VSE Awarded $9M U.S. DOJ International Asset Recovery Contract
VSE Corporation (NASDAQ: VSEC) has been awarded an Indefinite Delivery/Indefinite Quantity (IDIQ) contract to support the U.S. Department of Justice (DOJ) Criminal Division, Asset Forfeiture and Money Laundering (AFML) Section in international asset recovery services. This contract has a period of performance of 12 months with four 12-month options. The initial ceiling for this award is $9M.
VSE's International Group will support the DOJ, Department of Homeland Security and the Department of Treasury investigative agencies to identify, restrain, forfeit, and dispose of assets that are located in foreign nations, as well as the recovery, evaluation, and repatriation of illicit assets to the United States for disposition. VSE will facilitate the U.S. Government's ability to plan, seize, maintain and return the maximum value from the disposition of any seized asset; from aircraft and vessels to jewels, livestock, real estate and operating businesses.
The VSE Team combines the most capable members of a proven, successful asset recovery and disposition team who have been relied upon for over six years by the DOJ and the U.S. Treasury Department, as well as new team members that provide international capabilities in critical areas. Our core team includes Deloitte Consulting, LLC, Colliers International Greater Los Angeles, LLC, Rick Levin & Associates, National Liquidators, and Five Stone Intelligence, Inc.
“We are pleased to be selected to execute this unique program, and we are committed to the success of this contract and achieving the highest possible return for the DOJ AFML,” said Harry Flammang, President of International Group. “With our international program management expertise and seized and forfeited asset management experience, we offer professional support services that are the best value, risk resilient and efficient.”
Established in 1959, VSE is a diversified federal services company with experience in solving issues of global significance with integrity, agility, and value. VSE is dedicated to our clients' success by delivering sustainment services for legacy systems and equipment and professional services through talented people and innovative solutions. Key competencies include supply chain management, equipment refurbishment, logistics, engineering, energy, IT solutions, health care IT, and consulting. For additional information regarding VSE services and products, please see the Company's web site at www.vsecorp.com or contact Christine Kaineg, VSE Investor Relations at (703) 329-3263.
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