NEW YORK, NY, Sep 11, 2009 (MARKETWIRE via COMTEX) -- Evermedia Group, Inc.
(PINKSHEETS: EVRM) 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.
Safe Harbor Statement
Certain Statements in this press release constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the company to be materially different from any future results, performances or
achievements express or implied by such forward-looking statements. The
forward-looking statements are subject to risks and uncertainties including,
without limitation, changes in levels of competition, possible loss of
customers, and the company's ability to attract and retain key personnel.
CONTACT:
The Evermedia Group, Inc.
