RIDGEFIELD, Conn., Oct. 21, 2003 (PRIMEZONE) -- Markland Technologies, Inc. (OTCBB:MKLD), an integrated homeland security company (www.marklandtech.com), today announced that it has completed the purchase of Virginia-based Science and Technology Research Inc (STR) (www.str-inc.com) for $6.5M in cash and stock. STR is the sole producer of the U.S. Navy's Shipboard Automatic Chemical Agent Detection and Alarm System (ACADA). The Navy deploys the "man-portable" point detection system to detect all classic nerve and blister agents as well as other chemical warfare agent (CWA) vapors.
STR has an active contract with the U.S. Navy to produce up to 1,000 of the ACADA units and has FY2002 annual product sales in excess of $7M. In addition, STR expects to report a profit this year. Markland believes STR is well-positioned to capture additional sales in the United States and foreign markets. Along with the present ACADA unit, STR has ongoing research and development activities directed at the development of RF wireless chemical detectors which are smaller in volume and are much more cost effective.
To date, the ACADA system manufactured by STR has demonstrated excellent false alarm and sensitivity characteristics in numerous field test evaluations performed against other chemical detector designs. Operational performance of the shipboard ACADA system has been characterized against live chemical agents and against various types of possible interfering vapor sources present in shipboard environments. Laboratory-tested agents include: GA Tabun, GB Sarin, VX Nerve Agent, HD Sulfur Mustard and GD Soman. Vapor analysis is achieved by the use of two ion-mobility spectroscopy (IMS) cells with a radioactive source sealed inside each cell, which is utilized as an ionizing source.
Markland Chairman Robert Tarini stated, "The acquisition of STR fits well into our Homeland Security business plan and creates an attractive, established revenue stream for the company. We are excited to help grow the annual sales of the ACADA product and to complete the design and development of the new wireless chemical detector."
About Markland Technologies:
Markland Technologies is committed to helping secure America by providing innovative emerging technologies and expert services to meet the country's needs to protect our people, our borders and our infrastructure assets.
The Company is a member of the Homeland Security Industries Association http://www.hsianet.org.
"Forward-Looking Statements"
Investors are cautioned that certain statements contained in this document, as well as some statements in periodic press releases and some oral statements of Markland Technologies officials during presentations about Markland Technologies, are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act").
Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by management, are also forward-looking statements as defined by the Act. Some of the factors that could significantly impact the forward-looking statements in this press release include, but are not limited to: insufficient cash flow to continue to fund the development and marketing of the Company's products and technology; a rejection of the Company's products and technologies by the marketplace, and; disputes as to the Company's intellectual property rights. Forward-looking statements are based upon current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about Markland Technologies, its products, economic and market factors and the industries in which Markland Technologies does business, among other things. These statements are not guarantees of future performance and Markland Technologies has no specific intention to update these statements. More detailed information about those factors is contained in Markland Technologies filings with the Securities and Exchange Commission.
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