Business Services Industry
ATS Corporation Awarded Pension Benefit Guaranty Corporation PAMT Contract Valued at $16.5 Million
Business Wire, Oct 4, 2007
MCLEAN, Va. -- ATS Corporation ("ATSC" or the "Company") (OTCBB:ATCT.OB), today announced that it has been awarded the Pension Benefit Guaranty Corporation Participant Applications Maintenance Team ("PAMT") Contract. The BPA contract award has a five year period of performance including the base year and four option years with an initial estimated total contract value of $16.5 Million.
ATSC will provide software maintenance services, and operational and production support services with the possibility of additional enhancement services for the PAMT suite consisting of approximately 40 applications for the Pension Benefit Guaranty Corporation ("PBGC").
"While the PBGC has been a customer to ATSC for the last six years, the Company is looking forward to expanding its role at PBGC to further enhance and support the agency's complex financial system requirements," said ATSC Senior Vice President Shannon Brown.
The PBGC was created by the Employee Retirement Income Security Act of 1974 to encourage the continuation and maintenance of private-sector defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at a minimum.
About ATS Corporation
ATS Corporation operates through its subsidiaries, ATS, Reliable Integration Services, Potomac Management Group ("PMG"), and Appix, Inc. ("Appix").
ATS Corporation is a leading provider of systems integration and application development, IT infrastructure management and strategic consulting services to U.S. federal and state and local government agencies, financial institutions and government sponsored enterprises. Since its founding in 1978, ATS has been recognized for its custom software development and software integration capabilities and its deep domain expertise in federal government financial, human resource and data management systems. ATS has built and implemented over 100 mission-critical systems for clients.
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 26, 2007. In addition, the forward-looking statements included in this press release represent our views as of October 4, 2007. 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 October 4, 2007.
Additional information about ATSC may be found at www.atsva.com.
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