JOHNSTOWN, Pa., Dec. 12, 2012 (GLOBE NEWSWIRE) -- Enterprise Ventures Corporation (EVC) has been awarded an $18.3 million contract option from Naval Surface Warfare Center Panama City Division (NSWC PCD). Under this contract, EVC will build the U.S. Navy Carriage, Stream, Tow, and Recovery System (CSTRS) for the MH-60S helicopter. The base contract from NSWC PCD, awarded in May of this year, called for the production of seven CSTRS units; this new option calls for an additional 12 units. The total cumulative value of the contract is now $30,876,180.
CSTRS mounts to the MH-60S helicopter and enables the U.S. Navy's new littoral combat ships to readily respond to mine threats, providing an extra measure of safety for crew and ships. In addition, the CSTRS design is modular and is capable of supporting the deployment requirement of multiple mine sensors that provide a range of mine countermeasures objectives.
EVC is a wholly owned affiliate of Concurrent Technologies Corporation (CTC). "CSTRS is a significant contract for EVC and has allowed us to grow the organization and add new jobs in the Johnstown area," said David A. Schario, President of EVC and CTC's Vice President, Capabilities.
"CSTRS began as a development program at CTC in 1999," said Ed Peretin, Managing Director of Production for EVC. "EVC began producing the CSTRS units in May, and production under these two contracts will span the next four years."
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. For more information, visit www.ctc.com.
Enterprise Ventures Corporation (EVC) is a wholly owned affiliate of CTC. The mission of EVC is to transfer advanced technologies designed and created by CTC and others to the industrial base and to deliver high-quality products and services to its clients. For more information, visit evc.ctc.com.
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Source:Concurrent Technology Corp.