RIDGEFIELD, Conn., Dec. 13, 2004 (PRIMEZONE) -- Markland Technologies, Inc. (OTCBB:MRKL), a defense and homeland security company transforming advanced laboratory technology into real-world products, announced today that the U.S. Army has awarded Markland additional new orders for the Company's advanced night vision products and services. The announcement was made by Robert Tarini, Chairman and CEO of Markland.
The $3.2 million in new orders come under a five-year omnibus contract with the Army's Night Vision and Electronic Sensors Directorate (NVESD), one of the U.S. military's most advanced research and development arms. The sales revenues derived from these new orders will be realized over a 12-month performance period. This will bring the total dollars awarded to EOIR Technologies Inc., a wholly-owned subsidiary of Markland, on this NVESD Omnibus contract since July 1, 2004 to approximately $22.6M.
These new orders are for products and services for the development of sensors and data collection platforms. Many of the products and services being delivered on this contract utilize next-generation electro-optic and infrared technologies in direct support of US military combat operations in Iraq and Afghanistan. The ongoing five year omnibus contract may potentially provide a maximum ceiling amount of up to $80M in fiscal year revenues for Markland. The contract has a potential value of approximately $406M over the life of the contract.
The Army's NVESD develops advanced technologies for use in night vision and targeting equipment. The directorate is one of the military's most advanced research and development entities, and is responsible for numerous key innovations in the fields of optical electronics and thermal imaging, used for weapons targeting, electronic surveillance and other mission-critical military applications.
"These new orders further solidify our standing as an important supplier of advanced technology products to the US military and homeland security industry," said Mr. Tarini. "We are extremely gratified that our next-generation technologies can continue to expand their contribution to the protection of our troops and innocent people worldwide. Among other security and defense initiatives we have taken, our subsidiary EOIR Technologies has developed solutions to protect soldiers from threats posed by terrorists using improvised explosive devices and suicide bombing attacks. Our efforts have helped to make the troops safer and have given the Company market opportunities to deliver these unique technology solutions in the dual-use applications that are common in the homeland security marketplace."
Mr. Tarini further stated, "In the past, it has often taken years to develop new technologies for the military, but the defense industry can no longer afford such long development cycles. The pace of development has been quickened, and both military and civilian customers look to smaller, fast-moving innovators such as Markland to turn advanced technology into key new products."
About Markland Technologies
Markland Technologies, Inc. is committed to setting next-generation standards in defense and security through the provision of innovative emerging technologies and expert services. The Company is engaged in the identification of advanced technologies currently under development in laboratories, universities and in private industry, and in the transformation of those technologies into next-generation products. Markland's solutions support military, law enforcement and homeland security personnel to protect the nation's citizens, borders and critical infrastructure assets from the threat of terrorism and other dangers. Through strategic development, Markland focuses on the creation of dual-use technology and products with applications in both the defense market and civilian homeland security and law enforcement fields. The Company is a Board Member of the Homeland Security Industries Association, and is a featured Company on HomelandDefenseStocks.com; additional details can be viewed at www.homelanddefensestocks.com/Companies/MarklandTech. For more information about the Company and its products, please visit the Markland home page at www.marklandtech.com.
Forward-Looking Statements
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some 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 include statements which are predictive in nature, which depend upon or refer to future events or conditions, which 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 also 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: a reduction in order rates from the Army's Night Vision and Electronic Surveillance Directorate, difficulties integrating our acquisition of EOIR, 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 guarantees of future performance and Markland Technologies has no specific intention to update these statements. More detailed information about those factors is contained in Markland Technologies filings with the Securities and Exchange Commission.
Markland Technologies, Inc is a featured Company on HomelandDefenseStocks.com, a service for which Markland compensates the provider.
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