RIDGEFIELD, Conn., June 18, 2003 (PRIMEZONE) -- Markland Technologies, Inc., (OTCBB:MKLD), (www.marklandtech.com) announced today that it has signed a letter of intent to purchase a chemical detector manufacturer as part of its ongoing business strategy of creating an integrated portfolio of security solutions. The manufacturer 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. The company to be acquired has product sales backlog of greater than $20M with FY2002 annual product sales in excess of $7M per year. In addition, the company expects to report a profit this year. Markland believes the manufacturer is well positioned to capture additional sales in the United States and foreign markets.
Markland Chairman Robert Tarini stated, "Markland will have quickly established a solid revenue base with good economic fundamentals with this pending transaction and our existent revenue generating assets. We are very pleased with the portfolio of security solutions we have assembled."
Border Security Technology Update
In other news, Markland Technologies announced that it has received a contract for the purchase of 10,000 vehicle transponders from the Department of Homeland Security as part of its ongoing logistics support program for the Dedicated Commuter Lanes installed at five US border ports of entry located at San Ysidro, CA; Otay Mesa, CA; El Paso, TX; Detroit, MI; and Buffalo, NY.
Acoustic Core CRADA Update
The company also stated that it is presently working with engineers from INEEL as part of its Phase 1 CRADA efforts on the use of acoustics to detect illicit materials within cargo containers. This ongoing work is part of the company's long term strategic goal to be well positioned to offer multiple solutions for the cargo inspection marketplace.
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"
"Safe Harbor Statement" Under the Private Securities Litigation Reform Act of 1995 Investors are cautioned that certain statements contained in this press release and 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 are statements that are predictive in nature, depend upon or refer to future events or conditions, and may 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 generally 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 assurances of future performance and Markland Technologies undertakes no obligation 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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