ANNAPOLIS, Md., July 30, 2012 /PRNewswire/ -- TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS), a world leader in highly reliable and secure mobile communication technology, today announced it has agreed to a third period of performance completion date extension to its U.S. Army World-Wide Satellite Systems (WWSS) Indefinite Delivery Indefinite Quantity (IDIQ) contract. Initially issued as a five-year, $5 billion multiple awards contract in 2006, the period of performance completion date was last extended through July 27, 2013 and is now extended to March 31, 2014.
The WWSS program is managed by the Project Manager Warfighter Information Network-Tactical (PM WIN-T) Program Management Office. TCS will continue to offer and deliver turn-key, single-source, quick-reaction solutions for emerging communications requirements worldwide in support of all federal missions. Since 2006, TCS has received WWSS funded orders totaling about $560 million and currently has over $750 million of not-yet-funded open orders. TCS has won over 70% of the awarded tasks upon which the company has bid and has fielded an installed base of more than 1,200 systems. TCS leads a team of specialized satellite communications and logistics companies that provide a full range of operations, management and logistics products and services for the WWSS program. Over the past six years, the TCS WWSS team has demonstrated its proven ability to support today's warfighter. TCS' TotalCom™ solutions sourced through this vehicle include the Secret Internet Protocol Router and Non-secure Internet Protocol Router Access Point (SNAP) Very Small Aperture Terminal (VSAT) Satellite Systems, the Tactical Transportable TROPO (3T) System, the Wireless Point-to-Point Link (WPPL) Beyond Line of Sight system and Global Field Support Representatives.
"This third extension reaffirms the Army's use of this contract vehicle to access the secure, reliable, deployable communications solutions that TCS provides," said Mike Bristol, senior vice president and general manager, Government Solutions Group for TCS. "TCS is now into our sixth year of supporting our fighting men and women accomplish their missions, and we look forward to continuing this important work."
About TeleCommunication Systems, Inc.
TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS) is a world leader in highly reliable and secure mobile communication technology. TCS infrastructure forms the foundation for market leading solutions in E9-1-1, text messaging, commercial location and deployable wireless communications. TCS is at the forefront of new mobile cloud computing services providing wireless applications for navigation, hyper-local search, asset tracking, social applications and telematics. Millions of consumers around the world use TCS wireless apps as a fundamental part of their daily lives. Government agencies utilize TCS' cyber security expertise, professional services, and highly secure deployable satellite solutions for mission-critical communications. Headquartered in Annapolis, MD, TCS maintains technical, service and sales offices around the world. To learn more about emerging and innovative wireless technologies, visit www.telecomsys.com.
Except for the historical information contained herein, this news release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties and are based upon TCS' current expectations and assumptions that if incorrect would cause actual results to differ materially from those anticipated. Risks include without limitation the possibility that additional orders will not be awarded and/or funded under the contract, and those detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended December 31, 2011, and on Form 10-Q for the quarter ended March 31, 2012.
Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information in this press release, whether as a result of new information, future events or circumstances, or otherwise.
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SOURCE TeleCommunication Systems, Inc.