US Army Exercises Option For Second Year Of Contract For HiEnergy's Landmine Detector.Business Editors/High-Tech Writers IRVINE, Calif.--(BUSINESS WIRE)--Jan. 15, 2004 HiEnergy Technologies, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : HIET) announced today that the Company has received confirmation that the Army intends to exercise its option for the second year of HiEnergy's existing SBIR SBIR Small Business Innovation Research (program/grant) SBIR Space Based Infra-Red SBIR Speaker-Boundary Interference SBIR Site Backsurface-referenced Ideal Plane/Range (silicon wafers) Phase II contract. The contract with the US Army is for the development of the world's first Stoichiometer(TM) landmine detector, which uses groundbreaking technology to decipher chemical formulas of buried mines. The option is valued at $364,955, the funding of which will be available next week. This high-tech detector contains a portable generator of 'directed neutrons' and remotely determines the chemical formula and location of concealed or buried objects through steel or soil in a brief amount of time. "We are pleased to have the US Army's continued support and confidence to develop such an innovative system that will prevent human intervention for the inspection of something as dangerous and volatile as a landmine," notes Bogdan C. Maglich, HiEnergy's Chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and Chief Scientific Officer. HiEnergy Technologies, Inc. has developed the world's first and only Stoichiometer(TM) explosive detection Explosive detection is a non-destructive inspection process to determine whether a container contains explosive material. Explosive detection is commonly used at airports, ports and for border control. technology that remotely deciphers the chemical formulas of concealed substances thorough steel, including explosives, biological weapons, and illegal drugs through barriers quickly and efficiently. 'Stoichiometer' means a detector that deciphers the chemical formula of unknown substances. There are two models of the Stoichiometer, the MiniSenzor and the SuperSenzor. About HiEnergy Technologies, Inc. HiEnergy's Stoichiometry stoichiometry Determination of the proportions (by weight or number of molecules) in which elements or compounds react with one another. The rules for determining stoichiometric relationships are based on the laws of conservation (see technology has applications in several markets, including airport security screening, bio-weapons detection, landmine detection, contraband contraband, in international law, goods necessary or useful in the prosecution of war that a belligerent may lawfully seize from a neutral who is attempting to deliver them to the enemy. detection, and chemical and petrochemical industry applications. It has been developed through several years of research funded by both the private sector and the contracts from the Department of Defense and U.S. Customs. Currently, HiEnergy has a contract to develop a Stoichiometer for anti-tank landmine detection for the U.S. Army. The first field test is scheduled for March 15. RISK FACTORS The risk factors have been set forth in the Registration Statement on Form SB-2 filed with the Securities and Exchange Commission on December 23, 2003. 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. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement" under 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: Any statements set forth in the news release that are not entirely historical and factual in nature are forward-looking statements. For instance, all statements of belief and expectations are forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Please refer to the risks above and to additional risks set forth in each of our filings with the Securities and Exchange Commission of Forms 10-KSB, 10-QSB and 8-K. |
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