GIG HARBOR, Wash., March 21, 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 further enhance its existing Management Advisory Board.
"Given our focus in developing new security solutions to protect critical infrastructure in the U.S. and abroad, GDC plans to further enhance the GDC Management Advisory Board in coming weeks," said Paul B. Silverman, GDC CEO. "We are discussing possible Advisory Board appointments with several senior level individuals whom we believe can make a substantive contribution to help GDC meet its ambitious growth objectives," said Silverman.
GDC's prominent Management Advisory Board currently includes Astronaut Buzz Aldrin; Major General Paul Vallely, Deputy Commanding Gen. U.S. Army (Ret.) and Fox News Senior Military analyst; Captain Chuck Nash, (U.S. Navy-ret), Fox News Senior Military Technology analyst; Dr. Claudio Filippone, Ph.D., U of MD Nuclear Engineer, Advanced Energy and Space Systems Lab., among others.
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.
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.