Paragon approved for NATO bidding
ATLANTA--Paragon Systems, a subsidiary of Tri-S Security providing guard services and electronic security, announced in April it had been approved by the U.S. Department of Commerce for NATO International Competitive Bidding, known as ICB. This will allow Paragon, which has been serving the U.S. federal government market with security systems integration, to expand its reach to NATO facilities across Europe.
"It's not something where we submitted anything," explained investor relations manager for Tri-S Kevin Inda. "They notified us that based on our expertise we were qualified for the bidding."
In a statement, Ronald Farrell, chief executive officer of Tri-S Security, said this opens up a significant new "opportunity to increase Paragon's contract pipeline and revenues. Paragon will immediately begin pursuing the NATO contracts that meet its business criteria."
Last year, Paragon Systems announced a five-year, $29 million contract to secure the Department of Homeland Security's Washington, D.C., headquarters. Paragon started providing armed guards, dispatchers, desk sergeants and alarm monitors, last August.
Tri-S is a holding company formed in October 2001 for the purpose of acquiring security-related companies and consolidating. The company bought Paragon in February of 2004.