EOIR Technologies Inc Awarded $2.4 Million in New Orders from US Army
Company's Fiscal Year Orders from US Army under Multi Year Omnibus Contract Now Totals $52.9 Million; Omnibus Contract Extended by Government
RIDGEFIELD, Conn., Apr 13, 2005 (BUSINESS WIRE) -- Markland Technologies, Inc. ( MRKL ), 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 $2.4 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 $2.4 million in new orders come under a five-year omnibus contract. 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 $52.9 million.
The company also announced that the Contracting Officer for this US Army NVESD Omnibus contract has stated that EOIR Technologies Inc will be awarded an additional performance year on this contract thus extending the period for Omnibus contract awards out to July 2007. Normal practice would allow for tasks awarded by that date to be executed over the following year, allowing backlog to be accumulated on this contract until midyear 2008. EOIR Technologies Inc has won this contract on three consecutive solicitations over the last twelve years and expects that it will compete for, and as a result of continued excellent performance, believes it will have a very good opportunity to win the 5-year follow-on contract to be awarded sometime in 2008.
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 five year contract. 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.
Robert Tarini, Markland Chairman and CEO stated, "We are extremely pleased to have been informed by the government of their decision to exercise the one year contract extension for performance. This means that the company will be able to rely on our excellent relationship with the US Army for a period which is at least 3 more years in duration. At that time we are extremely confident of our ability to re-compete for this contract and win it for a fourth consecutive time."
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.
Markland Technologies http://www.marklandtech.com
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Copyright Business Wire 2005