WESTON, Fla., May 25, 2004 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: Security Intelligence Technologies, Inc., (OTCBB:SITG), US Airways Group Inc. (Nasdaq:UAIR), 8x8 Inc. (Nasdaq:EGHT) and Magal Security Systems (Nasdaq:MAGS).
Aggressive investors and traders will want to watch Security Intelligence Technologies, Inc., (OTCBB:SITG) this morning! Yesterday after the markets closed, the company and its subsidiary, Homeland Security Strategies, Inc., issued a press release announcing it has signed a three-year distribution agreement with a prominent Greek security company, appointing them as licensee with the right to sell their counterterrorism, surveillance, counter-surveillance and security products in Greece!
This could be more great news for investors! Ben Jamil, Chief Executive Officer of SITG states, "This agreement provides us with a great opportunity to penetrate the European security market and to promote our products through a highly respected Greek security firm. Our new distributor is well established in the business community and caters to an extensive list of high profile clients and high-risk individuals."
Keep your eyes on this company! SITG recently returned from visiting the distributor where they demonstrated to the distributor's high profile clients such proprietary products as the VIP-16 Bomb Jammer, a portable radio frequency detection and jamming system used in counter terrorism and bomb prevention, the ECMSA -1300 Electronic Countermeasure Signal Analyzer that detects virtually all clandestine transmitters and the VL-6500 Non-Linear Junction Detector which electromagnetically detects the presence of semi-conductors, electronic components and most radio frequency transmissions and surreptitious listening devices.
According to the press release, the distributor paid an initial non-refundable fee of $150,000 and is obligated to make minimum annual purchases of $500,000 per year of SITG's proprietary security and intelligence equipment, totaling $1,500,000 under the terms of the agreement. In return for the initial fee, the distributor receives a 10% discount on its first $1,500,000 worth of purchases. In addition, the distributor has an option to renew the contract for an additional three years with minimum annual purchase requirements $500,000 per year.
The press release also states that there can be no assurance the new distributor will fulfill its minimum annual purchase requirements contained in the agreement or that the resulting revenues will be realized.
The stock closed yesterday at Ninety cents a share.
In case you are not familiar with the company: Security Intelligence Technologies, Inc. and its wholly owned subsidiaries, develop, manufacture and market leading edge solutions and advanced proprietary systems for counterterrorism, surveillance, counter-surveillance, countermeasure, personal and home security markets worldwide through its corporate website, international seminar program and through its offices located in New York, Miami, Beverly Hills, Washington DC, Hong Kong, Israel and London. SITG's product line and security technologies are currently distributed throughout the US, Europe, Asia, the Middle East and Latin America and are marketed under the names SITG, Homeland Security Strategies (HSS) and The Counter Spy Shop of Mayfair, London(R). SITG products and props can be seen in major motion pictures, including Silence of the Lambs, First Kid, Mission Impossible 1, Meet the Parents, Supertroopers, Bad Company and Spy, The Movie. SITG also co-brands its Night Vision Binoculars with Ford's Aston Martin, and donates products to International Spy Museum's exhibits.
Stocks showing interesting activity yesterday were: US Airways Group Inc. (NASDAQ: UAIR) up 29% on 2.7 million shares traded, 8x8 Inc. (NASDAQ: EGHT) up 13.9% on 1.3 million shares traded and Magal Security Systems (NASDAQ: MAGS) up 21.5% on 8.8 million shares traded.
Commentary: "Telephone portability rules: Federal rules extended to nationwide coverage starting Monday allowing cellphone users to keep their phone numbers when switching carriers. This took effect last November for the top 100 phone carriers, but now extends to all wireless operators," Stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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