Versar Wins $13 Million Defense Subcontract
February 10, 2010 (FinancialWire) — Versar, Inc. (AMEX: VSR) has been awarded a $13 million subcontract from URS Corp. (NYSE: URS) through its EG&G Defense Materials subsidiary for Chemical Munitions Destruction using the Detonation in a Vacuum Assisted Chamber) system. Versar teamed with Kobe Steel, LTD of Japan, (the developer of the DAVINCH system) for this award, which has an initial 13 month period of performance.
Versar will provide project management at the Deseret Chemical Depot, near Tooele, Utah for this contract. This is the first implementation of the DAVINCH proprietary technology in the United States.
The DAVINCH technology will be used to destroy munitions that have certain characteristics that make them extremely difficult to process using traditional methods, such as incineration.
Virginia-based Versar is a professional services firm supporting government and industry in national defense/homeland defense programs, environmental health and safety and infrastructure revitalization.
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