RENO, NV – Homeland Resources Ltd. (OTCQB: HMLA) The directors of Homeland Resources today issued the following update. Homeland has identified, and is now negotiating to purchase up to 100% of TeleSecurity Sciences Inc., a privately-held corporation headquartered in Las Vegas, NV (TSS). Under the terms of the proposed acquisition, Homeland would acquire up to 50% of TSS through equity purchases totaling up to $15,000,000 to fund development of the imaging products of TSS. Upon completion of the entire funding, Homeland would acquire the balance of TSS through merger. Complete details will be released if and when a final agreement is concluded.
About TeleSecurity Sciences Inc.:
TSS is a leader in the development of advanced imaging solutions for medical and security imaging devices and systems. TSS products include automated threat recognition algorithms for Cargo, whole body and checkpoint imaging systems including liquid detection as well as electronic unpacking software for CT baggage scanners. TSS products under development include the Common Workstation that connects to all security imaging systems, a new innovative medical X-ray scanner for image guided radiotherapy of cancer, and a low-dose, low-cost CT scanner for medical screening applications. A future product concept under investigation is a next generation high-speed Electron Beam CT (EBCT) for cardiac imaging.
TeleSecurity Sciences personnel have distinguished and successful backgrounds in scanning technology in both medical and security imaging markets. This research and development has led to significant advances in threat detection and the treatment of cancer and heart disease. Key members of TeleSecurity Sciences staff and its associates have been involved in the founding of some of the most successful imaging businesses including Invision, Imatron, Analogic, Neurologica, Hinnovation, Terarecon, Techniscan, BSD Medical, and Photo Diagnostic Systems.
Additional information on TSS is available on its website www.telesecuritysciences.com.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Homeland cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Homeland’s control. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. In particular, there is no assurance that the negotiations with TSS will result in an agreement. There is no assurance, if an agreement is reached, that Homeland will be able to obtain the required financing within the times required to permit it to purchase all or any part of TSS. There is no assurance that the products being developed by TSS will be commercially viable. Except as required under applicable securities legislation, Homeland undertakes no obligation to publicly update or revise forward-looking information. No stock exchange, securities commission or other regulatory body has reviewed nor accepts responsibility for the adequacy or accuracy of this release. Investors are advised to carefully review the reports and documents that Homeland files from time to time with the U.S. Securities and Exchange Commission, including its Annual, Quarterly and Current Reports.
For More Information Please Contact:
David St. James
Secretary & Treasurer
Tel: (702) 994-7056
SOURCE: Homeland Resources Ltd.