Management Team Buys Project Performance Corporation

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The Management Team of Project Performance Corporation purchased all the shares of Dr. R.F. Shangraw on September 13, 2004. Mr. Michael J. Nigro will assume the roles of Chairman of the Board and CEO.

The management team of Project Performance Corporation (PPC), led by Michael J. Nigro, the current President and Chief Operating Officer, announced the purchase of all of the shares of Dr. R. F. Shangraw, Jr., who was the founder, Chairman, and Chief Executive Officer of the firm. Mr. Nigro has assumed the role of Chairman of the Board and Chief Executive Officer.

Mr. Nigro has been with PPC since January 2003. Previously he held the position of Executive Vice President at Tetra Tech, Inc.’s $400 million Resource Management Group and prior to that was President of Tetra Tech, Inc.’s $130 million Environmental Management subsidiary, which grew from 6 people to 1200 people worldwide.

“PPC has grown to a point where I am pleased to turn over the reins of the firm to Mike,” comments R. F. Shangraw, Jr. “I have always dreamed about a public service career and I will now be able to pursue this dream. I am very thankful to all of the employees and clients, past and present, who have been a part of PPC’s success.”

“Rick has done a great job growing the firm and establishing the culture, “remarks Michael J. Nigro. “The future is very bright for PPC and I am honored that Rick has the faith and confidence in me to lead the firm.”

The entire existing management team was part of the buyout of Dr. Shangraw. The principals include Michael J. Nigro, Chuck Wedel (CFO), Martin Wright (CIO), and Division Directors W. Randall Shangraw, Robert Haddad, Ivette Granier-Smith, and Craig Cheney. The transaction also was financed in part by United Bank led by Louise Wager, Senior Vice President, Corporate Lending.

About Project Performance Corporation

Founded in 1991, Project Performance Corporation is in the business of simplifying complex problems for top government and Fortune 500 decision makers. Using an interdisciplinary approach based on tailored solutions, the involvement of senior staff, and alliances with leading IT providers, PPC applies planning, streamlining, and technology best practices to help clients in the government and private sectors solve their most challenging management problems. Committed to quality at every level of the workforce, PPC has been externally assessed to CMMI Maturity Level 2 certification and ISO 9001:2000 compliance. Our best practices emphasize risk minimization; agile, on-time, in-budget performance; and proven, replicable processes. Headquartered in McLean, Virginia, PPC has project offices in Crystal City, Virginia; Germantown, Maryland; and Washington, D.C.

For more information about PPC, visit the website at

About United Bank

United Bank is a subsidiary of United Bankshares, Inc. a $6.4 billion bank holding company listed among the top 63 bank holding companies in the U.S. as measured by market capitalization. Headquartered in Tysons Corner, Virginia, United Bank of the Washington Metropolitan Area has assets of more than $3 billion, with 37 offices and 49 ATMs serving Virginia, Maryland and the District of Columbia.

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