Post by
LADDIE on Jun 13, 2001 1:44pm
WALL STREET EXECUTIVE NAMED DIRECTOR OF INVN
Stephen Blum -- Experienced Wall Street Executive -- Named Director of InVision Technologies
NEWARK, Calif.--(BUSINESS WIRE)--June 12, 2001--InVision Technologies (Nasdaq:INVN), a leader in the development of detection technology, said today that it has named Stephen Blum to its board of directors. Blum, aged 60, is president of Donald & Company Securities. His appointment increases the company's number of directors to seven.
Blum has been president of Donald & Company, a New York-based full service investment banking and brokerage firm, for the past eleven years. His firm has led or co-managed offerings for more than 30 companies, raising more than $200 million.
His nearly 40 years of Wall Street experience also includes Dreyfus & Company, the Sherwood Securities Division of National Discount Brokers and Corporate Finance. He has a BS degree from the New York University's School of Commerce.
"We are delighted to have someone of Stephen's caliber joining our board, said Sergio Magistri, president and chief executive officer of InVision. "He has been associated with the company for several years and his vast experience in providing financing and corporate strategy to companies will be of great value as we implement our long-term initiatives to enhance shareholder value," he added.
"InVision has excellent detection technology with strong leadership in key areas, such as aviation security and landmine detection. In addition, the company has continued to enhance its management team and implement strategies to improve operating efficiencies and drive the company towards an improved financial performance. I look forward to helping the company realize the full value of its innovative capabilities," Blum said.
InVision Technologies develops, manufactures, markets and supports explosive detection systems based on advanced Computed Tomography (CT) technology for civil aviation security. Today, more than 240 FAA-certified CTX systems have been shipped worldwide to provide the traveling public with the best security against terrorism available.
InVision is also building on its detection expertise with a diverse range of products under development, including:
-- Landmine detection technology. Our subsidiary, Quantum
Magnetics, possesses patented Quadrupole Resonance (QR)
technology that is considered to be the most promising
landmine detection technology.
-- Concealed weapons detection. In 2000, Quantum engineered its
passive and non-intrusive magnetic concealed weapons detection
portal hardware into a manfacturable product, and as an OEM
supplier, shipped a number of units. This technology combines
high detection probability with a low rate of false alarms.
-- WoodVision. InVision continues to focus on applying its CT
technology to the planted wood market segment to provide yield
improvements in both volume and grade.
-- InVision is also researching potential future applications for
its portfolio of detection technologies. Quantum is exploring
the use of QR technology to detect drugs, explosives and
chemical and biological warfare agents with a variety of
systems, including portals and hand-held detectors. Quantum is
also performing research under a grant from the U.S.
Department of Energy to develop magnetic resonance technology
to improve energy efficiency in process control applications
by accurately determining the moisture content of processed
materials, including lumber and wood products, paper pulp,
food products and fuels such as coal.
In addition to its Explosive Detection Systems, the company also develops, manufactures, markets and supports CT-based systems for other applications, including wood scanning and drug detection. InVision's wholly owned subsidiary, Quantum Magnetics, develops and commercializes patented and proprietary technologies. These include, but are not limited to, QR patents licensed from the Naval Research Laboratory, that are based on a state-of-the-art, low-cost version of magnetic resonance adapted for explosive detection. InVision's wholly-owned subsidiary, Inovec, develops, manufactures, markets and supports scanning, optimization and control systems for the forest products industry. Today, more than 600 systems have been installed in mills worldwide to produce more lumber from each log and to control product quality. Additional information about InVision can be obtained on the company's web site at https://www.invision-tech.com.
This news release contains forward-looking statements including statements regarding projected revenues and plans relating to the company's products and services. Investors are cautioned to consider the important risk factors that could cause actual results to differ materially from those in the forward-looking statements in this news release. These risk factors include risks inherent to doing business with public agencies, such as limited funding; risks inherent in manufacturing and delivering products on time; risks inherent to the development of new products and new applications; and other risks detailed from time to time in the company's SEC reports, including the most recent reports on Forms 10-Q and 10-K.
CONTACT:
InVision Technologies, Inc.
Ross Mulholland, 510/739-2400
KEYWORD: CALIFORNIA NEW YORK
BW0018 JUN 12,2001
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