||Alanco Investor Relations
NEC/Alanco Update Schedule for Strategic Marketing Agreement
(Scottsdale, AZ - May 27, 2005) - Alanco Technologies, Inc. (NASDAQ: ALAN) and Tokyo-based NEC Corporation (NEC) today updated a previously announced Letter of Intent (LOI) regarding their Asian strategic marketing agreement for Alanco’s TSI PRISM™ RFID tracking technology.
In their March 30, 2005, LOI news release, NEC and Alanco stated that they expected a definitive agreement “within 30 days.” In order to provide NEC sufficient time for TSI PRISM market potential evaluations in additional areas beyond the original LOI scope, the parties now anticipate finalizing their strategic marketing agreement in early July, 2005.
Alanco Technologies, Inc. (NASDAQ: ALAN), headquartered in Scottsdale, Arizona, is the developer of the TSI PRISM RFID continuous tracking system for the corrections industry, which tracks the location and movement of inmates and officers, resulting in significant prison operating cost reductions and enhanced officer safety and facility security. Utilizing RFID (Radio Frequency Identification) tracking technology with proprietary software and patented hardware components, TSI PRISM provides real-time inmate and officer identification, location and tracking capabilities both indoors and out. TSI PRISM is currently utilized in prisons in Michigan, California, Illinois, and a new Ohio installation. The Company also participates in the data storage industry through two subsidiary companies: Arraid, Inc., a manufacturer of proprietary storage products to upgrade older “legacy” computer systems; and Excel/Meridian Data, Inc., a manufacturer of Network Attached Storage (NAS) systems.
About NEC Corporation
NEC Corporation is one of the world's leading providers of Internet, broadband network and enterprise business solutions dedicated to meeting the specialized needs of its diverse and global base of customers. Ranked as one of the world's top patent-producing companies, NEC delivers tailored solutions in the key fields of computer, networking and electron devices, by integrating its technical strengths in IT and Networks, and by providing advanced semiconductor solutions through NEC Electronics Corporation. The NEC Group employs more than 140,000 people worldwide and had net sales of approximately $45.4 billion in the fiscal year ended March 2005. For additional information, please visit the NEC home page at: http://www.nec.com.
Except for historical information, the statements contained in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are subject to, and are qualified by, risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. These risks and uncertainties include, but are not limited to, reduced demand for information technology equipment; competitive pricing and difficulty managing product costs; development of new technologies which make the Company’s products obsolete; rapid industry changes; failure of an acquired business to further the Company’s strategies; the ability to maintain satisfactory relationships with lenders and to remain in compliance with financial loan covenants and other requirements under current banking agreements; and the ability to secure and maintain key contracts and relationships.