updated 11/30/2010 10:16:27 AM ET 2010-11-30T15:16:27

LEXINGTON, Mass., Nov. 30, 2010 (GLOBE NEWSWIRE) -- Oasis Systems, a leader in Information Technology and Services to the Department of Defense, announced today that it has been acquired by the GF Fund, a private investment firm based in New York. Tom Colatosti led the acquisition for the GF Fund and was named Oasis's President and Chief Executive Officer.

Colatosti is currently President and Chief Executive Officer of American Security Ventures, a firm he founded that provides strategic management services and capital resources to emerging and developing companies in the physical/cyber homeland security and biometric industries. Prior to founding American Security Ventures, Tom was President and Chief Executive Officer of Viisage Technology, Inc., a Nasdaq listed company that provides biometric face-recognition technology and highly secure identification documents and systems. For more than 20 years, Tom held a number of senior finance and executive positions at Digital Equipment Corporation (now HP Corporation) including Vice President and General Manager of the company's $1.2 billion Government Systems Group, where he was responsible for products and services to the federal government, aerospace, electronics and manufacturing industries. 

Oasis Systems was founded in 1997 by Tom Chelliah and has had profitable and rapid revenue growth over the past decade. Headquartered in Lexington, MA, Oasis currently has more than 500 employees and consultants in locations across the US. 

Tom Chelliah, reflecting on the sale, said, "The priorities, passion and dedication with which I founded Oasis will be further strengthened in the capable hands of Tom Colatosti. The position of Oasis today is the direct result of our team members' excellence. We have taken that as our foundation and further strengthened it with a deep commitment to helping our customers be successful by providing them the highest quality technology services."

Chelliah will remain as a Consultant to the Company.

Commenting on the acquisition and the future, Colatosti said, "Oasis is a great company with an exciting future and I am thrilled to become part of it. Every year, for more than ten years, Oasis has grown and has become a major service provider to the Department of Defense because they have hired the best people in the industry, who in turn provided exceptional quality service and best value to their customers. We will continue that vision."

Colatosti concluded by saying, "It is exciting to be part of a growing missional company full of talented people committed to providing quality mission critical services to customers engaged in protecting freedom at home and abroad."

About Oasis Systems

Oasis Systems is a leading provider of Information Technology, Systems Engineering, Enterprise Applications and Program Management Services to the Department of Defense. Oasis has a reputation of anticipating and responding to customer needs by providing highest quality and cost effective technical solutions and analytical services. Oasis is currently managing more than $200 million of large scale Defense Programs. ( http://www.OasisSystems.com

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