Enterprise Ventures Corporation Receives $14.2 Million Contract to Build Additional U.S. Navy Carriage, Stream, Tow, and Recovery System (CSTRS) Units for the MH-60S Helicopter

JOHNSTOWN, Pa., Nov. 20, 2013 (GLOBE NEWSWIRE) -- Enterprise Ventures Corporation (EVC) has been awarded a $14.2 million firm-fixed-price contract modification from Naval Surface Warfare Center Panama City Division (NSWC PCD) to build additional U.S. Navy Carriage, Stream, Tow, and Recovery System (CSTRS) units for the MH-60S helicopter. This is the third award that CTC/EVC has received for the production of CSTRS units. The base contract from NSWC PCD was awarded in May 2012, and an additional contract was awarded in December 2012.

The U.S. Navy's Organic Airborne Mine Countermeasures (OAMCM) program, including the MH-60S helicopter-mounted CSTRS capability, enables the U.S. Navy's 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). "CTC has served as the prime contractor on the highly successful U.S. Navy OAMCM CSTRS program for almost 15 years," said David A. Schario, President of EVC and CTC's Vice President, Capabilities. "It has grown into a highly successful, major program, due in large part to CTC's innovative initial design concepts. This new request for additional units allows us to continue to grow EVC and add new jobs in Johnstown."

"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 2012, and production under these contracts will span a total of more than 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 www.evc.ctc.com.