Company Also Reports Termination of SEC Investigation
Announced in January 2001
ALEXANDRIA, Va., June 5 /PRNewswire-FirstCall/ -- Halifax Corporation
(Amex: HX) today announced that it has been awarded a $3 million contract by
the Army Corps of Engineers for the installation of a communications network
at a newly constructed facility. The work will be performed during the next
six months.
The Company also reported that it has been notified by the Securities &
Exchange Commission that the SEC's investigation, dating back to January 2001,
has been terminated, with no enforcement actions recommended. The
investigation related to a previously reported embezzlement in 1999 by one of
the Company's prior employees.
According to Charles McNew, president and chief executive officer, "We are
pleased to be selected for this critical project. Our federal communications
services marketplace continues to expand at an exciting pace."
McNew added, "With the termination of the SEC's investigation, this now
closes the chapter on the embezzlement. We will continue to focus on
continued future revenue and earnings growth."
For the year ended March 31, 2002, the Company reported four quarters of
sequential earnings growth on an expanding revenue base, contract backlog of
$71 million, and a strengthening balance sheet.
Founded in 1967, Halifax Corporation provides a wide range of information
technology services to commercial and government customers throughout the
United States. The Company's principal products are Enterprise Maintenance
Solutions, Seat Management/IT Solutions, and Federal Communications Services.
Certain statements made by the Company which are not historical facts may
be considered forward-looking statements, including, without limitation,
statements as to trends, management's beliefs, expectations and opinions,
which are based upon a number of assumptions concerning future conditions that
ultimately may prove to be inaccurate. Such forward-looking statements are
subject to risks and uncertainties and may be affected by various factors that
may cause actual results to differ materially from those in the forward-
looking statements. For further information that could affect the Company's
financial statements, please refer to the Company's reports filed with the
Securities and Exchange Commission.
SOURCE Halifax Corporation
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Related links:
http://www.hxcorp.com
Company News On-Call:
http://www.prnewswire.com/comp/391950.html
CONTACT:
Karen Vahouny of Qorvis Communications,
+1-703-744-7809, or kvahouny@qorvis.com, for Halifax Corporation
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