|TCS Announces Formation of Special Committee to Explore Strategic Alternatives|
ANNAPOLIS, Md., July 6, 2015 – TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS), a world leader in secure and highly reliable wireless communication technology, today announced that its Board of Directors has established a Special Committee comprised solely of independent directors to explore strategic alternatives to enhance stockholder value. The Special Committee has retained independent legal advisors and has engaged Lazard as its financial advisor.
No timetable has been set for TCS’s evaluation of strategic alternatives. TCS does not expect to comment further or update the market with any additional information on this matter unless and until the Special Committee has approved a specific transaction or otherwise deems disclosure necessary or appropriate. There is no certainty that the review of strategic alternatives will result in TCS pursuing a particular transaction or completing any such transaction.
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