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GRC International Signs Definitive Agreement To Acquire
Management Consulting & Research Inc.
Vienna, Va., August 6, 1999 - GRC International Inc. (NYSE: GRH) today announced
it has signed a definitive purchase agreement with Management Consulting &
Research Inc. (MCR) to acquire all of the outstanding shares of MCR and its
subsidiaries. The purchase price of approximately $27 million includes two
million shares of GRCI stock to be held by MCR Chairman and CEO Xx. Xxxxxx
XxXxxxxxx (MCR's principal shareholder), with the remainder in cash. GRCI
expects MCR to have approximately $4 million cash at closing, bringing the net
cost of the acquisition down to about $23 million. Closing is expected within 30
days pending regulatory and MCR shareholder approval.
Management Consulting & Research has a 22-year history of successfully providing
a variety of advanced cost analysis, financial management and program management
services to its federal government customers. Most of its work has been with the
U.S. Air Force. MCR has grown substantially over the past several years to
become a strong competitor in its markets with current revenues of approximately
$30 million. GRC International expects to retain MCR's management team,
employees and facilities and operate MCR as a wholly owned subsidiary from MCR's
headquarters in McLean, Va. Xx. XxXxxxxxx plans to continue in a transition role
with XXXX and will be nominated to serve as a director of GRC International.
GRC International President and CEO Xxxx Xxxxxx said, "I am extremely pleased
with the expanded capabilities this acquisition provides GRC International. MCR
is known for the quality of its services and employees, and its focus on
profitability. It has been honored as an 'Inc. 500' company, 'Washington
Technology Fast 50' company, 'National Technology 500' company, and 'Virginia
Fantastic 50' company. MCR brings a set of complementary and valuable skills
that we can apply to our current clients, and provides direct access to a new
set of clients for GRCI's technical services.
"As I have stated before," continued Xxxxxx," acquisitions are very much a part
of our growth strategy. We have been very selective in this acquisition program
to ensure that it will be compatible with our existing operations, and one that
we expect to be accretive to earnings and a positive contributor to shareholder
value. The acquisition of MCR is an excellent start and keeps us on track to
achieve our growth objectives. I look forward to working closely with Xx.
XxXxxxxxx and the rest of his management team as we continue to execute our
plans."
GRC International Inc., headquartered in Vienna, Va., is a leading provider of
professional services focusing on information technology, management consulting,
and scientific engineering 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 xxxx://xxx.xxxx.xxx/. Details concerning MCR
can be viewed at xxxx://xxx.xxxx.xxx.
Inquiries: Xxxxx Xxxxx, CFO, (000) 000-0000, or Xxxxx Xxxxxxx, Director,
Corporate Communications, (000) 000-0000. GRCI press releases are available on
the Internet through Company News On-Call at xxxx://xxx.xxxxxxxxxx.xxx/.
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