Renee
13 years ago
SBA Lifts GTSI Suspension
HERNDON, Va.--(BUSINESS WIRE)-- GTSI Corp. (NASDAQ:GTSI - News) is pleased to announce that the Small Business Administration (SBA) 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.
“The lifting of the suspension gives GTSI, its vendors and clients the ability to move forward,” said John Toups, Chairman of GTSI’s Board of Directors. “The cloud of uncertainty that was hanging over our employees, creditors, shareholders and partners has been removed, and we can get back to the business of serving our government clients. We sincerely appreciate the support expressed by our vendor community, especially our credit facility partner Castle Pines Capital.”
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. The term of the SBA agreement will end on the earlier of 90th day after the completion of the SBA’s continuing investigation of GTSI, October 19, 2013, or the notification date of any proposed debarment of GTSI by the SBA per the agreement.
To facilitate entering into the agreement, GTSI’s Board has reluctantly accepted the voluntary resignations, effective as of October 26, 2010, of Scott Friedlander, as Chief Executive Officer, President and a Director of GTSI, and of Charles DeLeon as a Senior Vice President and General Counsel of GTSI. Toups said: “This was extraordinarily unselfish action by Scott and Charles. These two men have been instrumental helping GTSI achieve so many of our strategic objectives.”
Toups said GTSI’s Board has chosen Sandra Gillespie, a Senior Vice President of GTSI leading its business capture, marketing, sales, services and supply chain organization, and Peter Whitfield, a Senior Vice President and Chief Financial Officer of GTSI, to run the company on an interim basis as acting Co-Chief Executive Officers. In the coming weeks Toups said the Board will conduct a search for a new leader at GTSI.
“Now that the SBA has lifted the suspension we are looking forward to getting back to helping our customers meet their mission,” said Gillespie. “As a result of the action taken by the SBA, we will be enhancing our compliance activities and implementing a rigorous process to regularly report to the SBA on our actions. For nearly three decades, government has come to rely on GTSI, and our employees are ready to get back to work and prove that trust was not misplaced.”
GTSI will continue to cooperate with the continuing investigations of its conduct as a subcontractor for certain small businesses. The continuing investigations of the GTSI could result in administrative, civil or criminal penalties.
About GTSI Corp.
GTSI Corp. provides a Technology Lifecycle Management (TLM) approach to IT infrastructure solutions delivered through industry-leading professional and financial services. GTSI employs a proactive, strategic methodology that streamlines technology lifecycle management, from initial assessment to acquisition, implementation, refresh, and disposal. TLM allows customers to implement solutions quickly and cost-effectively. GTSI’s certified engineers and project managers leverage strategic partnerships with technology innovators. These experts use proven, repeatable processes to design, deploy, manage, and support simple to complex solutions, to meet client’s current and future requirements and business objectives. GTSI is headquartered in Northern Virginia, outside of Washington, D.C. and was named as one of “Best Places to Work” in 2009. Further information about the Company is available at www.GTSI.com.
Except for historical information, all of the statements, expectations, beliefs and assumptions contained in the foregoing are "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995) that involve a number of risks and uncertainties. It is possible that the assumptions made by management, including, but not limited to, those relating to sales, margins, operating results and net income, and the effect of new contracts and lender agreements, as well as new vendor relationships may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. In addition to the above factors, other important factors that could cause actual results to differ materially are discussed in the Company’s most recent annual report on Form 10–K and included from time to time in other documents filed by the Company with the Securities and Exchange Commission.
GTSI and GTSI.com are registered trademarks of GTSI Corp. in the U.S. and other countries. All trade names are the property of their respective owners.
Contact:
GTSI Corp.Paul LibertyVice President, Corporate Affairs & Investor Relations703.502.2540paul.liberty@gtsi.com
http://finance.yahoo.com/news/SBA-Lifts-GTSI-bw-3401129115.html?x=0&.v=1
Renee
14 years ago
The 8-K :
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7493607-878-6160&type=sect&dcn=0000950123-10-091838
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 1, 2010
GTSI Corp.
(Exact name of registrant as specified in its charter)
Delaware 001-34871 54-1248422
(State or other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)
2553 Dulles View Drive, #100
Herndon, Virginia 20171-5219
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (703) 502-2000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On October 1, 2010, GTSI Corp. (“GTSI”) received notice from the U.S. Small Business Administration (“SBA”) that GTSI was temporarily suspended from federal government contracting and from directly or indirectly receiving the benefits of federal assistance programs. The notice of temporary suspension was issued by SBA in regards to its investigation of possible violations related to GTSI’s Department of Homeland Security FirstSource multiple award indefinite delivery/indefinite quantity contract, as a 100% small business set-aside. The temporary suspension applies to all federal agencies and GTSI divisions. GTSI may continue working on existing contracts, unless a particular agency directs otherwise.
Prior to learning of the temporary suspension notification on October 1, 2010, GTSI had not been contacted by SBA regarding this matter. Under federal procurement procedures, GTSI has 30 days in which to contest the scope of the temporary suspension, which can continue for an initial period of up to one year pending the completion of the investigation. GTSI intends to take prompt action to work with the SBA to address this situation to allow GTSI to continue serving its federal government customers. The results of SBA’s suspension and related investigation cannot be predicted with certainty and such results could include administrative, civil or criminal liabilities — including repayments, fines or penalties being imposed on GTSI — or GTSI’s debarment from future U. S. government contracting, any of which could have a material adverse effect on GTSI’s going concern status, financial condition and results of operations.
On October 1, 2010, GTSI issued a press release announcing that it received notice from the SBA with respect to the temporary suspension. On October 4, 2010, GTSI issued a press release to provide further information regarding this matter, including the particular federal contract at issue and GTSI’s intention to take all appropriate actions to work with the SBA to address this situation promptly. Copies of the press releases, dated October 1, 2010 and October 4, 2010, are attached hereto as Exhibits 99.1 and 99.2, respectively.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
99.1 Press release dated October 1, 2010
99.2 Press release dated October 4, 2010
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
GTSI Corp.
By: /s/ Scott Friedlander
Scott Friedlander
President & CEO
Date: October 6, 2010
Renee
14 years ago
GTSI : Eyak Technology, LLC Announces Withdrawal of Proposal to Acquire GTSI Corp.
GTSI 7.25
DULLES, Va., Oct. 4 /PRNewswire/ -- Eyak Technology, LLC (EyakTek) today announced that it has withdrawn its $7.50 per share in cash proposal to acquire all of the outstanding capital stock of GTSI Corp. (Nasdaq:GTSI - News). On September 30, 2010, GTSI indicated in a letter to EyakTek that GTSI was not interested in pursuing the proposal.
On October 1, 2010, the United States Small Business Administration (SBA) suspended GTSI from receiving any future contract awards from the federal government. EyakTek said it was withdrawing its proposal to acquire GTSI in order to carefully evaluate the effect of the SBA's action upon GTSI.
EyakTek is an Alaska Native-owned small business that provides award-winning solutions in infrastructure and security systems, communications, information technology, and healthcare services. As a recognized leader in the industry, EyakTek has consistently been ranked as one of the Top 100 Federal Contractors.
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GTSI was one of the first stocks I bought when I entered the market ten years ago , and I made my first profit ( about 300 % ) . I was hooked . A sentimental attachment to GTSI , but todays news is nasty !!
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