Exhibit 99.23
For Immediate Release
Eurotech, Ltd. and Markland Technologies Announce Closing Transaction
FAIRFAX, Va.--(BUSINESS WIRE)--December 19, 2002--Eurotech, Ltd.
(AMEX:EUO) and Markland Technologies, Inc. (OTC:MKLD.OB) announced today that
they have closed their previously announced transaction pursuant to which
Eurotech has agreed to license all of its rights to the Acoustic CoreTM
technology relating to illicit materials detection and exchange all rights
related to certain cryptology technology held by Eurotech's subsidiary,
Crypto.com, Inc. for 239,927,344 shares of the outstanding common shares of
Markland, representing approximately 80% of the outstanding common shares at the
time of closing.
The closing of the transaction is the first in what Eurotech expects
will be a series of transactions aimed at better positioning Eurotech's
portfolio of technologies for financing and commercialization.
The transaction enables Markland to pursue a series of related, revenue
generating opportunities aimed at servicing the growing Homeland Security
market. On December 10, 2002, Markland announced the acquisition of a government
contract to provide border security logistic support and product development
services to the United States Immigration and Naturalization Service and Customs
Service. Markland obtained the United States General Services Administration
contract as part of its acquisition of Ergo Systems Inc., a privately-held
corporation located in Virginia.
The companies had previously announced that the rights to the Acoustic
CoreTM technology would be transferred to Markland, but have subsequently agreed
that Markland instead will be granted a worldwide, exclusive and perpetual
license to such technology.
Eurotech also announced that it executed a definitive agreement to
effect the previously announced surrender by Woodward LLC of Woodward's rights
to receive approximately $5.7 million of Eurotech's Series B 5% cumulative
convertible preferred stock (the "Series B Preferred") 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.
Such security interest is subject to the qualifications and limitations
previously disclosed by Eurotech.
Details of these transactions are or will be available in Eurotech's
and Markland's filings with the Securities and Exchange Commission.
Eurotech also announced that Mr. Simon Nemzow, who resigned from the
company's board of directors due to health concerns and family commitments
effective November 15, 2002, will continue to act as an advisor to Eurotech
without compensation. In addition, Eurotech announced that the consulting
agreement between the Company and EB Associates, LLC, which had been engaged by
the Company on April 29, 2002 to perform certain financial consulting services
for the Company, has expired and will not be renewed by the mutual consent of
the parties.
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.
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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.
Since the announcement of the definitive agreement with Eurotech, Markland has
commenced a program of acquiring innovative emerging technologies and providing
expert services focused on the protection of personnel, data and infrastructure
assets.
"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:
Dawn Van Zant, ECON Investor Relations, Inc.,
800/665-0411
dvanzant@investorideas.com
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