NEW YORK, July 21, 2010 (GLOBE NEWSWIRE) -- TIE Technologies, Inc. (Pink Sheets:TTCS), TIE Technologies and Geocomp Corporation announce, the British Petroleum PLC Houston Command Team and the U.S. Coast Guard approved initial deployment of the OilDam™ as a solution to keep leaking crude oil from away from the Gulf Coast shore. Separately, BP announced that it will give $75 million worth of grants to Alabama, Florida and Mississippi to protect the environmentally sensitive coastline as the states respond to the worst oil spill in America's history.
"This is a race against the clock, our team is working 24/7 with the authorities in Alabama, Mississippi, Florida and Louisiana to qualify the deployment of OilDam™ along their threatened coastline as quickly as possible." Edward Andercheck, Chairman and CEO of TIE Technologies stated, "We anticipate significant revenue growth from deployment of OilDam™, a current leader in our portfolio of technology driven products designed to address the true challenges and threats of our world today and into the future."
The OilDam™ solution is designed to keep oil away from the shore, contain it and pump it into storage containers for recycling. At the same time, this fixed barrier blocks oil, and is ecosystem friendly by allowing water to pass back and forth through its base, maintaining tidal flows to support critical shoreline life. The system is unique in its diverse capabilities, utilizing manufacturing, fabrication and deployment techniques that have been well developed over the past 40 years.
More detailed information regarding the product and its environmental impact are available on the internet at www.tietechnologies.net/environmental-logistics.php.
ABOUT TIE TECHNOLOGIES, INC.
TIE Technologies is a science and technology driven systems integration, security, smart logistics and Telemetrics company. TIE's Smart Technology Solutions strive to provide better ways of doing things in every market it touches, from large logistical challenges, down to small business needs and mobile smart phone applications. TIE TeleMetrics Services and Acumen architecture are designed to provide real time actionable intelligence to help teams secure critical assets, TIE is actively evolving smart solutions and proprietary critical path technologies for the environmental and security needs of government and institutional customers. TIE Technologies is traded on Pink Sheets under the symbol "TTCS." For additional information, please visit www.tietechnologies.com.
ABOUT GEOCOMP CORPORATION
Geocomp Corporation, www.geocomp.com is a global leader in geo-engineering and has developed some of the most technologically advanced products and solutions available for the geo-engineering field. Geocomp has been at the center of some of the most challenging projects around the world, including many that used high strength geotextiles. The Company is also one of the leading experts in the U.S. on the development of new applications of geosynthetic materials and has prior experience in the design of large water barriers and geosynthetic tubes. Geocomp staff possesses extensive knowledge of the behavior of these materials in innovative new applications such as OilDam™. Geocomp is also an expert in Active Risk Management for civil works projects to help owners minimize the impacts of unexpected performance.
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.