to the Company given the potential global growth of security opportunities with the federal government and the need to provide premier physical security services for this customer,” said Craig Coy, Chief Executive Officer of Command Security Corporation.
About Command Security Corporation
Command Security Corporation and its Aviation Safeguards division provide uniformed security officers and aviation security services to commercial, financial, industrial, aviation and governmental customers throughout the United States. As our credo states “Securing All You Value,” we safeguard against theft, fraud, fire, intrusion, vandalism and the many other threats that our customers are facing today. By partnering with each customer, we design programs customized to meet their specific security needs and address their particular concerns. We bring years of expertise, including sophisticated systems for hiring, training, supervision and oversight, backed by cutting-edge technology, to every situation that our customers face involving security. Our mission is to enable our customers to operate their businesses without disruption or loss, and to create safe environments for their employees. For more information concerning our company, please refer to our website at www.commandsecurity.com.
This announcement by the Company contains forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 about the Company that are based on management’s assumptions, expectations and projections about the Company. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that actual results of the Company could differ materially from those projected in the forward-looking statements as a result of various factors, including but not limited to the factors described under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2017 filed with the U.S. Securities and Exchange Commission (the “SEC”), and such other risks disclosed from time to time in the Company’s periodic and other reports filed with the SEC. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the SEC.
N. Paul Brost
Chief Financial Officer
Command Security Corporation
Released October 2, 2017