JERUSALEM, Aug. 19, 2005 (PRIMEZONE) -- IBHAS Technologies Inc. (OTCBB:IBHS) ("IBHAS") announced today that it has signed a Letter of Intent ("LOI") with Tracetrack Technology Ltd., an Israeli based research and development company that focuses on developing technologies for homeland security applications. The technology developed by Tracetrack is considered a breakthrough in automatic screening of carry-on luggage at airports and other checkpoints for explosive materials.
The letter of intent provides for the license of certain technology subject to the negotiation and execution of certain conditions, including Tracetrack obtaining the approval of the Office of the Chief Scientist of the Israeli Ministry of Trade and Commerce in connection with its funding received by Tracetrack for the funding of the research and development of the technology.
IBHAS has agreed to pay $100,000 within three business days from the execution of this letter of intent. The license will allow IBHAS to obtain exclusive assignments of all rights and title related to its technology from Tracetrack.
Jacob Eluz, the newly appointed CEO of IBHAS, said, "As a technology based company we instantly understood the potential of Tracetrack's technology and its immediate market potential, as it directly addresses heightened homeland security concerns. This license supports IBHAS' strategy of focusing on innovative hardware and software technologies, and is an important vehicle for our future growth. The license agreement, if executed, will provide IBHAS an opportunity to become a major player in the growing homeland security market."
About Tracetrack
Tracetrack Technology Ltd. is an Israeli Research and Development company that focuses on developing technologies geared to the homeland security market. During the last few years, it has been focusing on one of the major challenges authorities are facing in securing the wellbeing of passengers using mass transportation services (air, sea, trains and subways). This relates to the quick and comprehensive check of carry-on luggage of passengers. Recent events in Madrid and London have presented authorities with the challenge of identifying explosive material in carry-on luggage of passengers in an automatic and comprehensive manner. The technology developed by Tracetrack allows for quick and thorough check of suspected luggage through a process of automatic extraction of traces of suspected material without the need for manual intensive search.
Dr. Fredi Ornat is a veteran of the Ordnance Corps of the Israeli Defense Forces and a former professor of the Technion, Israel's most reputable technical and engineering institute. Dr. Ornath is the holder of 58.45% shares of common stock of IBHAS and the holder of 99.8% shares of common stock of Materials Systems Ltd., which owns Tracetrack Ltd. Dr. Ornath fully disclosed his relationship with Tracetrack to the Board of Directors and Officers of IBHAS.
About IBHAS Technologies Inc.
IBHAS Technologies Inc. was incorporated in Nevada on March 20, 2002. Initially, IBHAS' plan was to develop and market an Internet based computer software program known as IBHAS software. The IBHAS computer software program was intended to automate the process of submission of Internet web page information in multiple languages to major Internet search engines.
Changes in the marketplace forced IBHAS to seek other technologies in order to maintain the company's strategy of becoming a center for innovation and technology based products. IBHAS management believes that the cooperation with Tracetrack is a significant step in the execution of this new direction.
Forward-Looking Statements
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements relating to goals, plans, projections and guidance regarding the Company's financial position, results of operations, market position, product development, pending and potential future acquisitions and business strategy. These statements are based on management's current expectations and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, market factors, contracts or letters of intent to fail, risks related to competition, general economic conditions both nationally and internationally and governmental regulations and legislation. There can be no guarantees that the Company's plans for future operations will be successfully implemented or that they will prove to be commercially successful. These and other risk factors are discussed in the Company's annual report on Form 10-K and in its other filings with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.