To: Shark King who wrote (10933 ) 4/1/1999 9:36:00 PM From: Shark King Respond to of 15987
"LOCH" had a second news release today... Remember, a BIG one is still on the way. Loch's Million-Dollar Funding Will Launch ELF Landmine Project AUSTIN, TEXAS, April 1, 1999 --Loch Harris, Inc. (OTCBB: LOCH) confirmed today that a significant relationship with a private Nevada based capital investment fund will mean immediate launch of its landmine detector prototype. Loch Harris chairman R.B. Baker would not discuss terms of the agreement, but he confirmed Monday's release by Coldwater Capital of Reno, Nevada, that they had made an investment of $1 million in Chemical Detection Technology, Inc. (ChemTech), a Loch subsidiary. The funds will be used to construct a working prototype of the ELF landmine detector developed by noted physicist Dr. Henry Blair for ChemTech. ELF is an acronym for Eliminate Landmines Forever. The Loch board immediately approved the agreement and instructed Rodney Boone, president and CEO of both Loch and ChemTech, to complete the ELF prototype with all due haste. "This not only takes the handcuffs off," said Boone, "it blows them away." Boone expects that ELF will have its initial Alpha unit available for laboratory confirmation of the technology within the next 150 days. "We will then move to production of a Beta prototype configured for deployment and exhaustive field detection trials," he said. "This investment enables us to crunch the development process into a nine-month program," said Dr. Blair, who will personally direct the program from Loch's laboratory facilities in Tucson, Ariz. "ELF technology will not only advance the non-intrusive techniques the world currently utilizes, but will complement and enhance efforts for unexploded ordinance (UXO) identification. It will be utilized to cleanup our past battlefields and industrial contamination sites," Blair said. "The whole world can benefit from our new ELF techniques and stretch its ability to locate, identify and quantify in real time the dangers of a host of chemical contaminants," he said. Loch chairman R.B. Baker hailed the ELF as "potentially the most innovative and powerful ‘standoff' landmine detector the world may ever know." ELF is designed to detect a variety of buried landmines from up to 30 meters distance with nonintrusive techniques. "It is based on a unique breakthrough in a patent-pending, controlled X-ray energy emissions system invented by Dr. Blair." The humanitarian implications of ELF have an obvious global impact, according to Boone. "It addresses one of the most insidious life threatening hazards faced by mankind, and we are glad to be a part of that solution." But Boone said the company's excitement has to do also with the implications to Loch and its "technology incubator" commitment. While he would not talk specifics, he indicated that other "sensitive negotiations" were underway on alliances that position ChemTech as the first likely spin-off by Loch Harris. "Everything has its timing," he said. "The proof of the landmine application just signals the beginning," he said. "We have already identified a host of potential cross-platform applications for the basic technology that drives ELF." Those include monitoring of biochemical terrorism, airport luggage security, and alcohol screening devices, and the quality control of semiconductor plasma contaminants. "The ability to identify, segregate, and quantify actual molecular substance activity across an array of chemical substances in real time is exciting," he said. "But to do it within a ‘noisy' natural environment from more than 30 meters away is truly revolutionary." Boone announced that he and Blair will attend the International Society of Optical Engineering (SPIE) Convention in Orlando, Florida next week to continue industry dialog. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. ###