LAS VEGAS, Feb. 3, 2005 (PRIMEZONE) -- The Stanley Allen Group previously announced on February 1, 2005 that it had acquired Global Aerial Surveillance. The term 'acquisition' was used incorrectly and management wishes to clarify that The Stanley Allen Group simply effected a name change to Global Aerial Surveillance, a name that more accurately reflects the new business direction of the company. Management apologizes for any confusion this may have caused.
The company is also pleased to announce that it has appointed Craig Cervantes President and CEO. Cervantes brings an in depth knowledge of aircraft systems and maintenance to the company.
"I am extremely pleased to have this opportunity presented to me," stated Cervantes. "I believe we are at a crucial juncture where technology's role in helping to protect our nation's security, both at home and abroad, will be expanded greatly. Global has a tremendous opportunity to participate in programs created by military and civilian organizations eager to assist in the development of UAV's and supporting platforms."
Cervantes' experience includes serving in the United States Air Force where he worked on F-15 fighter aircraft and aircraft avionics systems. Cervantes received his FAA airframe and power plant license after leaving the military and worked in the civilian aviation markets repairing a variety of different aircraft and helicopters. While working, he pursued his bachelor degree in professional aeronautics from Embry-Riddle Aeronautical University.
About Global Aerial Surveillance
Global Aerial Surveillance intends to capitalize on what the company sees as an opportunity in the civilian and military markets to provide Unmanned Aerial Vehicles (UAV's) for a myriad of potential applications. Although the applications for UAV's are numerous, Global intends to concentrate its development and marketing efforts in small, underserved niches where it can compete aggressively with pricing and service exceeding the competition.
Global will take a new approach to the development of UAV technology by making use of advanced composite construction techniques and materials and incorporating the latest in ultra light high speed computer processors to deliver a flexible, mission-specific UAV to its customers that can perform various complex missions.
A recent study of the worldwide UAV market concluded that U.S. spending on UAV's amounted to about 73% of worldwide research and production spending in 2003. The U.S. has dominated this market in recent years, due in part, to the depth of research and wide range of production programs.
Frost & Sullivan, a research group in San Antonio, Texas forecasts that the market for UAV's will be worth nearly $5 billion by 2005. Michael Heinz, who heads Boeing's Unmanned Systems unit and other executives at military contractors see an annual market of at least $10 billion by decade's end, with growth continuing at double-digit rates for a decade or more.
The statements made in this press release, which are not historical facts, contain forward-looking statements concerning potential developments affecting the business, prospects, financial conditions and other aspects of the company to which this release pertains. The actual results of the specific items described in the release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.