VIENNA, Va., Dec. 13 /PRNewswire/ -- GRC International (NYSE: GRH) today
announced the election of Gary L. Denman, Neal B. Freeman, Richard N. Perle
and Joseph R. Wright Jr. to the company's board of directors. The company also
announced the settlement of two previously reported lawsuits filed by an
individual shareholder against the company and seven of its directors. The
board agreed to the settlement in order to end the distraction and cost of the
litigation.
In announcing the election results and litigation settlement, Board
Chairman Joseph Wright said, "We are pleased to have Messrs. Freeman and Perle
join the board and look forward to their contributions. We will now turn our
undivided attention to supporting GRCI's management team as they work to
extend the excellent performance of the past two years."
Wright, who continues as chairman of the board, and Perle were elected by
vote of shareholders at the company's annual meeting held on November 15. As a
condition of the settlement of the two suits, the board reelected GRCI
President and CEO Gary Denman to the board and elected Freeman to his first
term. With the two new members, the board now stands at 10 seats.
New board member Neal Freeman, 59, is chairman and CEO of The Blackwell
Corp., a television production and distribution company located in Vienna, Va.
He also has served as director of COMSAT Corp. since 1983 and is vice chairman
of The Ethics and Public Policy Center and a director of National Review Inc.
and Forum Network Inc.
The board's other new member, Richard Perle, 57, has been a resident
fellow of the American Enterprise Institute's Commission on Future Defenses
since 1987. From 1981 until 1987, he was assistant secretary of Defense for
International Security Policy of the U.S. Department of Defense. He is
currently chairman of Hollinger Digital Inc. and a director of Hollinger
International Inc., Jerusalem Post, Geobiotics, American Interactive Media
Inc., AppNet Systems Inc. and Morgan Crucible PLC.
In addition to the board elections, GRCI shareholders voted to ratify the
selection of Deloitte & Touche as the company's independent public accountants
and voted in favor of a non-binding shareholder proposal to terminate the
company's Shareholder Rights Plan. GRCI agreed not to extend the Shareholder
Rights Plan when it expires on August 31, 2000, as a condition of the
settlement of the suits.
The company also agreed to pay the plaintiff's attorney's fees and
expenses in an amount awarded by the court, but not to exceed $330,000. This
payment will bring the total expenses incurred by the company during the
second quarter for the proxy contest and for the litigation to approximately
$1 million. Final settlement of the suits requires the approval of the
Delaware court.
GRC International Inc., headquartered in Vienna, Va., is a leading
provider of professional services focusing on information technology,
management consulting, and engineering services for a national clientele in
the government and commercial sectors. GRCI is a publicly traded company
listed on the New York Stock Exchange under the symbol GRH. Additional details
about GRC International can be obtained on the Internet at
http://www.grci.com.
Inquiries: James Allen, CFO, 703-506-5574, or Wayne Jackson, Director,
Corporate Communications, 703-506-5038.
SOURCE GRC International Inc.
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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:
James Allen, CFO, 703-506-5574, or Wayne
Jackson, Director, Corporate Communications, 703-506-5038; both
of GRC International Inc.
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