I wonder how this looks on the P&F chart..
siliconinvestor.com
(COMTEX) B: Quantum Magnetics Is Member of Winning Research & Developmen
B: Quantum Magnetics Is Member of Winning Research & Development Team --
Awarded Five-Year DOD Contracts Worth $200 Million
SAN DIEGO, Aug 15, 2001 (BUSINESS WIRE) -- Quantum Magnetics, Inc., a wholly
owned subsidiary of InVision Technologies, Inc. (Nasdaq:INVN), announced today
that an eleven-company team of which it is a member was awarded two five-year
contracts, each worth up to $100 million by the U.S. Department of Defense
(DOD). The two contracts will support research and development prototyping for
special operations applications for the Army and the Navy. The company team is
headed by ITT Industries' Advanced Engineering & Sciences Division; in addition
to Quantum Magnetics, other team partners include TRW (Cleveland), Raytheon
(Indianapolis, IN), Science & Engineering Associates (San Diego) and Optical
Systems Technology (Pittsburgh, PA).
The contracts will be managed collectively as Shuriken Technology, and conducted
on behalf of the U.S. special operations community, including the Department of
Defense, federal law enforcement agencies and other government activities
involved in crisis prevention and management. Possible applications of the
technology include remote mapping of a building during a hostage situation,
nighttime tracking of drug traffickers during cross-border interdiction efforts,
or the safe removal of explosives from a populated area. Quantum will provide
expertise in specialized areas such as detecting landmines, drugs, ordnance and
currency; identifying and tracking locations of armed personnel and vehicles;
and minimizing and hardening (i.e., adapting to various environments) complex
electronics systems.
Quantum Magnetics' CEO and President, Dr. Lowell J. Burnett, said in making this
announcement, "We at Quantum are especially pleased to be part of this expert
team of companies developing technology for the Department of Defense and law
enforcement organizations. The R&D opportunities envisioned by the Shuriken
Technology program will enable Quantum to further develop the company's core
detection technologies based on quadrupole resonance, magnetic resonance and
passive magnetic sensing. The advancements in these technologies will be
important not only to our country's special forces, but the products we
eventually develop will have direct application to the country's law enforcement
community as well."
"The multidisciplinary nature of Shuriken Technology presents a unique
opportunity for innovation," added Mark Salesky, program manager for ITT
Industries' Advanced Engineering & Sciences Division. "Under this program, we
intend to serve as a rallying point for the next generation of special
operations products and equipment. Each company on our team produces some of the
most sophisticated technology used by the community. Quantum Magnetics'
expertise in quadrupole resonance and magnetic phenomenology will be critical to
our efforts in providing detecting and tracking capabilities to our clients."
InVision Technologies' CEO and President Sergio Magistri continued, "These
contracts through the Shuriken Technology program provide an opportunity for
Quantum to enhance its unique detection capabilities, eventually benefiting the
country's law enforcement agencies in addition to DOD. The progress made in
developing magnetic detection applications in the defense arena will, when
commercialized, also be important tools for corrections agencies, customs
officials, sheriff offices and police throughout America -- and worldwide."
Founded in 1987, Quantum became a wholly owned subsidiary of InVision
Technologies in 1997. Quantum develops and commercializes promising technologies
such as quadrupole resonance (QR), magnetic resonance (MR), low-cost magnetic
resonance imaging (MRI), and magnetic tensor gradiometry (MTG). Through
government funded research and development programs, the company uses its
technologies to solve problems in landmine detection, bomb detection, including
facility and aviation security, drug and concealed weapon detection, process
control and nondestructive evaluation.
In recent years, Quantum's defense and defense-related business activities have
grown substantially. Principally, these activities have funded research and
development of Quantum's core detection technologies. Although only some of
Quantum's research initiatives have the potential to deliver significant returns
from commercial production, the risk of significant commercial acceptance is
mitigated by the fact that these R&D efforts are fully funded by the federal
government. These efforts include:
Programs Using Passive Magnetic Sensing (Magnetic Tensor
Gradiometry)
Detection and Tracking of Military Vehicles
Quantum completed the first phase of a U.S. Army contract to demonstrate the
potential of magnetic sensing for the detection and tracking of military
vehicles. During the first phase of the program, Quantum showed it is possible
to use magnetic field gradiometry technology to detect tanks within 50 meters
and established detection ranges for less heavy vehicles, such as HMMWVs,
armored personnel carriers and trucks.
Magnetic Tensor Gradiometer (MTG) Technology for Naval
Applications
In two programs monitored by the Naval Surface Warfare Center, Dahlgren
Division, Coastal Systems Station (CSS), Quantum is developing an advanced,
man-portable MTG sensor technology for the detection, location and
classification of unexploded ordnance (UXO) and underwater naval mines. In one
recently completed program, Quantum developed and delivered the key components
of a man-portable system for UXO surveys on land. In another ongoing project,
Quantum is developing an MTG for incorporation into a low-cost autonomous
underwater vehicle (AUV) for shallow-water mine and obstacle surveys.
Detection of Underground Facilities
With funding from the U.S. Air Force Research Laboratory (Hanscom AFB), Quantum
completed the initial phase of development of a low-cost MTG sensor. The future
plan is to integrate the MTG sensor with an unmanned aerial vehicle (UAV) to
perform magnetic surveys over remote terrain, with the objective of detecting
clandestine underground facilities.
Development of Concealed Weapons Detection
Quantum is developing technology based on passive magnetic sensing to detect
concealed weapons on persons entering public buildings such as courthouses,
airports and schools. Quantum is currently acquiring and analyzing weapons
detection data and the development of security system deployment strategies in
sensitive environments.
InVision Technologies develops, manufactures, markets and supports explosive
detection systems based on advanced computed tomography (CT) technology for
civil aviation security. Today, over 240 FAA-certified CTX systems have been
shipped worldwide to provide the traveling public with the best security against
terrorism available. The company also develops, manufactures, markets and
supports CT-based systems for other applications, including wood scanning and
drug detection. InVision's wholly owned subsidiary, Quantum Magnetics, develops
and commercializes patented and proprietary technologies. These include, but are
not limited to, quadrupole resonance (QR) patents licenses from the Naval
Research Laboratory that are based on a state-of-the-art, low-cost version of
magnetic resonance adapted for explosive detection. InVision's wholly owned
subsidiary, Inovec, develops, manufactures, markets and supports scanning
optimization and control systems for the forest products industry. Today, over
600 systems have been installed in mills worldwide to produce more lumber from
each log and to control product quality. Additional information about InVision
can be obtained on the company's web site at invision-tech.com.
This news release contains forward-looking statements including statements
regarding the plans or objectives relating to the company's products or
services. Investors are cautioned to consider the important risk factors that
could cause actual results to differ materially from those in the
forward-looking statements in this news release. These factors include risks
inherent to doing business with public agencies, such as limited funding; risks
inherent with the timely development of products and the acceptance and pricing
of new products; risks inherent in manufacturing and delivering products on
time; and other risks detailed from time to time in the company's SEC reports,
including the most recent reports on Forms 10-Q & 10-K.
CONTACT: Quantum Magnetics, Inc.
Dr. Lowell Burnett, 858/566-9200 (President & CEO)
Caroleen Williams, 858/566-9200 (Media Contact)
www.qm.com
URL: businesswire.com
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Copyright (C) 2001 Business Wire. All rights reserved.
-0-
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: AEROSPACE/DEFENSE
COMPUTERS/ELECTRONICS
GOVERNMENT
HARDWARE
SOFTWARE
PRODUCT
SOURCE:
Quantum
Magnetics,
Inc.
*** end of story ***
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