Markland Technologies, Inc. (OTCBB: MRKL), a defense and homeland security company transforming advanced laboratory technology into real-world products, announced today that its subsidiary EOIR Technologies, Inc. has been awarded two new contracts. The contracts have a combined potential value of $36M. The first is a contract awarded by the Naval Surface Warfare Center Dahlgren Division (NSWCDD) to provide system design, engineering support and systems integration for a new land-based vehicle to be used by the US Marines with a potential value of $11M. The second is a contract awarded by the US Army Night Vision and Electronics Sensor Directorate (NVESD) for prototype surveillance and force protection technology with a potential value of $25M.
Markland has also announced that it has under taken important steps to fully integrate its majority owned Technest Holdings Inc (OTCBB: THNS) subsidiary into the day to day operations of Markland. Technest's Genex Technologies subsidiary has been selected as a major subcontractor by EOIR Technologies Inc to supply proprietary optical surveillance technology to be utilized on a number of large scale US Army contracts recently awarded to Markland.
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 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), 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.