Markland Announces Acquisition of Homeland Security Company Genex Technologies Inc; Supplier of Advanced Surveillance and Security Solutions
2/14/2005 4:38:00 PM
Markland Completes Acquisition of Genex Through New Majority Owned Public Subsidiary Technest Holdings Inc.
RIDGEFIELD, Conn., Feb 14, 2005 (BUSINESS WIRE) -- Markland Technologies, Inc. (OTC BB:MRKL.OB - News), an integrated homeland security company, ( http://www.marklandtech.com)
announced today that it has completed a multi part transaction which includes the purchase of majority ownership of Technest Holdings Inc (OTC BB:THNS.OB - News), a company that prior to this acquisition had no operations but was traded on the OTC bulletin board and the subsequent purchase by Technest Holdings Inc of all of the stock of Maryland based Genex Technologies, Inc. (Genex) ( http://www.genextech.com)
for $3M in cash and $7M in Markland Technologies stock.
Genex is a supplier of advanced imaging, surveillance and security sensor technologies. The transaction is in keeping with Markland's recently announced strategic initiatives. The company believes that the acquisition of Genex will provide important advanced strategic capabilities in a range of technologies, including video surveillance, biometrics, disposable sensors as well as basic research and development expertise.
Genex revenues derive principally from 20 ongoing contracts to supply imaging and surveillance sensor technology to a wide array of government customers. Genex has 32 employees located in their Maryland facilities and had revenues for the fiscal year ended December 31, 2004 of approximately $5.5M. Markland believes Genex , which has a patent portfolio of over 20 issued and pending US patents for video and imaging technologies is well positioned to capture additional sales in the United States within the Department of Homeland Security and the Department of Defense.
Founded in 1995, Genex has an established history in video surveillance sensor science. Its Surveillance Group provides innovative sensor and algorithm solutions that are small, tactical, low power and low cost solutions. Its surveillance technologies combine powerful algorithms, such as object tracking and image enhancement, with revolutionary wide-area, 360-degree sensors. These solutions operate in visible, near-infrared, infrared, and acoustic wavelengths. Within its biometrics technologies the 3D Facial Recognition Group develops tools for enhancing facial recognition. By leveraging the power of 3D, Genex enables existing recognition systems to perform reliably while advancing progress towards total 3D systems. The company's tools allow for seamless integration of capabilities, such as 2D-to-3D face conversion and compensation for pose, lighting, expression, aging, and weight. Management believes that Genex expertise has particular impact within the DOD and Homeland Security market place.
Markland Chairman and CEO Robert Tarini stated, ``We are pleased about this acquisition. It will enhance our research capabilities as we add another highly capable group of Genex scientists to our own research and development team. We also gain very desirable products, technologies and intellectual property in the areas of video surveillance and facial biometrics. The addition of Genex will continue to expand our operations and our visibility within the Homeland Security arena. It fits well into our Homeland Security business plan and creates another established revenue stream for the company."
Additional details as they pertain to these transactions will be available in the company's filings on Form 8K with the SEC. We expect to file audited financial information for Genex and pro forma financial information for Markland and Genex on a combined basis in accordance with SEC requirements. Additional details concerning acquisition of Genex, the terms of employment issued to key employees and the financing will be available in the company's filings on Form 8K with the SEC.
About Markland Technologies
Markland Technologies, Inc. is committed to setting next-generation standards in defense and security through the provision of innovative emerging technologies and expert services. The Company is engaged in the identification of advanced technologies currently under development in laboratories, universities and in private industry, and in the transformation of those technologies into next-generation products. Markland's solutions support military, law enforcement and homeland security personnel to protect the nation's citizens, borders and critical infrastructure assets from the threat of terrorism and other dangers. Through strategic development, Markland focuses on the creation of dual-use technology and products with applications in both the defense market and civilian homeland security and law enforcement fields. The Company is a Board Member of the Homeland Security Industries Association, and is a featured Company on HomelandDefenseStocks.com; additional details can be viewed at http://www.homelanddefensestocks.com/Companies/MarklandTech
. For more information about the Company and its products, please visit the Markland home page at http://www.marklandtech.com
Markland Technologies, Inc is a featured Company on http://www.HomelandDefenseStocks.com,
a service for which Markland compensates the provider.
For full details, click here: http://www.Homelanddefensestocks.com/Companies/MarklandTech/
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SOURCE: Markland Technologies, Inc.
ECON Corporate Services
Dawn Van Zant, 866-730-1151
Markland Technologies http://www.marklandtech.com
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