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TraceGuard Technologies Signs Letter of Intent with Smiths Detection
Companies Intend to Work Together on Product Marketing and Co-Development
NEW YORK - Nov. 8, 2007 , TraceGuard Technologies Inc. – (OTC BTCGD), a developer of innovative systems and solutions for improving detection of explosives and hazardous materials, announced today that it has signed a Letter of Intent with Smiths Detection, a world leader in airport and critical infrastructure security screening systems.
Under the Letter of Intent, Smiths and TraceGuard will work exclusively towards bringing about a definitive agreement to accelerate TraceGuard’s Automated Trace Extraction (ATE) route to market. In the first phase of the definitive agreement, the companies would cooperate in marketing TraceGuard’s CompactSafe ATE system to select aviation and homeland security customers.
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Additionally, TraceGuard and Smiths Detection may cooperate on integration of CompactSafe and other TraceGuard products and capabilities for improving and automating trace sample collection with Smiths Detection’s IONSCSAN IMS explosives trace detectors.
Tony McEnroe, Smiths Detection’s Vice President of Business Development stated:
“After an extensive review across the sector, we concluded that TraceGuard offers considerable attractions as a partner for developing enhanced capabilities in explosives detection for homeland security. We look forward to working closely with TraceGuard in the months ahead to explore the development of new and complementary solutions for segments of the homeland security market.”
Dr. Ehud Ganani, TraceGuard’s Chairman and CEO commented:
“Smiths Detection is the global market leader in detection and we are proud to be working with them. Combining TraceGuard’s own technological strengths with Smiths Detection’s experience and extensive capabilities in the homeland security market offers considerable synergies. We look forward to working together to develop further breakthroughs in the explosives detection field.”
About Smiths Detection
Smiths Detection is part of the global technology business Smiths Group. It offers advanced integrated security solutions for customers in civil and military markets worldwide and is a leading technology developer and manufacturer of sensors that detect and identify explosives, chemical and biological agents, weapons, and contraband. Its advanced technology security solutions also include Smiths Heimann x-ray imaging systems, millimeter-wave technology and a specialist software supply business for the management of large sensor and video surveillance networks. Separate business units focus on related products for the life sciences, and food manufacturing industries. For more information please visit www.smithsdetection.com
About TraceGuard
TraceGuard Technologies develops innovative security technologies and solutions for enabling explosives detection through automated trace extraction. By advancing the efficacy and efficiency of trace collection, TraceGuard’s product suite offers dramatic improvement over the current mechanisms in place at present.
TraceGuard is a US public company traded on the Over-The-Counter Bulletin Board (OTC BB:TCGD - News). TraceGuard maintains a Research and Development Center in Tel Aviv, Israel and has a Sales office in New York. For additional information on TraceGuard, please contact TraceGuard at 1 866-401-5969 or visit www.traceguard.com.
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Some of the statements in this press release contain forward-looking statements that involve risks and uncertainties. You can identify forward-looking statements by words such as "may," "will," "should," "expect," "plan," "could," "anticipate," "intend," "believe," "estimate," "predict," "potential," "goal," or "continue" or similar terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including, but not limited to, the risks outlined in our filings with the US Securities and Exchange Commission, that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. For example, risks that could cause actual results to vary materially from future results include, but are not limited to: our lack of an operating history, issues related to intellectual property infringement, issues relating to the introduction of our products in target markets, the need to raise capital to fund operations, our dependency on key personnel, approval of our products by regulatory authorities, matters related to the location of our operations in Israel, the extent of competition; technological developments in our target markets and the development of alternate, competing technologies in them; and sales of shares by existing shareholders. Although we believe that the expectations reflected in the forward looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
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For further information , please contact:
For Smiths Detection:
Laura Peek
Tel : +44 (0)20 8457 8238
+44 (0)7970 176314
For TraceGuard:
Investor Relations:
TraceGuard Technologies Inc.
David Ben-Yair, CFO
Tel: +1 866-401-5969
Email: david.ben-yair@traceguard.com
for Media/Press:
Eric Leskly
Director, Marketing and Business Development
Tel: +1 866-401-5969
Email: eric.leskly@traceguard.com
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