Markland Awarded Additional $2.0 Million in New Orders from U.S. Army under Multi-Year Contract
Total of Company's Recent New Orders from US Army under Omnibus Contract Now Totals $45.9 Million
RIDGEFIELD, Conn., Feb 24, 2005 (BUSINESS WIRE) -- Markland Technologies, Inc. (OTCBB: MRKL - News), a defense and homeland security company transforming advanced laboratory technology into real-world products, announced today that the U.S. Army's Night Vision and Electronic Sensors Directorate (NVESD) has awarded the Company new orders for technology products and services totaling $2.0 million. Robert Tarini, Chairman and CEO of Markland, made the announcement.
The Army's NVESD research and development group is one of the U.S. military's most advanced technological leaders. Markland is working on a range of next-generation technology solutions for the NVESD, including night vision and advanced sensor applications, disposable sensors and other threat-detection systems.
The $2.0 million in new orders come under a five-year omnibus contract. The sales revenues derived from these new orders will be realized over a 12-month performance period. This will bring the total dollars awarded to EOIR Technologies Inc., a wholly-owned subsidiary of Markland, on this NVESD Omnibus contract since July 1, 2004, to approximately $45.9 million.
The ongoing five year omnibus contract may provide a maximum ceiling amount of up to $80 million in fiscal year revenues for Markland. The contract has a potential value of approximately $406 million over the life of the contract.
"Our core business is moving along extremely well having achieved approximately $33M in fiscal six month sales revenues," said Mr. Tarini. "We believe that our recent purchase of Genex Technolgies and formation of a public subsidiary has created shareholder value. Genex Technologies expertise in intelligent 3D surveillance and disposable sensor technology is very synergistic and offers significant revenue growth opportunities. We believe that a number of our research and development programs offer great promise in the areas of remote detection of suicide bombers and chemical detection and that our second half of the fiscal year will continue our recent trends in revenue capture."
Many of the products and services being delivered on this contract utilize next-generation electro-optic and infrared sensor technologies that are being used in direct support of U.S. military combat operations in Iraq, Afghanistan and elsewhere. The Army's NVESD has been responsible for numerous key innovations in the fields of optical electronics and thermal imaging for weapons targeting, electronic surveillance and other mission-critical military applications.
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.
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SOURCE: Markland Technologies, Inc.
Markland Technologies http://www.marklandtech.com
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