RIDGEFIELD, Conn., Jan. 11, 2005 (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's Night Vision and Electronic Sensors Directorate (NVESD) has awarded the Company new orders for technology products and services totaling $2.6 million. Robert Tarini, Chairman and CEO of Markland, made the announcement.
The Army's NVESD research and development group is one of the U.S. military's most advanced technological leaders. Markland is working on a range of next-generation technology solutions for the NVESD, including night vision and advanced sensor applications, and other threat-detection systems.
The $2.6 million in new orders come under a five-year omnibus contract. 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 $27.7 million.
The ongoing five-year omnibus contract may potentially provide a maximum ceiling amount of up to $80 million in fiscal year revenues for Markland. The contract has a potential value of approximately $406 million over the life of the contract.
Markland recent announcements of orders for products and services under the omnibus contract include an innovative "stand-off" threat-detection system designed to help military and security personnel identify potential suicide bombers and other armed attackers from safe distances.
"EOIR Technologies strong performance under the NVESD contract demonstrates the success of Markland's business strategy for organic growth," said Mr. Tarini. "Since Markland's acquisition of EOIR was completed in June of 2004, this business segment has been growing at an annualized rate of over 50 percent. We believe EOIR will continue to contribute powerfully to the Company's financial results and to shareholder value."
The newly announced NVESD orders reaffirm the position of Markland's EOIR subsidiary as a leader in the development of cutting-edge technology for military and homeland security applications. Under the contract orders, EOIR will deliver next-generation products and services that have made key contributions to the creation of advanced military night vision sensors and data collection platforms. Many of the products and services being delivered on this contract utilize next-generation electro-optic and infrared technologies that are being used in direct support of U.S. military combat operations in Iraq, Afghanistan and elsewhere. Night vision technology is one of the most important advantages held by U.S. troops over other combatants, according to military observers. The Army's NVESD has been responsible for numerous key innovations in the fields of optical electronics and thermal imaging for weapons targeting, electronic surveillance and other mission-critical military applications.
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:
http://www.homelanddefensestocks.com/Companies/MarklandTech.
For more information about the Company and its products, please visit the Markland home page at http://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 http://www.HomelandDefenseStocks.com, a service for which Markland compensates the provider.
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http://www.homelanddefensestocks.com/Companies/MarklandTech/NewsReleases.asp
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