Serco and SI International Announce Receipt of CFIUS Approval
December 24 2008 - 7:00AM
PR Newswire (US)
RESTON, Va., Dec. 24 /PRNewswire-FirstCall/ -- Serco Group plc
(Serco) and SI International, Inc. (NASDAQ:SINT) today announce
that the Committee on Foreign Investment in the United States
(CFIUS) has completed its review of the proposed acquisition of SI
International by Serco and is permitting the proposed acquisition
to proceed. Completion of the CFIUS review is one of the conditions
to completion of the proposed acquisition. Subject to the
satisfaction of customary closing conditions, the proposed
transaction is expected to be completed shortly. About Serco: Serco
is an international service company which combines commercial
know-how with a deep public service ethos. We improve services by
managing people, processes, technology and assets more effectively.
We advise policy makers, design innovative solutions, integrate
systems and - most of all - deliver to the public. Serco supports
governments, agencies and companies who seek a trusted partner with
a solid track record of providing assured service excellence. Our
people offer operational, management and consulting expertise in
the aerospace, defence, education, health, home affairs, local
government, science, technology, transport and the commercial
sectors. More information can be found at http://www.serco.com/
About Serco North America: Serco North America is headquartered in
Reston, Virginia and has 7,000 employees across the U.S., several
Canadian provinces and other countries. It designs and delivers
human capital management, engineering, logistics, economic cost
analysis and integrated lifecycle transportation management
solutions to military, federal civil agencies, state and local
government and commercial customers. Its customers include the U.S.
Army, Navy, Marine Corps, the FAA, the Postal Service, the cities
of San Francisco, Chicago and Hollywood, and several commercial
clients. More information can be found at http://www.serco-na.com/.
About SI International: SI International, a member of the Russell
2000 and S&P SmallCap 600 indices, is a provider of information
technology and network solutions (IT) primarily to the federal
government. SI International combines technology and industry
expertise to provide a full spectrum of state-of-the-practice
solutions and services, from design and development to
documentation and operations, to assist clients in achieving their
missions. SI International is ranked as the 44th largest Federal
Prime IT Contractor by Washington Technology and has approximately
4,500 employees. More information about SI International can be
found at http://www.si-intl.com/. Disclaimer: Nothing in this press
release should be construed as a profit forecast or be interpreted
to mean that the future earnings per share of Serco will
necessarily be the same as, or greater than, the earnings per share
for completed financial periods. This document contains
'forward-looking statements' with respect to the financial
condition, results of operations and business of Serco and to
certain of Serco's plans and objectives with respect to these
items. Forward-looking statements are sometimes but not always
identified by their use of a date in the future or such words as
'anticipates', 'aims', 'due', 'could', 'may', 'should', 'expects',
'believes', 'intends', 'plans', 'targets', 'goal', or 'estimates'.
By their very nature, forward-looking statements are inherently
unpredictable, speculative and involve risk and uncertainty because
they relate to events and depend on circumstances that may or will
occur in the future. There are various factors that could cause
actual results and developments to differ materially from those
expressed or implied by these forward-looking statements. These
factors include, but are not limited to, changes in the economies,
political situations and markets in which the Group operates;
changes in government priorities due to programme reviews or
revisions to strategic objectives: changes in the regulatory or
competition frameworks in which the Group operates; the impact of
legal or other proceedings against or which affect the Group;
changes to or delays in programmes in which the Group is involved;
the completion of acquisitions and divestitures and changes in
exchange rates. All written or verbal forward-looking statements,
made in this document or made subsequently, which are attributable
to Serco or any other member of the Group or persons acting on
their behalf are expressly qualified in their entirety by the
factors referred to above. Serco does not intend to update these
forward-looking statements. Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995: This news release may
contain forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995 that are based on management's beliefs, assumptions and
current expectations. Such statements are not considered historical
facts and are considered forward-looking statements under the
federal securities laws. Actual results may differ materially from
those indicated by these forward-looking statements as a result of
various risks and uncertainties. Such risks include, without
limitation, the risk that the transaction will not be consummated
as a result of the failure to satisfy of any of the conditions
precedent to the proposed merger, such as the ability of SI
International to obtain government approvals required for closing
the transaction. As a result, there can be no assurance that the
transaction will be completed during the expected timeframe, or at
all. SI International undertakes no duty to update any
forward-looking statements to conform the statement to actual
results or changes in expectations that may arise after the date of
this release. We caution you not to place undue reliance upon any
such forward-looking statements. Contact: Serco Contacts Charles
King Head of Investor Relations Serco Group plc +44 (0) 1256 745
900 SI International Contact Alan Hill VP, Corp. Communications
703-234-6854 DATASOURCE: SI International, Inc. CONTACT: Charles
King, Head of Investor Relations of Serco Group plc,
+44(0)1256-745-900; or Alan Hill, VP, Corp. Communications of SI
International, Inc., +1-703-234-6854, Web Site:
http://www.serco.com/ http://www.serco-na.com/
http://www.si-intl.com/
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