To: bigbuk who wrote (33185 ) 3/3/2000 11:42:00 PM From: mik mah Respond to of 150070
(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 visitthestockadvisor.com . Contact Information: SATX, Inc., Merritt Jesson, 800-989-7289 M2Vision -- Chris Duncan, Director of Corporate Information, 904-738-5360