Exhibit 99.21
For Immediate Release
Eurotech, Ltd. Announces New Subsidiary With Markland Technologies, Inc. To
Focus on Homeland Security Marketplace
FAIRFAX, Va.--(BUSINESS WIRE) December 9, 2002 - Eurotech, Ltd.
(AMEX:EUO) and Markland Technologies, Inc. (NASDAQ:BB:MKLD.BB) announced today
that they have executed a definitive agreement to consummate a transaction
pursuant to which Eurotech will exchange all of its rights to the Acoustic
CoreTM technology relating to illicit materials detection and rights related to
certain cryptology technology held by Eurotech's subsidiary, Crypto.com, Inc.,
for approximately 80% of the outstanding common shares in Markland.
The objective of this transaction is to better focus financial capital,
intellectual property and human resources to the emerging growth opportunities
presently found in the Homeland Security marketplace through the creation of a
publicly traded subsidiary of Eurotech. The transaction is expected to close by
December 15, 2002.
As a result of this transaction, Markland expects to maximize the
potential for these technologies through its new incoming management team.
Del Kintner, the new incoming CEO of Markland stated, "The Acoustic
CoreTM illicit material detection and Crypto.com technologies give us a very
powerful blend of assets which we expect will generate substantial operating
revenues. With Eurotech's help, we believe we are extremely well positioned to
pursue government contracts with significant revenue generating potential and
expect to quickly ramp up our gross revenue base through a blend of organic
growth and corporate asset acquisitions."
Eurotech recently announced that it signed a Cooperative Research and
Development Agreement ("CRADA") with the United States Air Force relating to the
its illicit material detection technology. The objective of the CRADA is to
jointly develop a system that will demonstrate the effectiveness of the Acoustic
CoreTM technology to non-intrusively detect explosive materials in cargo and/or
vehicles.
Eurotech also announced that its preferred stockholder, Woodward LLC,
has agreed to retire approximately $5.7 million of Eurotech's Series B 5%
cumulative convertible preferred stock (the "Series B Preferred") held by
Woodward in exchange for a security interest in the shares of Markland being
acquired by Eurotech and 50% of the proceeds generated from future sales by
Eurotech of these same shares (the "Security Arrangement"). It is the sole
discretion of Eurotech on how and when these securities will be sold, if at all,
subject to applicable laws. Such proceeds, when received by Eurotech, will be
directed by Eurotech to automatically redeem the balance of the shares of Series
B Preferred owned by Woodward, in lieu of the previously agreed upon redemption
schedule for the Series B Preferred. If redemption's under the Security
Arrangement occur later than as would be mandated by the previously agreed upon
schedule, the previously agreed upon schedule shall prevail.
Eurotech CEO Don Hahnfeldt stated, "After review of opportunities
presented to us for positioning our Security and Safeguards technologies into
the market place, we decided that this was the best way to create significant
additional value for our shareholders and deliver the best return for our
corporate assets. In addition the Woodward exchange strengthens our balance
sheet and creates more value for our shareholders."
Markland Technologies announced that management is proposing to its
Board of Directors that it authorize a 1 for 20 reverse stock split that would
leave the company with approximately 15 million shares outstanding with Eurotech
owning about 12 million shares of Markland.
Details of these transactions are or will be available in Eurotech's
and Markland's filings 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.
Eurotech's emerging technology business segment develops and markets
chemical and electronic technologies designed for use in Homeland and
Environmental Security. Following the exchange with Markland, the Homeland
Security segment of the business shall be conducted through Markland.
Eurotech's 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 though its
Markland Technologies subsidiary, and; (iv) cryptographic systems for secure
communications, all of which can be used in Homeland and Environmental Security.
About Markland Technologies, Inc.
Prior to the transfer of the Acoustic CoreTM illicit materials
detection and Crypto.com technologies, Markland had no operating businesses. Its
common stock is publicly traded on the NASDAQ Bulletin Board. Information
regarding Markland can be found in its filings with the Securities and Exchange
Commission.
"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 officials of Eurotech, Ltd. and Markland Technologies, Inc. (the
"Companies") during presentations about the Companies 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 of the Companies, 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 Companies'
products and technology; a rejection of the Companies' products and technologies
by the marketplace; and disputes as to the Companies' intellectual property
rights. Forward-looking statements are based upon current expectations and
projections about future events and are subject to risks, uncertainties, and
assumptions about the Companies, their respective technologies, economic and
market factors and the industries in which the Companies conduct business, among
other things.
These statements are not guarantees of future performance of the
Companies and the Companies have no specific intention to update these
statements. More detailed information about those factors is contained in the
Companies' filings with the Securities and Exchange Commission.
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CONTACT:
Eurotech, Ltd.
Dawn Van Zant, ECON Investor Relations, Inc.,
800/665-0411
dvanzant@investorideas.com