Tri-S Security Corp. (NASDAQ: TRIS), a provider of security services and equipment for government and private entities, today announced its wholly-owned subsidiary, Paragon Systems, Inc. ("Paragon), has been awarded two new contracts with the Federal Aviation Administration (FAA) estimated at $6.4 million over the five-year contract term.
The contracts require Paragon to provide physical guard services at FAA control towers located at Los Angeles International Airport and San Diego-Lindbergh Field Airport.
"We are very pleased to have been awarded these two contracts by the FAA given the extremely high levels of security required at FAA facilities, said Leslie Kaciban, Jr., president of Paragon. "We look forward to our expanded relationship with the FAA as we begin providing our security services at these facilities in April.
"These two contracts are representative of the excellent job Paragon is doing to provide the highest quality professional security services to the federal government, said Ronald Farrell, CEO, Tri-S Security Corp. "Of the seven contracts recently awarded by the FAA, Paragon won two of the contracts. This is clearly a testament to Paragon's excellent service and commitment to excellence. We are very pleased with these new contracts and the momentum in Paragon's contract pipeline.
About Tri-S Security Corp.
Based in Atlanta, GA, Tri-S Security Corp. (NASDAQ: TRIS) is a provider of security services and equipment for government and private entities. Security services include uniformed guards, electronic monitoring systems, personnel protection, access control, crowd control and the prevention of sabotage, terrorist and criminal activities. As a leading aggregator of elite security companies, Tri-S Security is designed to build a strong enterprise in which to service a unique customer base that ensures America's safety at home and work. Tri-S Security assumes responsibility for the marketing, infrastructure and overall operational performance for its subsidiaries. Tri-S Security's management leverages highly trained government officers, experienced industry leaders, proven financial executives and infrastructure experts to consolidate the fragmented security industry into one efficient and effective security force.
Forward-Looking Statements
This press release includes "forward-looking statements within the meaning of the Federal securities laws. Forward-looking statements are commonly identified by such terms and phrases as "should,"expects, "plans,"anticipates, "believes,"estimates, "projects and other terms with similar meaning indicating potential impact on our business. Although we believe that the assumptions upon which such forward looking statements are based are reasonable, we can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from our projections and expectations are disclosed in our filings with the Securities and Exchange Commission, including the "Risk Factors section set forth in our Annual Report on Form 10-K for the year ended December 31, 2005. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to their underlying assumptions. We do not undertake to publicly update the forward-looking statements contained herein to conform to actual results or changes in our expectations, whether as a result of new information, future events or otherwise. You may obtain and review our filings with the Securities and Exchange Commissions by visiting http://www.sec.gov.
