The Evermedia Group Acquires Majority Stake in System Technology Solutions

NEW YORK, NY--(Marketwire - 09/11/09) - Evermedia Group, Inc. (Pinksheets:EVRM - News) is pleased to announce that it has completed an agreement to acquire a majority interest in the San Antonio, TX based defense contractor, System Technology Solutions, Inc. (STS). Currently, the Evermedia Group owns 80% of STS through its parent company and will now control two operating subsidiaries. The deal was financed primarily with common stock, requiring Evermedia to increase its authorized shares to finance the purchase. The companies will consolidate certain aspects of their businesses such as contract management, administrative functions and financial reporting while operations and division management will remain independent. Richard Weitzel will be named the new Chief Executive Officer of STS Evermedia Corporation, the parent of STS, and will also be a director at the Evermedia Group. The "change of command" will take place on or about 1 OCT 2009.
Regarding the acquisition, CEO of Evermedia Jonathan Sym stated: "This increased ownership of STS is a milestone event for us. This is the most significant event in our company's young history as it will allow us to participate in the revenues of a terrific company. With STS as a subsidiary and some recent agreements we have yet to announce, we look forward to posting strong third quarter financials. Furthermore, we structured this acquisition so Evermedia will now become a Service Disabled Veteran Owned Small Business. This will create tremendous contracting and financial opportunities for us going forward."
In order for a company to be designated a service disabled company, a minimum of 51% of the outstanding shares must be directly owned by veterans with a service related disability. Given this mandate, Evermedia increased its authorized to meet this requirement as well as to allow enough shares for future, targeted acquisitions. Accordingly, Evermedia believes that they are the only iris biometric and defense contracting company to have this designation.
Weitzel commented, "This is a very exciting time for us all. We have been winning some terrific contracts as well as forming teaming agreements with some of the best and largest defense contractors in the world. Now having exclusive access to biometric technologies through Evermedia, we have a distinct advantage over our competitors as demand for biometric security applications continue to grow within the DoD. This partnership with Evermedia is outstanding and we look forward to growing this family of companies together."
About Evermedia
Based in New York, NY Evermedia develops biometric-based identification management and authentication solutions using proprietary, patent-protected iris recognition technology. Evermedia is involved in the development of biometric-based authentication and verification systems to protect personal identity. The company's proprietary technology is patented in the United States, China and South Korea. The Evermedia Group is also the largest shareholder in STS Evermedia, the parent of System Technology Solutions, Inc.
About System Technology Solutions
Based in San Antonio, TX, STS is a defense contractor providing engineering, logistics, IT and security services to government and large commercial enterprises. STS also provides technical design, program management and security services globally.
Safe Harbor Statement
Certain Statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements express or implied by such forward-looking statements. The forward-looking statements are subject to risks and uncertainties including, without limitation, changes in levels of competition, possible loss of customers, and the company's ability to attract and retain key personnel.
Contact:
CONTACT:
The Evermedia Group, Inc.
Jonathan Sym
info@evermediabiometrics.com