ATS Corporation Awarded $12.8M In Contracts With HUD And NIH
MCLEAN, Va.--(BUSINESS WIRE)--ATS Corporation ("ATSC" or the "Company") (OTCBB:ATCT), a leading information technology company that delivers innovative technology solutions to government and commercial organizations, today announced the award of two new contracts, both for one-year terms and for software and systems development support services. The contract with the Department of Housing and Urban Development ("HUD") is valued at $10 million and the contract with the National Institutes of Health ("NIH") is valued at $2.8 million.
Under the terms of the HUD contract, ATSC will provide system modifications and testing for five Federal Housing Administration ("FHA") applications: the Single Family Premium Collection Subsystem-Periodic, the Distributive Shares and Refund Subsystem, the Single Family Premium Collection Subsystem-Upfront, the Computerized Homes Underwriting Management System, and the FHA Connection. These modifications are in response to the Housing and Economic Recovery Act of 2008, passed earlier this year to modernize FHA and provide new FHA loans to help families save their homes from foreclosure with the establishment of the HOPE for Homeowners Program.
"This new award is incremental to our current base of business with HUD and is in direct response to the new programs established to stabilize the mortgage industry," said Doug Manning, ATSC Vice President. "ATSC has been providing system development services to HUD for nearly 30 years and is pleased to be a trusted partner to the agency as it implements these critical new initiatives," Mr. Manning added.
Under the terms of the NIH contract, ATSC will provide a full range of application design, development and maintenance support to facilitate the management of grants for the National Cancer Institute's Center for Biomedical Informatics and Information Technology ("CBIIT")
"This new NIH award represents a continuation of our existing work and further testament to our strong re-compete record. ATSC has provided application development and IT support for this customer for over five years," said Bob Pick, ATSC Vice President.
About ATS Corporation
ATSC is a leading provider of software and systems development, systems integration, infrastructure management and outsourcing, information sharing and consulting to the Department of Defense, Federal civilian agencies, public safety and national security customers, as well as commercial enterprises. Headquartered in McLean, Virginia, the Company has more than 750 employees at 12 locations across the country.
Any statements in this press release about future expectations, plans, and prospects for ATSC, including statements about the estimated value of the contract and work to be performed, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: our dependence on our contracts with federal government agencies for the majority of our revenue, our dependence on our GSA schedule contracts and our position as a prime contractor on government-wide acquisition contracts to grow our business, and other factors discussed in our latest annual report on Form 10-K filed with the Securities and Exchange Commission on March 17, 2008, as amended on March 21, 2008 and April 4, 2008. In addition, the forward-looking statements included in this press release represent our views as of September 24, 2008. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to September 24, 2008.
Additional information about ATSC may be found at www.atsva.com.
Copyright 2008 Business Wire All Rights Reserved