NEW YORK, May 3, 2010 (GLOBE NEWSWIRE) -- TIE Technologies, Inc. (Pink Sheets:TTCS), an information technology, security and telecommunications company focused on delivering innovative solutions for the dynamic global IT, security, and communications markets, announced today the formation of a wholly-owned subsidiary, TIE TeleMetrics Corp., which was created to focus on telecommunications and security services for government and institutional sales.
The Company has appointed Mark Marangella, current EVP of its telecommunications division, as president of TIE TeleMetrics, citing his leadership experience and in-depth understanding of the marketplace and associated government and private sector technology requirements.
TIE TeleMetrics, has commenced the application process to become a GSA-approved vendor and working with its partners expects to begin development of several security focused projects over the near term.
Mark Marangella, newly appointed president of TIE TeleMetrics, said, "TIE is responding to the ever-growing national security concerns that are present in the public, industrial and private sectors. This is a natural evolution of the Company's mission and fits synergistically with applications offered by TIE's INTEC Division. There is a real opportunity for failsafe solutions employing new approaches to wireless communications, smart systems and biometric identification. This growth potential includes applications within the Financial Industry, Electronic and Mobile Commerce, Government and Defense, Physical and Personal Security, and the Entertainment and Gaming Industry, with explosive projections in revenues over the next 10 years. "
According to the Acuity Market Intelligence Group, the current market for biometrics alone has reached $2.5 billion and is expected to reach $11 billion by 2017, which represents a compound annual growth rate of 19.7%. As of last month, the U.S. Government has formed a national security agency called the Biometrics Identity Management Agency (BIMA), which leads the Department of Defense's activities to prioritize, integrate and synchronize biometrics technologies and capabilities and to manage the Department of Defense's authoritative biometrics database to support the national security strategy.
TIE TeleMetrics Corporation will combine cutting edge security system technologies and a wide variety of wireless telecommunications solutions to solve a broad spectrum of government and private sector contract requirements. These technology solutions will be customized, frequently employing partner resources and reseller channels to achieve maximum market penetration of government and institutional contract opportunities.
ABOUT TIE TECHNOLOGIES, INC.
TIE Technologies is a technology driven systems integration and telecommunications Company. TIE's Smart Technology Solutions strive to provide better ways of doing things in every market it touches; from large logistical challenges, to small business needs and hand held iPhones. TIE Technologies is traded on Pink Sheets under the symbol "TTCS". For additional information please visit www.tietechnologies.com.
Safe Harbor Statement
The information in this release, other than historical information, may be considered forward-looking statements within the provisions of the Private Securities Litigation Reform Act of 1995. Projections and other forward-looking statements and management expectations regarding future events and/or financial performance of the Company -- although given in good faith -- are inherently uncertain and actual events and/or results may differ materially.