TORONTO, April 16, 2004 (PRIMEZONE) -- The legal proceedings attending the sale of all the assets of Paradigm Advanced Technologies, Inc. (Pink Sheets:PRAV) to Homeland Security Technology Corporation (HSTC), a private Delaware corporation, were completed on April 16, 2004 through a definitive court order.
All of the operations currently being managed by PowerLOC Technologies, Inc. on behalf of PRAV will be conducted by a newly formed subsidiary of HSTC, Homeland Security Technology Corporation Canada Inc. All existing operations of the business will continue and even be expanded to better serve the marketplace of handheld navigation and homeland security.
"Our company is delighted to be funding PowerLOC with its broad range of technologies," stated Philip Heller, President of HSTC. "The company's outstanding handheld navigation product Destinator, which is experiencing major sales increases, is now paired up with cutting edge enterprise-class enabling technologies extending the reach of handheld navigation, well beyond the general consumer market. We have already employed Destinator as a key component in several enterprise-wide systems solutions. In addition, Destinator has been extended to provide unique homeland security application capabilities for major customers of, and in cooperation with, Lockheed Martin and Hewlett-Packard. We intend to keep expanding our market share in the handheld navigation market, but also to greatly extend the opportunities available to Destinator in the enterprise and sophisticated security systems applications needed by our strategic partners in the homeland security marketplace."
Speaking for PowerLOC, President and CEO Dennis DeCoste stated, "All of us at PowerLOC are excited to receive the financial support of HSTC. We are now able to accelerate our market plans to build on Destinator's remarkable success last year. We are gaining market share because Destinator is the best product on the market and we have the best team at providing world-class customer support. We are winning head-to-head in the market and now with HSTC, we will be overtaking the competition by vaulting Destinator into high-end enterprise solutions and homeland security applications with powerful joint marketing and development partners."
ABOUT HOMELAND SECURITY TECHNOLOGY CORPORATION AND POWERLOC TECHNOLOGIES INC.
Homeland Security Technology Corporation is a prime supplier of enterprise-class, location information based, security technologies for the homeland security and defense market segments. PowerLOC Technologies Inc. provides a full range of wireless location tracking and security products and services to global enterprises and to large government organizations. PowerLOC's enabling technologies have become a major component in joint development efforts with prominent strategic partners targeting homeland security solutions for certain military and civilian applications. PowerLOC devices, servers, software and applications locate, track, navigate and manage people, vehicles and other assets. Its technologies were used to track and manage vehicles at the World Trade Center "Ground Zero" site, resulting in the elimination of several billions of dollars from the cost of the project. Destinator (www.Destinator1.com) has won many industry awards including the prestigious People's Choice Award of America's Pocket PC Magazine in 2001, 2002 Planet PDA "Best of Show" Award; 2002 and 2003 Europe Pocket PC Awards. PowerLOC has the exclusive licensing rights to a broad-based wireless location patent (U.S. Patent no. B1 5,043,736) covering the apparatus and method of transmitting position information from satellite navigational signals (such as GPS) over cellular networks. For further information on PowerLOC, visit www.powerloc.com or call (905) 764-3701.