Homeland Integrated Security Systems Signs Letter of Intent to Acquire ActSoft
By Market Wire
Last Update: 10/18/2005 8:20:33 AM Data provided by
ASHEVILLE, NC, Oct 18, 2005 (MARKET WIRE via COMTEX) -- Homeland Integrated Security Systems, Inc. (HISC) and ActSoft are pleased to announce that they have signed a mutual Letter of Intent for Homeland Integrated Security Systems to acquire 100% of ActSoft Inc. for $15 million cash or other consideration secured by common stock based upon $.50 a share registered in the SB-2 for the application and up list to the NASDAQ Bulletin Board.
ActSoft, a Tampa-based GPS software company, is profitable with more than $6,000,000 in sales in 2005 and $2,200,000 Net Profit. ActSoft is projecting its 2006 totals to exceed $12,000,000 in sales with more than $5,000,000 to its bottom line.
ActSoft is currently providing both web-based and client-based GPS software applications for Homeland Integrated Security Systems' patent pending Cyber Tracker. Homeland Integrated Security management expects sales to exceed $125 million over the next three years. Homeland Integrated Security will be providing the first 'Push-To-Talk,' tamper-proof unit available on a mass-distribution basis at an affordable cost.
This Letter Of Intent will be disclosed in Homeland Integrated Security's application to the NASDAQ Bulletin Board. Homeland Integrated Security Systems, Inc. previously announced that it has completed its audits and will now submit its application to the NASD for the up list to the Bulletin Board. Homeland Integrated Security Systems completed its audits for 2003 and 2004 while posting a Net Profit for the second consecutive quarter.
Homeland Integrated Security Systems audited financial statements will be included in the SB-2 filing and application to the NASDAQ Bulletin Board. Homeland Integrated Security's sales for period ending September 30, 2005 were $880,670. The Company posted a Gross Profit of $559,269 and a Net Income of $19,415. The Third Quarter sales do not include the back log of orders received from Pro Sec for the Cyber Tracker and Quantum Sniffer. This back log constitutes more than $8,000,000 in sales.
"This acquisition is tremendous for all parties. ActSoft has a fabulous infrastructure which complements our team. We are confident that our new partners will help improve our bottom line and bring results to our shareholders" stated Frank Moody, Homeland Integrated Systems Inc. CEO.
About ActSoft, Inc.
ActSoft, Inc., of Tampa, FL, is a developer of transportation management and wireless GPS tracking software. ActSoft's products include Comet Tracker, a mobile management solution that tracks time, tasks, and workers using GPS-enabled cell phones. ActSoft is also the developer of Comet, the leading Microsoft Windows(R) based transportation management software. ActSoft provides enterprise solutions to thousands of companies throughout the United States, Canada, Australia, South Africa and the United Kingdom. Information on all ActSoft, Inc. products can be found at www.actsoft.com. For more information about Comet Tracker, contact ActSoft at 888-732-6638 or visit www.comettracker.com.
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. For more information go to 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.
SOURCE: Homeland Integrated Security Systems Inc.
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