Five Year Award to Continue Providing On-Line Training for IRS
SAN DIEGO, CA – December 20, 2006 – SYS Technologies, (AMEX: SYS), a leading provider of information connectivity solutions that enable real-time, complex decision-making, announced receipt of a five year contract with an estimated value to SYS of $5.0 million to team with Unisys in providing information technology support to the Department of Treasury, Treasury Bureaus, Department of Homeland Security and other federal agencies.
The work is being performed under the Total Information Processing Support Service (TIPSS-3) IDIQ contract. The TIPSS-3 program is estimated to be a five-year program with a potential value of $3 billion.
SYS Technologies was also a teaming partner with Unisys on the TIPSS-2 program. The TIPSS-2 program began in 2000 and lasted for 5 years. SYS provided e-learning and training solutions, in conjunction with Unisys, for the Internal Revenue Service through the TIPSS-2 contract. One such project created by SYS Technologies under Unisys’ TIPSS-2 contract was an online training and certification program for the Internal Revenue Service entitled Link and Learn Taxes. Approximately 10,000 volunteer tax preparers have received certification through the program for the 2005 filing season, and 30,000 since the program’s inception. On TIPSS-3, SYS has been asked to maintain and enhance this training. Link and Learn Taxes is used to ensure that Volunteer Income Tax Assistance (VITA) volunteers receive proper training and certification.
Jeff Giglio, Vice President of SYS’ Web Technologies Division, said, “We are excited that Unisys continues to extend the opportunity for SYS to be a part of their TIPSS team. It is rewarding to know that our efforts provide valuable information to IRS personnel and IRS volunteers. Our intent is to work hand in hand with Unisys to find other opportunities where we can provide valuable information technology services to the Department of Treasury and agencies included under the scope of the TIPSS contract.”
About SYS Technologies
SYS Technologies (AMEX: SYS), is a leading provider of information connectivity solutions that capture, analyze and present real-time information to our customers in the Department of Defense, Department of Homeland Security, other government agencies and to large industrial companies. Using interoperable communications software, sensors, digital video broadcast and surveillance technologies, wireless networks, decision-support tools and Net-centric technologies, our technical experts enhance complex decision-making. We also provide solution lifecycle support with program, financial, test and logistical services and training. Founded in 1966, SYS Technologies is headquartered in San Diego and has principal offices in California, Virginia and Maryland. For additional information, visit www.systechnologies.com
Notice Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release regarding the Company’s strategies, plans, objectives, expectations, and future operating results are forward-looking statements. Although SYS believes that the expectations reflected in such forward-looking statements are reasonable at this time, it can give no assurance that such expectations will prove to have been correct. Actual results could differ materially based upon a number of factors including, but not limited to, the state of economy, competition, unanticipated business opportunities, availability of financing, market acceptance, government regulation, dependence on key personnel, limited public markets and liquidity, shares eligible for future sale, continuation and renewal of contracts and other risks that may apply to the Company, including risks that are disclosed in the Company’s Securities and Exchange Commission filing.