(COMTEX) B: SATX ACQUIRES STAKE IN CONCEALED WEAPONS DETECTION TECHNO
B: SATX ACQUIRES STAKE IN CONCEALED WEAPONS DETECTION TECHNOLOGY
TAMPA, Fla., Mar 3, 2000 /PRNewswire via COMTEX/ -- SATX, Inc. (OTC
Bulletin Board: SATX) today announced an agreement to acquire 10% of
M2Vision Corporation, with options to acquire an additional 5%.
M2Vision owns the exclusive worldwide license for an advanced concealed
weapons detection system developed by Lockheed Martin (NYSE: LMT).
SATX Chairman and CEO Merritt Jesson explained that the all-stock
transaction would immediately broaden the company's portfolio of
strategic technologies and create new avenues for acquiring additional
technologies.
The system, dubbed the M2 Scanning System, uses highly advanced
millimeter wave and image processing technology refined over a period
of 10 years and over $400 million in military contracts. It will do
what no current technology can -- detect an armed suspect before he
enters a building and enable automatic lock-down to bar his entry into
the building.
With shocking cases of school and workplace shootings so prominent and
frequent in the news, the managements of both M2Vision and SATX believe
that the public will continue to grow louder in its demands for more
effective preventative measures. "The means to provide such a solution
exists, but only recently has this technology been directed into
commercial applications," said M2Vision president Robert Tormey. "I
would love to see this system become standard equipment for every
school in America. I certainly intend to see it in use at the schools
my grandchildren attend."
Now at prototype stage, the M2 Scanner detects both metallic and non-
metallic weapons concealed under heavy clothing from distances up to 40
feet. With some engineering modifications, it can even be equipped with
an optic system, which would narrow the field of view, but make it
possible to detect a concealed weapon from over one hundred feet away.
Government contracts for the prototype system were granted to Lockheed
Martin specifically to establish a functional baseline product, which
could then be refined and marketed by private companies, so that
embassies and other government customers could purchase the system and
its related services from the commercial market.
As a co-owner of the license, SATX becomes another gateway into the
commercial marketplace. "We view SATX as a strong marketing and
business networking partner for this technology," said Tormey, "they
have a team that understands markets and applications, and that
complements our strengths in product development. It's a fit that works
well -- not only for this venture but possibly for others in the
future."
The first commercial production version of the M2 Scanning System is
expected to be available in about 12 months. Discussions are already
underway with established security service providers who can provide
such key capabilities as system integration and support, and
centralized monitoring for multiple customers. A select number of these
security organizations will be invited to a demonstration of the
prototype system before summer.
According to Tormey, the revenue model includes a licensing fee as well
as a share of monitoring fees. Monitoring rates for commercial
buildings will typically be based on the number of entries, while rates
for schools will on a per-student basis.
Safe Harbor Statement: Except for historical information contained
herein, the statements in this Press Release are Forward-Looking
Statements that are made pursuant to the safe harbor provisions of the
Private Securities Act of 1995. Forward-Looking statements involve
known risk and uncertainties, which may cause the Company's actual
results in the future to differ materially from forecasted results.
SATX Inc. has been recently profiled in TheStockAdvisor Newsletter. For
an additional report, send email to satx@thestockadvisor.com or visit
thestockadvisor.com .
Contact Information:
SATX, Inc., Merritt Jesson, 800-989-7289
M2Vision -- Chris Duncan, Director of Corporate Information, 904-738-5360
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