Press Release Source: IDS Worldwide, Inc.
IDS Executives Travel to Dubai to Finalize Buyout Agreement
Monday August 7, 12:00 pm ET
IDS/STS Joint Venture Receives $4,000,000 Contract Award
ORLANDO, FL--(MARKET WIRE)--Aug 7, 2006 -- IDS Worldwide, Inc. (Other OTC:IDWD.PK - News) will release a pre-market update regarding various activities such as the dividend and acquisitions pre-market tomorrow. IDS executives will fly to Dubai tomorrow morning to further finalize certain aspects of the transaction. IDS has given preliminary approval to the share buyout and now will go to Dubai for finalizing escrow and examining financing arrangements to conclude the deal.
ADVERTISEMENT
The IDS/STS Joint Venture has won its first military contract. IDS and STS previously entered into a Joint Venture (JV) Agreement whereby STS provides support to Federal Agencies, worldwide. The JV envisions STS providing Information Technology (IT), and other services to Government agencies, including the IDS/HLS "Biometric Flash Drive and ID Card" technology, which is recognized as the best Biometric technology available to provide IT security to Government users.
Using the IDS/HLS Flash Drive not only requires a "live, beating finger," but also is the only device (which uses any USB port) that encrypts (384-bit) any and all data files on the laptop, PC, or whatever security is required, to protect critical Government computer and data assets.
STS is actively engaged in marketing the Flash Drive to Government Agencies. STS is also marketing IT Services to Government Agencies, and has recently been awarded the following contract: STS, Inc. has been awarded a 3-year contract to provide Automated Tank Gauging (ATG) installation and maintenance support throughout the Continental United States (CONUS) and selected sites off shore.
According to Richard Weitzel, STS President, "STS was awarded this contract, which is in excess of $4,000,000 over the 3-year life of the contract, because of the outstanding work STS performed on a previous ATG contract in the CONUS, and also due to the outstanding work STS performed on a similar ATG contract which was a 5-year contract for work performed throughout the Pacific Theater of operations." The new contract, and the former contracts, are in support of the Department of Defense, with work being performed at Air Force, Army, Navy, and Marine Corps sites.
STS work under the new contract will commence immediately, with a minimum period of "ramping up" to perform this valuable contract. IDS, HLS and STS are excited about the tremendous synergies being developed among the companies and the immediate revenue growth that the Joint Venture will provide to all our shareholders and investors. This contract is the first in a series of military base contracts to be performed under the IDS/STS joint venture.
The joint venture partners began meetings today in Washington with various government agencies which have requested the HLS Biometric Encryption Flash Drive to be implemented to improve their data security procedures. Increasingly, government agencies have become aware of the immediate need for system wide implementation of biometric encryption USB flash drives with the Homeland Security Department ordering 150,000 biometric flash drives this past week.
Forward-Looking Statements
AI
