MSM Security Services Corp, Omniplex World Services Inc.,Management Technology Corp (ManTech), Dynco, page 1
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reply posted on 7-3-2004 @ 01:45 PM by Agent47
Fairfax, Virginia – March 10, 2003 – ManTech International Corporation (Nasdaq: MANT), an information systems and technical services company serving the federal government market, announced today that it has completed the acquisition of MSM Security Services, Inc. (MSM), of Greenbelt, Maryland, a leading provider of Personnel Security Investigation (PSI) services to the U.S. Government.

The acquisition of MSM was consummated pursuant to the terms of a merger agreement entered into by ManTech and MSM on February 28, 2003. Under the terms of the agreement, ManTech paid all cash to acquire MSM for $4.6 million (net of cash) including purchase price adjustments. The transaction is also subject to an earnout provision, the terms of which were not released. Quarterdeck Investment Partners, LLC acted as financial advisor to ManTech on the transaction.

MSM specializes in PSI services for the United States Government, having completed over 250,000 background investigations since its founding in 1978. MSM employs approximately 100 staff, 85% holding US Government security clearances. MSM also developed and maintains a nationwide network of approximately 1,800 experienced contract investigators that support the company’s mission. With 2002 revenue of approximately $19.9 million, MSM has active investigation contracts to support the United States Customs Service, Defense Security Service (DSS), the intelligence community, and other federal government agencies.

ManTech announced that following the closing, MSM began operating as ManTech MSM Security Services, Inc. (ManTech MSM) under ManTech’s Information Technology Solutions Group (ITG). Mr. Bradley H. Feldmann, President of ManTech’s Information Technology Group and ManTech Senior Corporate Vice President, noted that ManTech’s current investigative services business operations will be integrated into ManTech MSM. ManTech stated that ManTech MSM will remain in its current location in Greenbelt, MD. Mr. Feldmann also stated that former MSM President, Mr. William Earl Whaley, has agreed to stay with the company and will serve as the President of ManTech MSM.

As reported earlier, ManTech expects the acquisition of MSM to be accretive to ManTech’s 2003 earnings and that ManTech MSM’s revenue will grow by 10-15% in 2003, with operating margins in line with ManTech’s.

The acquisition of MSM was ManTech’s fourth since its initial public offering in February 2002 and the second since completing a follow-on public offering in December 2002. Last week, ManTech completed the acquisition of Integrated Data Systems Corporation, while Aegis Research Corporation and CTX Corporation were acquired by ManTech in August and December 2002, respectively.

About ManTech International Corporation:
Headquartered in Fairfax, Virginia, ManTech International Corporation delivers a broad array of information technology and technical services solutions to U.S. federal government customers, focusing primarily on critical national defense programs for the intelligence community and Department of Defense. ManTech designs, develops, procures, implements, operates, tests and maintains mission-critical, enterprise information technology and communication systems and infrastructures for federal government customers in the United States and 34 countries worldwide. Additional information on ManTech can be found at www.mantech.com.


Statements made in this press release which do not address historical facts could be interpreted to be forward-looking statements. Examples of such forward looking statements include the closing of the transaction as anticipated, the accretive effects of the acquisition, experiencing favorable results from acquisition synergies, experiencing increased spending trends within the Federal government, DoD and intelligence community and the treatment and deductibility of goodwill. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. The factors that could cause actual results to differ materially from those anticipated include, but are not limited to the following: failure to close the acquisition or successfully integrate MSM into the company's operations, failure to retain the MSM officers and employees, failure to realize any accretive effects from the acquisition; changes to the tax laws relating to the treatment and deductibility of goodwill or any change in tax rates; failure of government customers to exercise options under contracts; funding decisions of U.S. Government projects; government contract procurement (such as bid protest) and termination risks; competitive factors such as pricing pressures and/or competition to hire and retain employees; our ability to complete and successfully integrate acquisitions which appropriately achieve our strategic plans; material changes in laws or regulations applicable to the company's businesses and other risk factors discussed in the company's filings with the Securities and Exchange Commission. The statements in this press release are made as of March 10, 2003, and the Company undertakes no obligation to update any of the forward looking statements made herein, whether as a result of new information, future events, changes in expectations or otherwise.
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