COVINGTON, Ky. , June 26 /PRNewswire-FirstCall/ -- Valley Forge Composite Technologies, Inc. (OTC Bulletin Board: VLYF) announced today recent developments with its operating subsidiaries.
Valley Forge Imaging Systems Inc.'s next-generation advanced Personnel Detection System, ODIN, was validated in March and passed or exceeded ANSI standards. The machines are suitable for virtually any location requiring the screening of people entering the facility and are immediately available for placement in locations worldwide. Valley Forge is presently negotiating with several foreign airports for the placement of multiple ODIN machines.
Valley Forge Detection Systems Inc.'s advanced Explosives Detection System, THOR, is in the final stages of development. Valley Forge recently attended a meeting with a division of the US Army about the development of an IED detection system. The company also has begun negotiations with various foreign governments for the sale and placement of THOR systems. Analysis and feasibility studies are being done, to determine locations suitable for THOR. Expected markets include airports, seaports, cargo terminals and border crossings.
The Lawrence Livermore National Laboratory, partners with Valley Forge on
the developmental end of THOR, stated on page 17 of their 2005 annual report,
"...In one such project, the laboratory is working with the Lebedev Physical
Institute and Valley Forge Composite Technologies, Inc. on an
accelerator-based device to detect hidden explosives in luggage and cargo. The
explosives-detection system is based on a small-scale electron accelerator
developed by Lebedev. The potential market for this technology is huge; the US
market demand alone is approximately
The annual report can be accessed here: http://vlyf.tv/pdf/LLNL_2005_ANNUAL_REPORT.pdf , see page 17 for discussion of Valley Forge.
Bill H.R. 1 Becomes Law - Positively Impacts Valley Forge Imaging Systems and Valley Forge Detection Systems
On August 3, 2007 , the United States enacted into law, Bill H.R. 1 and
Congress made the following findings: 182 public transportation systems
throughout the world have been primary targets of terrorist attacks; more than
6,000 public transportation agencies operate in the United States ; people use
public transportation vehicles 33,000,000 times each day; the Federal Transit
Administration has invested
The new law also mandates that within 5 years any container loaded on a vessel in a foreign port shall not enter the United States unless the container was scanned by non-intrusive imaging equipment and radiation detection equipment at the foreign port before it was loaded on the vessel. The law also mandates that not later than 3 years after the date of enactment, the Secretary of Homeland Security shall establish a system to screen 100 percent of cargo transported on passenger aircraft operated by an air carrier or foreign air carrier in air transportation or intrastate air transportation to ensure the security of all such passenger aircraft carrying cargo. The full text of HR1 can be found here: http://www.govtrack.us/congress/bill.xpd?bill=h110-1
Valley Forge Aerospace continues to supply aerospace giants such as NASA and Northrop-Grumman with their line of light-weight, unique space instruments. Valley Forge is providing specialized, prototype Attitude Control Instruments to NASA's precise engineering specifications, and has extensive experience in the satellite momentum wheel and bearing fields. Valley Forge's composite rotor is lighter, more stable, and less expensive than metal rotors currently in use, so much so that Valley Forge received the NASA's Director's Award for their Composite Rotor and Space Bearings.
Valley Forge Emerging Technologies continues to closely monitor the marketplace for opportunities to adapt their current and other technologies to new products.
More information about Valley Forge Composite Technologies, Inc., its subsidiaries, and its systems can be found at http://www.vlyf.com. Demonstration and Industry related videos can be found here: http://www.vlyf.tv .
Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Statements in this press release that relate to Valley Forge Composite Technologies, Inc.'s future plans, objectives, expectations, performance, events, reports made by others, and the like, including a statement about the assumptions underlying a forward-looking statement, are forward-looking statements protected by the safe harbor. Investors should understand that future events, risks and uncertainties, individually or in the aggregate, are factors that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. These factors could include changes in economic conditions or government policies that may change the demand for the Company's products and services and could include other factors discussed in the sections of the Company's report on Form 10-KSB for the year ended December 31, 2006 as filed with the U.S. Securities and Exchange Commission, entitled "Description of Business" or "Management's Discussion and Analysis or Plan of Operation." This release is comprised of interrelated information that must be interpreted in the context of all of the information provided and care should be exercised not to consider portions of this release out of context. Valley Forge Composite Technologies, Inc. uses paid services of investor relations organizations to promote the Company to the investment community. Investments in the Company should be considered speculative, and, prior to acquisition, should be thoroughly researched. Valley Forge Composite Technologies, Inc. does not intend to update these forward-looking statements prior to its reporting of its quarterly or annual results.
SOURCE Valley Forge Composite Technologies, Inc.