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Wednesday, August 23, 2006 8:35:34 PM
http://biz.yahoo.com/iw/060405/0121470.html
Homeland Integrated Security Systems Board Approves Taking Shares in Lieu of Salary
ASHEVILLE, NC--(MARKET WIRE)--Apr 5, 2006 -- Homeland Integrated Security Systems, Inc. (Other OTC:HISC.PK - News) announced today that the Board of Directors has authorized four officers of the company to be paid their normal compensation in restricted shares of the company, in lieu of cash. This will allow the company to free up approximately $400,000 cash through the end of the year.
"The Company, along with the officers involved, decided that as new orders come in for their Cyber Trackers, there will be greater demands for cash to process and produce these orders," stated Frank A. Moody, II, CEO of Homeland Integrated Security Systems, Inc. "To help preserve cash for operations, the individual officers have unanimously agreed that from now to the end of December 2006, they will receive company shares issued monthly, equivalent to the cash value of their normal compensation."
Homeland Integrated Security Systems owns proprietary technology and has the rights to use patents to some of the most innovative and sophisticated security products. One of the key target markets is the 361 commercial seaports in the U.S. which are vulnerable to criminal penetration. For more information go to http://www.hissusa.com
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. Homeland Integrated Security Systems, Inc. is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
About Homeland Integrated Security Systems:
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