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FOR IMMEDIATE RELEASE CONTACT: Alanco Investor Relations
(480) 607-1010
Web: www.alanco.com
Technology Systems International, Inc.
Completes First $1.0 Million Prison Contract
(Scottsdale, AZ - April 9, 2002) - Alanco Technologies, Inc. (NASDAQ ALAN) today
disclosed that Technology Systems International, Inc. (TSI), which entered into
an agreement to be acquired by Alanco on March 15, 2002, has completed and
received payment for its first TSI PRISM(TM) tracking system installation valued
in excess of $1.0 Million at an undisclosed U.S. prison facility.
Greg M. Oester, Chief Executive Officer of TSI, stated, "The successful
completion of our first million dollar contract is a significant milestone for
our Company and puts us on track to achieve our aggressive 2002 sales plan."
TSI has developed a state-of-the-art wireless RF (radio frequency)
identification, locating and tracking technology featuring proprietary software
and patented hardware components, marketed as the TSI PRISM(TM) tracking system.
The unique TSI PRISM system is utilized for area security management and
personnel monitoring with present commercial focus on the corrections industry,
where the system provides continuous, real-time prison inmate and officer
identification and tracking capabilities indoors and out. TSI PRISM delivers
unparalleled staff safety and facility security; significantly reduces inmate
violence; and provides the correctional industry with data mining capabilities
and operational cost reductions which have not been previously available or
economically feasible. The primary TSI PRISM corrections target market comprises
approximately 1,400 minimum and medium security State, Federal and private
prison facilities with over 500 inmates each, which represents a $1.5 billion
market opportunity.
Alanco Technologies, Inc., headquartered in Scottsdale, Arizona, is a publicly
owned company focused on high-growth information technology markets. Alanco and
TSI, Inc. executed a definitive acquisition agreement on March 15, 2002, and the
transaction is scheduled for Alanco shareholder approval in early May 2002.
Present Alanco Technologies companies include Network Attached Storage (NAS)
provider, Excel/Meridian Data, Inc., and Arraid, Inc., a provider of storage
upgrade solutions for legacy computer systems. Alanco's common stock is traded
on the NASDAQ stock market under the symbol ALAN.
Except for historical information, the statements contained in this press
release are forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. All such
forward-looking statements are subject to, and are qualified by, risks and
uncertainties that could cause actual results to differ materially from those
expressed or implied by those statements. These risks and uncertainties include,
but are not limited to, reduced demand for information technology equipment;
competitive pricing and difficulty managing product costs; development of new
technologies which make the Company's products obsolete; rapid industry changes;
failure of an acquired business to further the Company's strategies; the ability
to maintain satisfactory relationships with lenders and to remain in compliance
with financial loan covenants and other requirements under current banking
agreements; and the ability to secure and maintain key contracts and
relationships.
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