Intellectual Property License Provides Significant Future Sales Opportunities
RIDGEFIELD, Conn.--(BUSINESS WIRE)--Dec. 16, 2003-- Markland Technologies (OTCBB: MRKL - News) is pleased to announce an agreement with The Secretary of the Navy for a non-exclusive, comprehensive chemical detection technology license that allows its Science and Technology Research (STR) subsidiary to utilize US Patent #6,459,079 for future product designs and enhancements. The agreement defines a formal working relationship between Markland and the US Navy to market and sell the chemical detector products that may result from the use of this technology. The license is an important milestone for the both the US Navy and STR because both entities are now able to recoup, and profit, from their investment in chemical detector technology development efforts to keep our country safer.
"I discussed during the Hearing before the Subcommittee on National Security the need to develop a system where the Government would make a return on their investment into technologies that are making our country safer", said Ken Ducey, Jr., President of Markland Technologies. "This model shows that all sides can win, first, businesses are created and expanded through government programs, second, the developed technology makes our country safer, and third, the additional sales opportunities will create a revenue stream for the US Navy as well as private industry."
Markland will aggressively pursue additional sales of the chemical detector products through Foreign Military Sales, other government agencies, local municipalities, cities, and commercial sales.
Markland will pay royalties to the US Navy of 4% of gross revenues for any sale that results from the use of the licensed intellectual property to any non-US agency, or for non-US Government end use. Markland will have the right to sell products that result from the use of the licensed intellectual property to US agencies free of any royalties. The term of the agreement is for 10 years.
The ceremony for the formal license agreement signing will be held Tuesday morning, December 23, at the United States Navy facility in Dahlgren, VA and will be attended by Markland Technologies management as well as personnel from within the US Navy.
About Markland Technologies
Markland Technologies, Inc is committed to helping secure America by providing innovative emerging technologies and expert services to meet the country's needs to protect our people, our borders and our infrastructure assets. The Company is a Board member of the Homeland Security Industries Association (http://www.hsianet.org).
"Forward-Looking Statements"
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: 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.
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