Homeland Integrated Security Systems, Inc. Reports 50 Million Share Buy Back and Retirement
via COMTEX
June 7, 2005
ASHEVILLE, N.C., Jun 07, 2005 (BUSINESS WIRE) --
Homeland Integrated Security Systems, Inc. (Pink Sheets: HISC) announced today that the company has concluded negotiations to buy back 50 million free trading shares in exchange for Preferred Restricted stock.
The Homeland Integrated Security Systems, Inc. Board of Directors has agreed to retire the 50 million shares upon receipt, which will reduce the outstanding and float totals significantly. The 50 million share buy back is in addition to the 10 million share buy back that the Board purchased directly from the market. That initial buy back was based upon the various events that have already unfolded, and what the Board believes will be happening in the near future. The Board elected to make this announcement because, as of this date, the company is not yet fully reporting, despite retaining GreenTree Financial Group to make applications to the Nasdaq Bulletin Board or AMEX.
Homeland Integrated Security Systems is in the process of completing its audits which is required by the NASD in order to become fully reporting. Upon completion of these audits, the company will be making its application to the Nasdaq Bulletin Board.
Homeland Integrated Security Systems recently released its year end un-audited financials for period ending December 31, 2004. Homeland Integrated Security Systems reported a Net Profit of over $550,000 for the year end. Sales for the year ended December 31, 2004 were $2,061,856 with Gross Profit for year ended December 31, 2004 of $1,585,051. Expenses for the year were less than $1,000,000 and the company reported a Net Operating Profit of $585,666.
About Homeland Integrated Security Systems:
Homeland Integrated Security Systems owns proprietary technology and has the rights to use patents to some of the most innovative and sophisticated security products. One of the key target markets is the 361 commercial seaports in the US which are vulnerable to criminal penetration. The company is now accepting pre orders for the Cyber Tracker at www.hissusa.com.
For more information please visit our website www.hissusa.com or contact Matt Maguire 1-866 THE APPL(E)
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. Homeland Integrated Security Systems, Inc. is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results
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