Command Security Corporation’s Aviation Safeguards Division Announces Three-Year, $50 Million Award to Continue Services for a Major Domestic Airline
HERNDON, Va., Nov. 29, 2016 (GLOBE NEWSWIRE) -- Command Security Corporation (NYSE MKT:MOC) announced today that Aviation Safeguards, the Company’s aviation services division has received the award of a three-year contract to continue services with a major domestic airline in the New York City metropolitan area. This award secures the continuation of current services by the Company to this customer through December 31, 2019, and is effective January 1, 2017. Total revenues associated with this award, including estimated indirectly associated revenues at this airport, are estimated at $17 million annually, or approximately $50 million over the three-year term.
Under the contract, the Company will continue to provide security, baggage handling and wheelchair services for this major domestic airline.
“We are very excited about this win and the opportunity to continue to provide services to this highly valued key strategic airline partner and look forward to working with this customer in the development and enhancement of industry best practices and innovations,” said Joseph Conlon – Aviation Safeguards Division Vice President.
About Command Security Corporation
Command Security Corporation and its Aviation Safeguards subsidiary provides uniformed security officers, aviation security services and support security services to commercial, financial, industrial, aviation and governmental customers throughout the United States. We safeguard against theft, fraud, fire, intrusion, vandalism and the many other threats that our customers are facing today. By partnering with each customer, we design programs customized to meet their specific security needs and address their particular concerns. We bring years of expertise, including sophisticated systems for hiring, training, supervision and oversight, backed by cutting-edge technology, to every situation that our customers face involving security. Our mission is to enable our customers to operate their businesses without disruption or loss, and to create safe environments for their employees. For more information concerning our company, please refer to our website at www.commandsecurity.com.
This announcement by Command Security Corporation (referred to herein as the “Company”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and within the meaning of the Private Securities Litigation Reform Act of 1995 about the Company that are based on management’s assumptions, expectations and projections about the Company. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that actual results of the Company could differ materially from those projected in the forward-looking statements as a result of various factors, including but not limited to the factors described under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2016, filed with the Securities and Exchange Commission, and such other risks disclosed from time to time in the Company’s periodic and other reports filed with the Securities and Exchange Commission. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the Securities and Exchange Commission, which are publicly available at the Securities and Exchange Commission’s website at www.sec.gov/edgar.shtml.
Contact: Command Security Corporation N. Paul Brost Chief Financial Officer 703-464-4735
Released November 29, 2016