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Manakoa Services Corporation Completes Stock Exchange Transaction and Amends Articles of Incorporation



KENNEWICK, Wash., Mar 16, 2004 (BUSINESS WIRE) -- Electronic Identification Inc., (Pink Sheets: EIDT) has completed a stock exchange transaction with Manakoa Services Corporation. The parties finalized the acquisition on March 10, 2004, and last week announced the name of the company was changed to Manakoa Services Corporation (Manakoa). In order to complete the transaction, Electronic Identification, Inc. (EIDT) needed to amend its Articles of Incorporation to provide for sufficient authorized stock to acquire Manakoa Services Corporation. As disclosed in the Form 8-K filed on December 18, 2003, Apogee Biometrics, Inc. (ABI), then majority shareholder of EIDT (along with holders of an additional 301,392 shares of EIDT common stock, for total vote of 5,137,892, representing 61% of EIDT's total outstanding common stock), by written consent as allowed under the Articles of Incorporation of EIDT and in accord with Nevada Law, voted to amend the Articles of Incorporation to increase the authorized capital of EIDT from 8,750,000 to 200,000,000 shares of common stock and from 5,000,000 to 25,000,000 shares of preferred stock.

In accord with the terms of the Agreement, EIDT issued a total of 19,300,000 common shares for all of the outstanding Manakoa common stock, which equals approximately 69.7 percent of all outstanding EIDT stock.

As a result of the transaction, two individuals and one corporation now each own approximately 22.4 percent of EIDT's outstanding common stock (for a total of 66.12%). These shareholders are: James C. Katzaroff, who serves as Chairman and CEO of Apogee Biometrics, Inc., which holds approximately 15% of EIDT's outstanding common stock; G. Robert Williams, founder of Secure Logistix (predecessor to Manakoa Services Corporation), and the Founders Group, Inc., located in Bellevue, WA.

A description of the business of Manakoa Services Corporation is contained in the Form 8-K that was filed on December 18, 2003. EIDT also filed a Form 8-K on March 15, 2004 for the completion of the transaction and the changes in the Articles of Incorporation.

Name Change

In recognition of the acquisition of Manakoa Services Corporation, EIDT's Articles of Incorporation also were amended to change EIDT's name to Manakoa Services Corporation.

Approval of Stock Option Plan

At the same time as the name change, the shareholders also approved by written consent a stock option plan for EIDT (now Manakoa), known as the 2004 Combined Incentive and Non-Qualified Stock Option Plan that authorizes the granting of options for up to 3,000,000 shares of common stock. As of the date of the Form 8-K, no options have been granted under this plan.

About Manakoa

Manakoa (www.Manakoa.com) is an independent software vendor and professional consulting services company addressing the multi-billion dollar IT security, IT compliance, and regulatory compliance marketplace for enterprise customers. Manakoa's security and compliance solutions suite offers advanced automation software and pre-configured scalable platforms designed to control business and IT policies, implement and enforce mandated compliance initiatives, and provide dynamic views for monitoring and administration based on the role and permissions of user and department. This groundbreaking software platform transforms high cost security and compliance consulting engagements into automated, consistent, and cost-effective technology. Manakoa's software platform can greatly reduce consulting hours and time-to-compliance through sustainable, repeatable technology.

Manakoa's flagship product, Compliance WorkCenter (TM), is being previewed by Fortune 500 companies due to its unique approach of providing a pre-configured platform, with templates, department by department, for analyzing compliance with United States regulations such as the Gramm Leach Bliley Act, Sarbanes Oxley, the USA Patriot Act, and HIPPA. Manakoa's full product suite, which will include Compliance Enforcer(TM) by Manakoa and Compliance Monitor(TM) by Manakoa, will provide a scalable, cost-effective total compliance solution, which can be easily utilized in concert with a company's existing IT. The product suite is unique in its comprehensive approach to the full scope of compliance and risk management assessment, remediation, policy enforcement, and monitoring.

Enterprise customers wishing to learn more, preview upcoming product releases or engage Manakoa for compliance and security audits and scope enforcement needs should contact Ed Nichols, VP Business Development, in our Boulder, Colorado office, phone [phone] and by email at [e-mail].

SAFE HARBOR STATEMENT

Under the Private Securities Litigation Reform Act-with the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risk and uncertainties that may individually or mutually impact the matters herein described, including, but not limited to, product acceptance, economic, competitive, governmental, results of litigation, technological and/or other factors which are outside the control of the Company. Actual results and developments may differ materially from those contemplated by these statements depending on such factors as changes in general economic conditions and financial or equity markets, technological changes, and other business risk factors. The Company does not assume, and expressly disclaims, any obligation to update these forward-looking statements.

SOURCE: Manakoa Services Corporation



CONTACT: Manakoa Services Corporation
James C. Katzaroff, 509/736-7002
or
(Investors)
The Investor Relations Group
Lisa Lindberg/Tom Caden
212/825-3210

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