GOLDEN, Colo. -- Isonics Corporation, committed to the development of next-generation technology for the homeland security and semiconductor markets, today announced that its Protection Plus Security Consultants (PPSC) subsidiary has been awarded over $4.8 million in new contracts for six customers for security services to be performed throughout the U.S.
"We are particularly pleased with the performance of PPSC," commented James Alexander, Isonics' chairman & CEO. "These contract wins are expected to be the first of many which we believe will drive growth in this key subsidiary."
The contracts have terms ranging from one to three years. The Company expects to record new revenue of approximately $1.2 million during the current fiscal year, beginning in the current fiscal quarter.
Isonics PPSC subsidiary provides a wide range of security-related services, including armed escort personnel, electronic security systems, mobile vehicle controls, forensic analysis, communications security, and other security expertise. In 2004, PPSC generated unaudited revenues of approximately $13 million through its business in the private sector. Isonics believes the award of government services contracts in the future can significantly increase PPSC revenues. PPSC has no government services contracts at the present time although, as announced in July 2005, PPSC was awarded a GSA federal supply schedule. PPSC was acquired by Isonics this year as part of the Company's strategy to build a multi-dimensional, high-growth homeland security business capable of delivering a range of next-generation technologies and services to the global marketplace.
Isonics' next-generation security and defense technology includes the NeutroTest(TM) portable explosive detection device, other neutron-based technologies and other advanced technologies. Isonics recently announced the first sales of the handheld NeutroTest(TM) explosive detection product. Isonics has executed a Letter of Intent to acquire IUT-Berlin, a longtime business and technology development partner developing a portfolio of advanced homeland security and defense technology.
(c)2005 Business Wire