Followers | 542 |
Posts | 10163 |
Boards Moderated | 0 |
Alias Born | 09/06/2006 |
Friday, September 11, 2009 8:12:03 AM
NEW YORK, NY--(Marketwire - 09/11/09) - Evermedia Group, Inc. (Pinksheets:EVRM - News) is pleased to announce that it has completed an agreement to acquire a majority interest in the San Antonio, TX based defense contractor, System Technology Solutions, Inc. (STS). Currently, the Evermedia Group owns 80% of STS through its parent company and will now control two operating subsidiaries. The deal was financed primarily with common stock, requiring Evermedia to increase its authorized shares to finance the purchase. The companies will consolidate certain aspects of their businesses such as contract management, administrative functions and financial reporting while operations and division management will remain independent. Richard Weitzel will be named the new Chief Executive Officer of STS Evermedia Corporation, the parent of STS, and will also be a director at the Evermedia Group. The "change of command" will take place on or about 1 OCT 2009.
Regarding the acquisition, CEO of Evermedia Jonathan Sym stated: "This increased ownership of STS is a milestone event for us. This is the most significant event in our company's young history as it will allow us to participate in the revenues of a terrific company. With STS as a subsidiary and some recent agreements we have yet to announce, we look forward to posting strong third quarter financials. Furthermore, we structured this acquisition so Evermedia will now become a Service Disabled Veteran Owned Small Business. This will create tremendous contracting and financial opportunities for us going forward."
In order for a company to be designated a service disabled company, a minimum of 51% of the outstanding shares must be directly owned by veterans with a service related disability.Given this mandate, Evermedia increased its authorized to meet this requirement as well as to allow enough shares for future, targeted acquisitions. Accordingly, Evermedia believes that they are the only iris biometric and defense contracting company to have this designation.
Weitzel commented, "This is a very exciting time for us all. We have been winning some terrific contracts as well as forming teaming agreements with some of the best and largest defense contractors in the world.
Now having exclusive access to biometric technologies through Evermedia, we have a distinct advantage over our competitors as demand for biometric security applications continue to grow within the DoD. This partnership with Evermedia is outstanding and we look forward to growing this family of companies together."
About Evermedia
Based in New York, NY Evermedia develops biometric-based identification management and authentication solutions using proprietary, patent-protected iris recognition technology. Evermedia is involved in the development of biometric-based authentication and verification systems to protect personal identity. The company's proprietary technology is patented in the United States, China and South Korea. The Evermedia Group is also the largest shareholder in STS Evermedia, the parent of System Technology Solutions, Inc.
About System Technology Solutions
Based in San Antonio, TX, STS is a defense contractor providing engineering, logistics, IT and security services to government and large commercial enterprises. STS also provides technical design, program management and security services globally.
If my mind can conceive it, and my heart can believe it, I know I can achieve it.
Endexx Corporation (EDXC) Leverages Global Market Trends and Legislative Reforms to Spearhead Growth in the Cannabis and Plant-Based Wellness Sectors • EDXC • Mar 27, 2024 3:01 PM
Applied UV, Inc. Announces Pricing of $2.76 Million Registered Direct and Private Placement Priced at the Market Under Nasdaq Rules • AUVI • Mar 27, 2024 2:51 PM
POET and MultiLane Collaborate to Develop High-Speed Pluggable Transceivers for AI Networks • POET • Mar 27, 2024 10:52 AM
Maybacks Global Entertainment Opens 23 More Stations in Important Major Cities • AHRO • Mar 27, 2024 9:00 AM
NxGen Brands Inc. Forecast to Deliver 140% Growth in Q1 2024 • NXGB • Mar 27, 2024 7:30 AM
Kona Gold Beverages, Inc. Strategic Advancements: Covert LLC Introduces Federally Legal D9 Gummies and Revamps Innovative eCommerce Platform, Propelling Toward $12 Million Annual Revenue Goal • KGKG • Mar 26, 2024 8:30 AM