IRVINE, Calif., Oct. 11, 2006 (PRIMEZONE) -- HiEnergy Technologies, Inc. (OTCBB:HIETE) announced today that it expects to file its quarterly report on Form 10-QSB for the three months ended July 31, 2006 prior to the expiration of the 30-day grace period of October 20, 2006.
Because the Company had not timely filed its quarterly report with the Securities and Exchange Commission ("SEC"), making it non-compliant with its periodic reporting requirements under the Securities Exchange Act of 1934, the designated trading symbol for its common shares was changed from "HIET" to "HIETE".
Pursuant to National Association of Securities Dealers ("NASD") OTC Bulletin Board Eligibility Rules, upon filing the quarterly report within the grace period, the "E" will be removed, and the trading symbol will revert to "HIET".
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 composition of unknown substances through metal or other barriers, almost instantly and without human intervention. HiEnergy's Atometer(tm) devices 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 is focused on the commercialization and sale of its portable, suitcase-borne SIEGMA(tm) 3E3; the CarBomb Finder(tm) 3C4, a vehicle-borne system, for the detection and identification of car bombs; and the STARRAY(tm), its robot-borne detector of IEDs, landmines and unexploded ordnance. 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.
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.