PROVIDENCE, R.I., Dec. 2, 2003 (PRIMEZONE) -- Bay View Capital LLC, a Rhode Island based company investing in the technology arena, is pleased to announce that it has offered to make up to $10 Million in additional funding available for future acquisitions in the Homeland Security Industry to Markland Technologies, Inc. (OTCBB:MRKL) www.marklandtech.com.
Bay View Capital, LLC recently loaned Markland Technologies $1.4 million in connection with the acquisition of the Virginia based chemical detector manufacturer Science and Technology Research Inc. (STR) - (www.str-inc.com). STR is the sole producer of the U.S. Navy's Shipboard Automatic Chemical Agent Detection and Alarm System (ACADA). STR has an active contract with the US Navy pursuant to which the Navy may purchase up to $40 million of ACADA chemical detector units. Further information concerning this acquisition may be found in Markland's Form 8K filed with the Securities and Exchange Commission.
The Markland loan for STR was the first transaction for Bay View. Bay View is pleased with the recent success of Markland and the recent coverage Markland has received. Markland has no obligation to accept any additional financing. The terms and conditions of the proposed financing have not been agreed to nor can there be any assurance that Bay View and Markland will reach a definitive agreement.
Research Works Inc. issued a research report on Markland Technologies that also includes an overview of the Homeland Security Industry. Research Works Inc. (www.stocksontheweb.com) is a registered investment advisor that produces equity research reports for compensation. In the report Research Works stated, "(Markland's) Operations are expected to turn significantly profitable in 2004, and the stock appears to be significantly undervalued. Our target price for the stock, based on a set of assumptions outlined in this report is $5 per share."
Mr. Chad A. Verdi, a principal and a majority owner of Bay View Capital LLC, stated, "We are reviewing small cap emerging growth companies which potentially offer strong revenue growth and high return on investment. We believe Markland has demonstrated that it has the management team and depth of experience to build a successful Homeland Security company."
Bay View Capital LLC principals include majority owner Mr. Chad A. Verdi, a financial consultant to Markland, and Mr. Robert Tarini, Chairman and CEO of Markland Technologies. Mr. Verdi and Tarini are also stockholders of Markland.
Although this press release was not issued by Markland Technologies, Inc. and Markland is not responsible for its content, it does contain forward looking statements about Markland including, without limitation, predictions of profitability and future stock prices. These predictions are inherently uncertain. There can be no assurance that Markland's operations will be profitable in 2004 or ever and there can be no assurance that Markland's stock price will reach $5.00 per share or, indeed, that it will not lose value.
In addition to the foregoing and except for the historical statements made herein, this release contains forward-looking statements that involve risks and uncertainties including the risks associated with the effect of changing economic conditions, trends in the development of the homeland security market, market acceptance risks, realizing expected revenue, and technological development risks. Risk factors also include Markland's ability to secure additional financing; Markland's ability to commercialize its products; the company's ability to compete successfully in the future against existing or new competitors; Markland's ability to protect its intellectual property and the assurance that the rights granted under patents or copyrights that may be issued will provide sufficient protection to its intellectual property rights; Markland's success in enhancing existing products and developing new products to keep up with the technological advances; Markland's ability to avoid significant product liability exposure; Markland's ability to execute its business plan and generate an overall profit and other risk factors detailed in the Company's filings with the Securities and Exchange Commission, including the company's annual report on Form 10-KSB. Due to these factors, actual results could differ materially from those expressed in forward-looking statements included in this press release.