Markland Subsidiary EOIR Technologies Inc Awarded Omnibus Contract Extension; Total Remaining Potential Contract Value Exceeds $250M over a Three Year Period.RIDGEFIELD, Conn. -- Markland Technologies, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : MRKL), a defense and homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States company transforming advanced laboratory technology into real-world products, announced today that the Contracting Officer A US military officer or civilian employee who has a valid appointment as a contracting officer under the provisions of the Federal Acquisition Regulation. The individual has the authority to enter into and administer contracts and determinations as well as findings about such contracts. for its U.S. Army Night Vision and Electronic Sensors Directorate (NVESD NVESD Night Vision and Electronic Sensors Director/Directorate (US Army) ) Omnibus omnibus: see bus. contract has stated that EOIR EOIR Executive Office of Immigration Review EOIR Electro-Optic Infrared EOIR Enhanced Online Insertion and Removal Technologies Inc will be awarded an additional performance year on this contract thus extending the period for 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 ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. on this contract until midyear mid·year n. 1. The middle of the calendar or academic year. 2. a. An examination given in the middle of a school year. b. midyears A series of such examinations. 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 contract has a potential value of approximately $406 million over the life of the contract. With approximately $150M funded to date there is a total remaining potential contract value which exceeds $250M over the three year period extending to mid year 2008. Although there is no guarantee of capturing that complete level of funding the company has traditionally captured a very high percentage of available contract funding over the previous twelve year history of this contract. 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. Many of the products and services being delivered on this contract utilize next-generation electro-optic and infrared An invisible band of radiation at the lower end of the visible light spectrum. With wavelengths from 750 nm to 1 mm, infrared starts at the end of the microwave spectrum and ends at the beginning of visible light. 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 Dual-use is a term often used in politics and diplomacy to refer to technology which can be used for both peaceful and military aims. It usually refers to the proliferation of nuclear weapons, but that of bioweapons is a growing concern. 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. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of Markland Technologies officials during presentations about Markland Technologies, are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. ), ongoing business strategies or prospects, and possible future actions, which may be provided by management, are also forward-looking statements as defined by the Act. Some of the factors that could significantly impact the forward-looking statements in this press release include, but are not limited to: a reduction in order rates from the Army's Night Vision and Electronic Surveillance Directorate, difficulties integrating our acquisition of EOIR, insufficient cash flow to continue to fund the development and marketing of the Company's products and technology; a rejection of the Company's products and technologies by the marketplace, and; disputes as to the Company's intellectual property rights. Forward-looking statements are based upon current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about Markland Technologies, its products, economic and market factors and the industries in which Markland Technologies does business, among other things. These statements are not guarantees of future performance and Markland Technologies has no specific intention to update these statements. More detailed information about those factors is contained in Markland Technologies filings with the Securities and Exchange Commission. 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/ Default.asp (Due to its length, this URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.) |
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