VIENNA, Va., June 12 /PRNewswire/ -- GRC International (NYSE: GRH)
announced today that it has sold its Vindicator electronic securities systems
business to RAD Partners Ltd. of Austin, Texas. This sale moves the company
one step closer to fulfilling its plan to refocus on its profitable
information technologies services operations. The terms of the transaction
were not announced, but GRC International said it will apply the proceeds of
the sale to long-term debt.
In announcing the sale, GRC International President and CEO Jim Roth said,
"As we revealed in our third quarter earnings results, GRCI's information
technologies business is profitable and will be the springboard of the
company's future endeavors. Though the sale of Vindicator is relatively small
transaction, it is one more milestone in our plan to divest non-core
commercial operations and follows quickly on our sale of GRC Instruments at
the end of April. Our previously announced plan to divest our commercial
business lines and to re-focus on our core professional services and
information technology businesses remains in place."
Richard Gross, President of Enceinte Inc., the general partner of RAD
Partners Ltd., said that plans are underway to accelerate the expansion of the
business and introduce new products and technologies aimed at wider markets.
GRC International Inc., with headquarters in Vienna, Va., is a leading
provider of 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/.
Vindicator designs, manufactures and installs sophisticated intrusion
detection systems for highly sensitive sites at government, military and
correctional facilities worldwide.
SOURCE GRC International
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CONTACT: Wayne Jackson, Director, Corporate Communications, of GRC International, 703-506-5038 or Vindicator Technologies: Richard Gross, President, Enceinte Inc., General Partner, RAD Partners Ltd., 512-306-6230
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