HERNDON, Va.--(BUSINESS WIRE)--
Command Security Corporation (NYSE MKT: MOC) announced today the award of a five year follow-on contract with a major transportation company for security services in the Eastern Region of the United States. At the same time, the Company announced another extension through February 28, 2014, of existing Eastern and Western Region security service contracts with this same major transportation company.
As previously announced, contracts with one security services customer which represents 24% of the Company’s total revenues, were originally scheduled to expire on May 31, 2013. Since that time the contracts have been extended twice, first through August 31, 2013, and again through November 30, 2013. Also as previously disclosed, this customer commenced and invited us to participate in a competitive bidding process for the continued performance of these as well as additional services in the Eastern and Western Regions of the United States.
As mentioned above, Command Security Corporation has been awarded a five-year follow-on contract for security services in the Eastern Region with a geographic footprint that extends from Maine to Virginia and into western Pennsylvania. The contract will commence upon completion of final negotiations which are expected to be completed before the above-mentioned contract extension which expires on Feb. 28, 2014. Command Security further announced that no award decision has yet been made with respect to the Western Region.
Craig Coy, the Chief Executive Officer for Command Security, stated, "We are very pleased to receive this follow-on contract award for the Eastern region as well as the contract extensions in both regions through February. This affirms the hard work, commitment and professionalism of the Command Security Team. And it further demonstrates our unique ability to satisfy national customers by securing their assets across broad geographic footprints while simultaneously maintaining the flexibility to quickly respond to the diversity of their needs at the local level."
About Command Security Corporation
Command Security Corporation and its Aviation Safeguards division provides uniformed security officers, aviation security services and support security services to commercial, financial, industrial, aviation and governmental customers throughout the United States. 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 Command Security Corporation (referred to herein as the “Company”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and within the meaning 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, 2013, filed with the Securities and Exchange Commission, and such other risks disclosed from time to time in the Company’s periodic and other reports filed with the Securities and Exchange Commission. 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 Securities and Exchange Commission, which are publicly available at the Securities and Exchange Commission’s website at www.sec.gov/edgar.shtml.
- Investment & Company Information
Command Security Corporation
N. Paul Brost, Chief Financial Officer