Eurotech Commences Development of
Acoustic Core™ Portable Handheld Explosives Detection Device
for Homeland Security
FAIRFAX, VA - AUGUST 6, 2002 - Eurotech, Ltd. (AMEX:EUO), www.eurotechltd.com <http://www.eurotechltd.com>, announced today that it has commenced the development of the Acoustic Core™ Portable Handheld Explosives Detection Device which will utilize its proprietary Acoustic Core™ illicit materials classification technology. Upon completion of development, the portable device should be capable of automated remote standoff detection of explosives found within shipping containers, vehicles or carried on humans.
The Company previously announced in May, 2002 that it was evaluating and conducting a detailed analysis and concept design for a hand-held device (point-and-analyze), intended to detect plastic explosives hidden in any object such as clothing, shoes, briefcase, and packages. The evaluation was a process that was completed prior to today’s announcement of a product development and marketing plan for the design and implementation, fabrication, testing, and customer evaluation of product prototype and marketing of the Acoustic Core™ Portable Handheld Explosives Detection Device.
When developed, the Acoustic Core™ Portable Handheld Explosives Detection Device will complement the capabilities of the Company’s Acoustic Core™ APTIS™ Screening Portal explosives detection system, which is currently in development. All Acoustic Core™ products utilize the Company’s proprietary and differentiated technology that has the ability to remotely sense almost any element or compound using a non-contact inspection methodology.
The Acoustic Core™ Portable Handheld Explosives Detection Device, in its final form, should provide a remote standoff range for detection of explosives of greater than 50 feet. Such a device would offer the operator the capabilities of extending threat detection range while increasing personnel safety and would also offer covert operation.
Todd J. Broms, President and Chief Executive Officer, stated: “Numerous threat situations in military and government infrastructure, here in the United States and worldwide, require standoff threat detection. These threats include detection of suicide bombers, car bombs, and explosives hidden in large immobile containers. We believe that there is presently no viable solution on the market today that can economically address these needs and that the Acoustic Core™ Portable Handheld Explosives Detection Device, when the development is completed, will offer the market an effective and economical solution to this problem.
“Eurotech has vertically integrated explosives detection products under development, which address significant market needs. We anticipate that ongoing discussions with U.S. Department of Defense personnel may lead to an opportunity for government supervised field test and evaluation of the Acoustic Core™ based explosives detection products. This field-testing process will be critical to market acceptance and could help to accelerate product development.”
The Acoustic Core™ Portable Handheld Explosives Detection Device project has four phases: Phase 1 - Design and Implementation, Phase 2 - Fabrication, Phase 3 - Testing, and Phase 4 - Customer Evaluation of Product Prototype, including limited availability of preliminary products to potential customers. The status of the project is as follows:
§ Phase 1 - Design and Implementation has been initiated. It includes developing device performance specifications, creating engineering development and program management tools, as well as engineering mockups and drawings of the hand-held device design.
§ Phase 2 - Fabrication has begun, concurrent with Phase 1, with the ordering of major components. During this phase, the prototype hand-held device will be constructed and tested in the factory, according to an acceptance test plan, to demonstrate that all functions are operable.
A Current Report on Form 8-K, which provides additional information on those agreements supporting the development of the portable handheld device, has been filed with the Securities and Exchange Commission.
About Eurotech, Ltd.
Eurotech is a corporate asset manager seeking to acquire, integrate and optimize a diversified portfolio of manufacturing and service companies in various markets. Our mission is to build value in our emerging technologies and in the companies we acquire and own, providing each with the resources it needs to realize its strategic business potential.
Our emerging technology business segment develops and markets chemical and electronic technologies designed for use in Homeland and Environmental Security. Our portfolio of technologically advanced products includes (i) proprietary materials created to specifically solve the serious problems of how nuclear and other hazardous wastes are cost effectively contained, (ii) advanced performance materials for use in industrial products such as coatings and paints, (iii) automatic detection of explosives and illicit materials, and (iv) cryptographic systems for secure communications, all of which can be used in Homeland and Environmental Security.
“Safe Harbor Statement” Under the Private Securities Litigation Reform Act of 1995
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of Eurotech officials during presentations about Eurotech, are "forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act'').
Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects'', "anticipates'', "intends'', "plans'', "believes'', "estimates'', or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by management, are also forward-looking statements as defined by the Act.
Some of the factors that could significantly impact the forward-looking statements in this press release include, but are not limited to: insufficient cash flow to continue to fund the development and marketing of the Company's products and technology, a rejection of the Company's products and technologies by the marketplace and disputes as to the Company's intellectual property rights. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about Eurotech, its technology, economic and market factors and the industries in which Eurotech does business, among other things.
These statements are not guarantees of future performance and Eurotech has no specific intention to update these statements. More detailed information about those factors is contained in Eurotech's filings with the Securities and Exchange Commission.
For more information, contact Dawn Van Zant, ECON Investor Relations, Inc., via email [email protected] <mailto:[email protected]> or call toll free 800-665-0411.
Acoustic Core™ Portable Handheld Explosives Detection Device
for Homeland Security
FAIRFAX, VA - AUGUST 6, 2002 - Eurotech, Ltd. (AMEX:EUO), www.eurotechltd.com <http://www.eurotechltd.com>, announced today that it has commenced the development of the Acoustic Core™ Portable Handheld Explosives Detection Device which will utilize its proprietary Acoustic Core™ illicit materials classification technology. Upon completion of development, the portable device should be capable of automated remote standoff detection of explosives found within shipping containers, vehicles or carried on humans.
The Company previously announced in May, 2002 that it was evaluating and conducting a detailed analysis and concept design for a hand-held device (point-and-analyze), intended to detect plastic explosives hidden in any object such as clothing, shoes, briefcase, and packages. The evaluation was a process that was completed prior to today’s announcement of a product development and marketing plan for the design and implementation, fabrication, testing, and customer evaluation of product prototype and marketing of the Acoustic Core™ Portable Handheld Explosives Detection Device.
When developed, the Acoustic Core™ Portable Handheld Explosives Detection Device will complement the capabilities of the Company’s Acoustic Core™ APTIS™ Screening Portal explosives detection system, which is currently in development. All Acoustic Core™ products utilize the Company’s proprietary and differentiated technology that has the ability to remotely sense almost any element or compound using a non-contact inspection methodology.
The Acoustic Core™ Portable Handheld Explosives Detection Device, in its final form, should provide a remote standoff range for detection of explosives of greater than 50 feet. Such a device would offer the operator the capabilities of extending threat detection range while increasing personnel safety and would also offer covert operation.
Todd J. Broms, President and Chief Executive Officer, stated: “Numerous threat situations in military and government infrastructure, here in the United States and worldwide, require standoff threat detection. These threats include detection of suicide bombers, car bombs, and explosives hidden in large immobile containers. We believe that there is presently no viable solution on the market today that can economically address these needs and that the Acoustic Core™ Portable Handheld Explosives Detection Device, when the development is completed, will offer the market an effective and economical solution to this problem.
“Eurotech has vertically integrated explosives detection products under development, which address significant market needs. We anticipate that ongoing discussions with U.S. Department of Defense personnel may lead to an opportunity for government supervised field test and evaluation of the Acoustic Core™ based explosives detection products. This field-testing process will be critical to market acceptance and could help to accelerate product development.”
The Acoustic Core™ Portable Handheld Explosives Detection Device project has four phases: Phase 1 - Design and Implementation, Phase 2 - Fabrication, Phase 3 - Testing, and Phase 4 - Customer Evaluation of Product Prototype, including limited availability of preliminary products to potential customers. The status of the project is as follows:
§ Phase 1 - Design and Implementation has been initiated. It includes developing device performance specifications, creating engineering development and program management tools, as well as engineering mockups and drawings of the hand-held device design.
§ Phase 2 - Fabrication has begun, concurrent with Phase 1, with the ordering of major components. During this phase, the prototype hand-held device will be constructed and tested in the factory, according to an acceptance test plan, to demonstrate that all functions are operable.
A Current Report on Form 8-K, which provides additional information on those agreements supporting the development of the portable handheld device, has been filed with the Securities and Exchange Commission.
About Eurotech, Ltd.
Eurotech is a corporate asset manager seeking to acquire, integrate and optimize a diversified portfolio of manufacturing and service companies in various markets. Our mission is to build value in our emerging technologies and in the companies we acquire and own, providing each with the resources it needs to realize its strategic business potential.
Our emerging technology business segment develops and markets chemical and electronic technologies designed for use in Homeland and Environmental Security. Our portfolio of technologically advanced products includes (i) proprietary materials created to specifically solve the serious problems of how nuclear and other hazardous wastes are cost effectively contained, (ii) advanced performance materials for use in industrial products such as coatings and paints, (iii) automatic detection of explosives and illicit materials, and (iv) cryptographic systems for secure communications, all of which can be used in Homeland and Environmental Security.
“Safe Harbor Statement” Under the Private Securities Litigation Reform Act of 1995
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of Eurotech officials during presentations about Eurotech, are "forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act'').
Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects'', "anticipates'', "intends'', "plans'', "believes'', "estimates'', or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by management, are also forward-looking statements as defined by the Act.
Some of the factors that could significantly impact the forward-looking statements in this press release include, but are not limited to: insufficient cash flow to continue to fund the development and marketing of the Company's products and technology, a rejection of the Company's products and technologies by the marketplace and disputes as to the Company's intellectual property rights. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about Eurotech, its technology, economic and market factors and the industries in which Eurotech does business, among other things.
These statements are not guarantees of future performance and Eurotech has no specific intention to update these statements. More detailed information about those factors is contained in Eurotech's filings with the Securities and Exchange Commission.
For more information, contact Dawn Van Zant, ECON Investor Relations, Inc., via email [email protected] <mailto:[email protected]> or call toll free 800-665-0411.
