VIENNA, Va., May 20 /PRNewswire/ -- GRC International (NYSE: GRH) today
announced that its board of directors has accelerated the expiration of the
company's shareholder rights plan by more than five years. The plan, which was
previously set to expire on December 31, 2005, will now expire August 31,
2000. This action was taken in response to a 1998 shareholder proposal and is
intended to provide an orderly expiration of the rights plan shortly after the
release of the company's fiscal 2000 results. The board also made other
amendments to bring the rights plan into conformity with the current
requirements of Delaware law.
The board reserved the right to implement a new shareholder rights plan
and take any other appropriate action that may be necessary in the future to
protect shareholder value.
With regard to a second shareholder proposal to eliminate the classified
board structure, the board announced that it has decided to maintain the
current structure. The board believes the stability and continuity provided
by a classified structure are very important to the company's U.S. government
customers and far outweigh any benefit that might be gained by its
elimination. In addition, the company has been advised that the classified
board would be extremely difficult to eliminate due to the 80 percent
supermajority voting requirement contained in the company's charter.
GRC International Inc., with headquarters in Vienna, Va., provides
knowledge-based professional services and high-quality technology-based
product solutions to government and commercial customers. GRCI is a publicly
traded company listed on the New York Stock Exchange under the symbol GRH.
Additional details about the company can be obtained on the Internet at
http://www.grci.com/.
Inquiries: Wayne Jackson, Director, Corporate Communications,
(703) 506-5038. GRCI press releases are available on the Internet through
Company News On-Call at http://www.prnewswire.com/.
SOURCE GRC International
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Related links:
http://www.grci.com
Company News On-Call:
http://www.prnewswire.com/comp/320275.html or fax,
800-758-5804, ext. 320275
CONTACT:
Wayne Jackson, Director, Corporate
Communications of GRC International, 703-506-5038
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