JOHNSTOWN, PA., April 14, 2014 (GLOBE NEWSWIRE) -- Edward J. Sheehan, Jr., President & Chief Executive Officer of Concurrent Technologies Corporation (CTC), announced today a new structure and business approach for the non-profit applied research and development company, which is effective immediately. The new structure serves to enhance CTC's ability to focus on clients, competitiveness, core capabilities and key contracts vital to conducting business with the federal government.
"The Federal marketplace is exciting, dynamic and challenging and requires highly affordable, effective and timely performance," said Mr. Sheehan. "CTC sets its expectations high to excel in service to our clients and our employees. Today we are announcing a new operating structure for the delivery of our technology based solutions and services and for continued strong business relationships with our clients and business partners." Mr. Sheehan detailed that, "Three new groups have been established: Engineering, Technology and Services. Our Engineering group, led by Mr. Jerry Hudson, Senior Vice President, addresses research, rapid design and development, testing, validation and integration/implementation of high performance physical components, structures and systems involving traditional and advanced materials for energy, environment, metalworking and manufacturing applications. Our Technology group, led by Mr. George Appley, Senior Vice President, leverages CTC's competencies in cross-domain solutions, software development, man-machine interfaces, high performance computing, cyber technology, virtualization, cloud computing, augmented reality and mobile applications to meet client mission requirements. Recently CTC received FedRAMP accreditation. FedRAMP is a U.S. Government-wide program that provides a standardized approach to security assessment, authorization, and continuous monitoring for cloud products and services. In accordance with a White House policy memo, all vendors who work with the U.S. Government will be required to meet the FedRAMP requirements by June 2014. Our Services group, led by Mr. David Schario, Vice President, enables CTC to provide operational support and capability enhancement for mature and proven human performance systems, technologies and methodologies for readiness and resilience. We believe that through the formation of those groups greater clarity and focus has been created for our team and the marketplace. CTC continues its active internal research in Additive Manufacturing, Energy, Cloud and Immersive Environments, led by CTC's Chief Technical Officer, Dr. Vicki Barbur.
"We expect that this structure will result in superior technical solutions, provide life cycle performance enhancements, lower overall operating budgets and lead to improved mission performance for the benefit of our clients," Mr. Sheehan stated. He continued by saying that "CTC has a number of single award contracts and our new approach will allow for the type of work CTC performs to be carried out in the most effective, efficient and expeditious manner. As part of the implementation of this new operational model, 23 employees were separated from the Company and will be provided with severance compensation. Mr. Sheehan stated "these decisions are always difficult and we remain appreciative of the contributions those employees have made to CTC's success."
"While the federal marketplace recently has been and will continue to be a challenge to navigate and predict, I am very positive about CTC's future," said Mr. Sheehan. "We recently have seen an increase in funded awards and expect this result to continue throughout the next two quarters. Even with the predicted increase in funded awards, our need to be as lean as possible continues to be important. Our employees have been resilient. Together, we will work smarter, find new efficiencies, and remain personally invested in delivering the best total solutions to our clients."
Concurrent Technologies Corporation (CTC) is an independent, nonprofit, applied scientific research and development professional services organization providing innovative management and technology-based solutions to government and industry. As a nonprofit 501(c)(3) organization, CTC's primary purpose and programs are to undertake applied scientific research and development activities that serve the public interest. CTC and its Affiliates presently employ approximately 1,000 professionals in the U.S. and abroad. For more information, visit www.ctc.com.
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Source:Concurrent Technology Corp.