ATLANTA , March 18 /PRNewswire-FirstCall/ -- Tri-S Security Corp. (Nasdaq: TRIS), a provider of security services and equipment for government and private entities, today announced that its subsidiary Paragon Systems Inc., has been awarded a new contract with the Department of Homeland Security (DHS) to provide armed security for Federal Buildings in Los Angeles and San Diego , California. Referred to as Region 9, the contract will require approximately 450 security guards.
The initial term of the contract is six months, with an option for DHS to
renew the contract for an additional six months. If this renewal option is
exercised, then the contract will generate revenue for Tri-S Security of
Paragon Systems will also provide security to augment existing security for the San Ysidro border crossing between California and Mexico . San Ysidro is the world's busiest land border crossing. In 2005, more than 17 million vehicles and 50 million people entered the United States at the San Ysidro port of entry.
According to Ronald G. Farrell, Chairman/CEO of Tri-S Security, "This contract was awarded last week with a starting date requirement of Friday, March 14, 2008 . Within 24 hours Paragon was able to arrange the procurement of 450 weapons, approximately 2,000 uniforms, equipment and the hiring of management personnel for this contract. The coordination of such a quick start is a testament to Les Kaciban, President of Paragon Systems and his entire staff."
With this contract award, Tri-S Security has now announced three contracts
in the first quarter of 2008 valued at approximately
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 spanning a wide range of industries. The government sector is serviced through its wholly-owned subsidiary Paragon Systems and the private sector through its subsidiary Cornwall Group. 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.
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, 2006 . 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 results of new information, future events or otherwise. You may obtain and review our filings with the Securities and Exchange Commission by visiting http://www.sec.gov.