MorganFranklin Press Releases

FOR IMMEDIATE RELEASE

MorganFranklin Corp. To Partner on Department of the Navy Financial Improvement Plan -FIP-

Herndon, VA — June 13, 2005
MorganFranklin Corp. will support Team SAIC in the provision of accounting and financial services related to the Financial Improvement Plan (FIP) for the Department of the Navy (DON). Team SAIC, of which MorganFranklin Corp. is a subcontractor, was recently awarded a cost-plus-fixed-fee IDIQ contract valued at $37.7 million for the first year, with a total cumulative contract value estimated at $109.5 million.

The DON FIP team's primary objectives are the identification and implementation of corrective actions to resolve established deficiencies related to the DON Annual Financial Statements as well as the preparation, documentation, and validation of processes, data, and systems that materially affect the DON Annual Financial Statements.

"Coming on the heels of MorganFranklin's previously announced contracts as both a prime and a subcontractor in support of assessments of the DoD Financial Management Systems for the Office of the Inspector General, our work with Team SAIC is a complimentary vehicle for supporting these financial initiatives," stated Bob Morgan , CEO of MorganFranklin Corp.

About The Company
MorganFranklin Corp. (MFC) is a diversified professional services company committed to improving the competitiveness and efficiency of our commercial and government clients by providing them with a comprehensive array of business advisory, management consulting, engineering and integration services. For more information, visit our website at www.morgan-franklin.com.