NEWS RELEASE
FOR IMMEDIATE RELEASE
MEDIA CONTACT: INVESTOR RELATIONS:
Karen Gleason Paul Knopick
Going Global Communications E&E Communications
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HIENERGY TECHNOLOGIES ELECTS NEW CEO
IRVINE, California, February 20, 2006 - HiEnergy Technologies, Inc. (OTCBB:
HIET), the homeland security industry leader in neutron-based diagnostic
technology, is pleased to announce that Roger W.A. Spillmann has been elected by
the Board of Directors to serve as its new Chief Executive Officer as part of a
restructuring of management. Mr. Spillmann will continue to serve in his
capacities as HiEnergy's President and Corporate Secretary.
"Roger Spillmann has played a key role in HiEnergy during the last year and has
proven his leadership skills," said Interim Chairman William Nitze. "Notably, he
has an intimate and thorough understanding of the company's markets, products
and management, and the correct perspective from which to accelerate our
business plan and lead our transition from a research and development company to
a commercial manufacturing and sales organization. We are honored to have him as
our new CEO and are confident that he is the right person to execute this
important transition."
Roger Spillmann joined HiEnergy Technologies in 2004 as Vice President and
Corporate Secretary to help administer corporate governance, contract
management, regulatory compliance, and shareholder relations. In September 2005,
he was appointed Senior Vice President and expanded his role to include business
development and capital strategy. He was recently elected by the Board to serve
as President and Chief Operating Officer.
"I appreciate the confidence of the Board and I am enthusiastic about forging
ahead. As President and CEO, I intend to focus on strengthening our financial
condition through improved capital management, cost efficiencies and revenue
creation, while improving all operational elements in order to develop an
enterprise scalable in line with future revenue growth", stated Roger Spillmann,
President & CEO.
"I strongly believe HiEnergy is uniquely positioned, having developed
best-in-class products and technologies and generated significant interest
within a well-funded homeland security industry. Together, with a team of
talented scientists and dedicated professionals most capable of accelerating our
business plan and delivering results, we look forward to growing a world-class
manufacturing and sales organization with sustainable long-term value for our
valued shareholders."
Prior to joining HiEnergy Technologies, Mr. Spillmann held several executive and
management positions in the financial services industry, providing specialized
investment banking, financial planning and business consulting to public and
private companies. He has served as an financial officer with Empire Capital
Leasing, Inc. ("ECL"), where he focused on asset based financing, including
project finance, receivable financing, equipment leasing and related
securitizations, Managing Director and Partner of Harris, Hoover & Lewis, Inc.
(HHL), a New York based middle market financial advisory and investment banking
boutique, First Vice President of Investments, Director-Special Accounts Group
(SAG) of Prudential Securities in New York City, and Analyst with the Private
Client Services Group at Banc of America Securities LLC (Montgomery Securities).
In addition, Mr. Spillmann was on the Cross Border Finance Group at Clifford
Chance, Rogers & Wells LLP for four years, where he worked with senior partners
and associates with the development and structuring of public and private debt
and equity transactions. Following his graduation from Dartmouth College, Mr.
Spillmann was recruited by Liz Claiborne, Inc, a Fortune 500 textile and
clothing manufacturer, with positions in its sales, production and manufacturing
divisions, as well as serving as Production Coordinator for the Knitwear
Division.
ABOUT HIENERGY TECHNOLOGIES, INC. (www.hienergyinc.com)
HiEnergy Technologies, Inc. is the creator of the world's first "stoichiometric"
diagnostic devices that can effectively decipher chemical formulas of unknown
substances through metal or other barriers, almost instantly and without human
intervention. HiEnergy's products incorporate a proprietary interrogation
process which activates a selected target with neutrons causing the contents to
emit back gamma rays that contain unique signatures from which the chemical
formulas are derived. HiEnergy believes its Atometry(TM) technology compares
with other detection technologies like color photography compares with
black-and-white photography. HiEnergy's first commercial Atometer(TM) detector,
the SIEGMA(TM) 3E3, is unique in that it can detect and confirm whether an
object or container carries a select group of dangerous or illicit substances,
such as explosives, biological agents, or illicit drugs, with a probability of
detection equal to approximately 97.75%, and "false negative" and "false
positive" rates of nearly 2.25%.
HiEnergy is focused on the commercialization of the world's first
"stoichiometric" explosive diagnostic devices, including the CarBomb Finder(TM)
3C4, a vehicle-borne system, for the detection and identification of car bombs,
and the SIEGMA(TM) 3E3, a portable suitcase-borne system for the detection and
identification of home-made bombs, also known as Improvised Explosive Devices or
IEDs. The Company is marketing its devices to governmental and private entities
and is negotiating licenses for distribution of its devices with various
industry partners. The Company also continues to focus on the research and
development of additional applications of its technologies and their further
exploitation, both internally and through collaboration with third parties.
HiEnergy is currently developing prototypes in programs with the U.S. Department
of Defense and the Department of Homeland Security for other related uses of its
core technology. Recently, it entered into a funded cooperative development
agreement with the U.S. Transportation Security Administration (TSA) to produce
a proof of concept which incorporates the Company's SuperSenzor(TM) technology
into a baggage screening system. The Company's "stoichiometric" technologies, or
Atometry(TM), have been incorporated into additional prototype applications
which, if the Company is able to raise the funds necessary to commercialize
them, will be the next products it attempts to launch: an in-ground explosive
screening system, the CarBomb Finder(TM) 3C5, the STARRAY(TM), an all-terrain
robot-borne IED detector; an anti-tank landmine detector; an unexploded ordnance
detector, which is also useful to detect IEDs; and a device called a
"Refractorymeter," which can detect fissures or erosions in the ceramic lining
of oil cracking tanks.
FORWARD-LOOKING STATEMENTS
Any statements made in this press release which are not historical facts contain
certain forward-looking statements; as such term is defined in the Private
Litigation Reform Act of 1995, concerning potential developments affecting the
business, prospects, financial condition and other aspects of the Company to
which this release pertains. The actual results of the specific items described
in this release, and the Company's operations generally, may differ materially
from what is projected in such forward-looking statements. Although such
statements are based upon the best judgments of management of the company as of
the date of this release, significant deviations in magnitude, timing and other
factors may result from business risks and uncertainties including, without
limitation, the company's dependence on third parties, general market and
economic conditions, technical factors, the availability of outside capital,
receipt of revenues and other factors, many of which are beyond the control of
the Company.