SBA Lifts GTSI Suspension
GTSI Corp. (NASDAQ: GTSI) announces that the Small Business Administration has lifted the temporary federal contract suspension it imposed on the company on October 1, 2010, allowing GTSI and its approximately 525 employees to immediately resume full business with most of GTSI's existing clients and to pursue new contracts with the federal government.
Under an agreement with the SBA, Toups said, GTSI has agreed to immediately cease working with small businesses serving as prime contractors, which in recent years has accounted for less than 15 % of GTSI's annual revenue. GTSI also has agreed to stop participating in the SBA's mentor-protégé program and in joint ventures with small businesses, he said. Furthermore, Toups said, GTSI will bring in an SBA-approved monitor to report to the SBA on GTSI's compliance with the agreement and applicable government contracting laws and regulations.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.