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8-K - FORM 8-K - GLOBAL DEFENSE TECHNOLOGY & SYSTEMS, INC. | c10067e8vk.htm |
EX-2.1 - EXHIBIT 2.1 - GLOBAL DEFENSE TECHNOLOGY & SYSTEMS, INC. | c10067exv2w1.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE: December 20, 2010
Investor Relations:
|
Joseph Cormier | Media Contact: | Lauren Peduzzi | |||
t: +1.703.883.2771 | t : +1 703.738.2861 | |||||
e: investors@gtec-inc.com | e : media@gtec-inc.com |
GTEC Completes the Acquisition of Signature Government Solutions, LLC
Adds Intelligence Community customer depth and comprehensive capabilities in
mission-systems IT, Cyber Security and Intelligence Analysis
mission-systems IT, Cyber Security and Intelligence Analysis
MCLEAN, Va., December 20, 2010 Global Defense Technology & Systems, Inc. (NASDAQ: GTEC), a
provider of mission-critical, technology-based systems, solutions and services for national
security agencies and programs of the U.S. government, announced that on December 18, 2010, it
completed the acquisition of Signature Government Solutions, LLC (SGS), for $52.5 million, in cash,
exclusive of transaction fees and other adjustments as previously disclosed. GTEC funded the
acquisition with its $100 million revolving credit facility. The deal is expected to be immediately
accretive to GTECs diluted earnings per share.
SGS, founded in 2003 and headquartered in Herndon, Virginia, has strong operating margins and
expects to generate $37 million in revenue in 2010 with strong growth prospects for 2011 and
beyond. All of its over 220 direct employees hold Top Secret/Sensitive Compartmented Information
clearances or higher and, in addition to Northern Virginia, the company has a substantial operation
in the Ft. Meade, Maryland area.
John Stolberg, SGSs Executive Vice President, who will stay and lead the business for GTEC stated,
We are very excited about the potential to bring a greater depth and breadth of technologies,
capabilities and mission expertise to our customers as we combine forces with GTEC in the
mission-critical national security marketplace. We are particularly energized about becoming part
of GTEC, as their passion for the national security mission, customer focus, agility and pursuit of
excellence in customer support and delivery makes for an excellent home and cultural match for our
employees, and opens up exciting new opportunities for growth and development.
John Hillen, President & CEO of GTEC commented, We welcome SGS to the GTEC family as they bring a
new depth to GTECs capabilities and customer footprint within the U.S. Intelligence Community.
SGSs core competencies and past performance in information systems architecture, cyber security
and network engineering reinforce our ambition to be the leading mid-sized defense technology
company that delivers comprehensive, mission-critical solutions to support the most pressing needs
of our national security clients.
About Signature Government Solutions, LLC
Signature Government Solutions, LLC (SGS) is a full-service IT and government solutions firm with a
strong track record of past performance supporting mission-critical US intelligence, defense and
law enforcement programs in highly secure environments. SGS has more than 200 cleared, highly
skilled technical professionals with diverse backgrounds and broad experience in areas of: systems
engineering, network engineering & telecommunications, IT security, intelligence analysis and
solutions-based enterprise IT assessments.
About Global Defense Technology & Systems, Inc.
Global Defense Technology & Systems, Inc. (GTEC) provides mission-critical, technology-based
systems, solutions, and services for national security agencies and programs of the U.S.
government. Our services and solutions are integral parts of mission-critical programs run by the
Department of Defense, Intelligence Community, Department of Homeland Security, federal law
enforcement agencies, and other parts of the federal government charged with national security
responsibilities. Learn more about GTEC at www.gtec-inc.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements
in this announcement other than historical data and information constitute forward-looking
statements that involve risks and uncertainties. A number of factors could cause our actual
results, performance, achievements or industry results to differ materially from the results,
performance or achievements expressed or implied by such forward-looking statements, including, but
limited to the following: the uncertainty of the timing of regulatory review of the transaction,
financing risks, such as increases in interest rates and restrictions imposed by our credit
agreement, risks concerning the future financial performance of the acquired company, failure to
successfully integrate the acquired company into our operations or to realize any benefit from the
acquisition, and our dependence on contracts with federal government agencies for substantially all
of our revenue. These and other risk factors are discussed in Global Defense Technology & System
Inc.s (GTEC) Annual Report on Form 10-K, and such other filings that GTEC makes with the
Securities and Exchange Commission from time to time. Due to such uncertainties and risks, readers
are cautioned not to place undue reliance on such forward-looking statements. All forward-looking
statements speak only as of the date hereof and GTEC undertakes no obligation to update such
forward-looking statements in the future except as required by law.