GIG HARBOR, Wash., March 10, 2005 (PRIMEZONE) -- Nannaco, Inc. (OTCBB:NNNC), which announced on March 8th that its merger partner, Global Defense Corporation ("GDC"), received a $10.6 million funding commitment including a Standby Equity Distribution Agreement from Cornell Capital, announced today GDC's plans to use the proceeds for acquisition of relevant technology interests in the Homeland Security industry.
GDC expects to complete negotiations for the acquisition of a United Kingdom-based company within the next several days. This particular acquisition target produces fraud prevention, anti-counterfeiting and secure identification systems, providing the company producing an estimated $11.2 million in revenues during FY 2004 and a projected $18 million for FY 2005, providing promising growth potential for the merged Company. In the even that GDC and the U.K.-based target are unable to meet the final contingencies of the proposed acquisition, GDC remains focused on several additional acquisition targets.
GDC is in the business of providing added value to existing companies with products and services relating to the Homeland Security industry including such technologies as remote sensing technology, security assessment and simulation software and emerging surveillance technology, among others, in this rapidly expanding and evolving industry. GDC provides technology producers with strong and proven management, a highly accomplished advisory board, and the ability to support new technology and business developments through new financing. GDC remains aggressive in its continuing pursuit of acquisition targets consistent with its business objective of developing a large-scale global security technology firm that adds value through emphasis on the synergies derived from strategic juxtaposition and integration of the diverse Homeland Security related technologies.
Steve Careaga, CEO of Nannaco, said, "We continue to be impressed with GDC's effective implementation of its business goals within the Homeland Security industry."
More information about Nannaco, Inc. can be found at www.sec.gov and on Global Defense Corp. on its website at www.globaldefensecorp.com.
This press release may contain "forward-looking statements." In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which we base our predictions and/or forward-looking statements could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: (1) our limited operating history; (2) our ability to pay down existing debt; (3) our ability to retain the professional advisors necessary to guide us through our corporate restructuring; (4) the risks inherent in the investigation, involvement and acquisition of a new business opportunity; (5) unforeseen costs and expenses; (6) potential litigation with our shareholders and/or former or current investors; (7) the Company's ability to comply with federal, state and local government regulations; and (8) other factors over which we have little or no control.
For further information on Nannaco, please contact Steve Careaga at 253-853-3632, or send correspondence to 7235 North Creek loop, Gig Harbor, WA 98335. For further information on Global Defense Corporation, visit the GDC web site at www.globaldefensecorp.com or call 202- 434-6187.