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IRVINE, Calif., Nov. 4 /PRNewswire-FirstCall/ -- HiEnergy Technologies, Inc. (OTC Bulletin Board: HIET) (the "Company"), announced today that the Defense Authorization Bill signed into law by President Bush on October 28, 2004 authorizes $1 million for "stoichiometric landmine detection technology." The authorization is distinct from the $1 million authorization for stoichiometric explosive detection technology, in connection with the U.S. Army's "Smart Truck" initiative, as provided for in the National Defense Authorization Act for Fiscal Year 2005 signed into law by President Bush on August 5, 2004. Funding for this program is administered by the U.S. Army's Night Vision & Electronic Sensors Directorate (NVESD), which leads the military's countermine and mine neutralization mission. To its knowledge, the Company is the only contractor engaged with the NVESD, under its $780,000 SBIR Phase II Contract with the US Army Communications and Electronics Command (CECOM), in developing a confirmation landmine detector prototype with stoichiometric explosive detection technology. The funding was requested through HiEnergy Defense, Inc., the Company's wholly-owned subsidiary located in Washington, D.C. and on November 3, 2004, Col. William J. Lacey (ret.), President and CEO of HiEnergy Defense, opened discussions with the management of NVESD on the use of proceeds for the newly authorized funds. An award under this program is anticipated for approximately mid-December 2004. Dr. Bogdan Maglich, CEO and Chief Scientific Officer of the Company, said, "This is the second million dollar Congressional funding to be appropriated for the government's 2005 fiscal year and which has been specifically earmarked for the purchase of stoichiometric explosive detection systems. We are pleased by the confidence that the Congress has shown in the technology which we have been pioneering for the defense and homeland security industries, among other applications. We believe that working closely with the Army to integrate stoichiometric sensors into the overall countermine system will result in saving the lives of hundreds of our servicemen and thousands of innocent civilians worldwide." HiEnergy Management cautions that simply because defense appropriations have been authorized which are to be used for the acquisition of stoichiometric technologies, there can be no guarantee that the Company will ever obtain a contract or related funding from any source for its explosive detection systems, or that if a contract is awarded, the Company will be able to successfully integrate its technology into the desired overall systems. According to Dr. Maglich, "we welcome and appreciate the opportunity to be considered for integration into these important defense systems."
ABOUT HIENERGY TECHNOLOGIES, INC. HiEnergy Technologies, Inc. ("HiEnergy" or the "Company") is a nuclear technologies-based company focused on the research and development of proprietary neutron-based "stoichiometric" sensor devices, which have the ability to determine automatically whether an object or container carries dangerous or illicit selected substances, such as explosives, biological agents or illicit drugs. HiEnergy's primary focus is currently on the commercialization of two products (1) the "CarBomb Finder" and (2) the "SIEGMA," a suitcase-borne detector of Improvised Explosive Devices (IED). In addition, it continues to research and develop prototype devices for other related uses of its core technology, such as the Anti-Tank Landmine Detector which is the subject of this release.
FORWARD-LOOKING STATEMENTS Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievement expressed or implied by such forward looking statements. In some cases, you can identify forward looking statements by terminology such as "may," "will," "should," "could," "intend," "expects," "plan," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of such terms or other comparable terminology. Although we believe that the expectations reflected in the forward looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of such statements. In addition to the risks described above, additional risks affecting our Company can be found in our periodic reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934.
For further information, please contact: Investors, Michael Cimini of KCSA Public Relations Worldwide, +1-212-682-6300, mcimini@kcsa.com; or Media, Lois Whitman of HWH Public Relations, +1-212-355-5049, loisw@hwhpr.com, both for HiEnergy Technologies, Inc.
SOURCE HiEnergy Technologies, Inc. -0- 11/04/2004 /CONTACT: Investors, Michael Cimini of KCSA Public Relations Worldwide, +1-212-682-6300, mcimini@kcsa.com; or Media, Lois Whitman of HWH Public Relations, +1-212-355-5049, loisw@hwhpr.com, both for HiEnergy Technologies, Inc./ (HIET)
CO: HiEnergy Technologies, Inc. ST: California IN: CPR ARO HTS OTC SU: LEG
Posts: 443 | From: Honolulu, HI | Registered: Jan 2004
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posted
Anyone think this will go back near $2 based on this news? All it says is they DO what the money is for - NOT that there is any contract yet.......
Thoughts please?
Posts: 2793 | From: Coral Springs, FL, USA | Registered: Aug 2003
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