HomelandDefenseStocks.com Reports: Explosive Detection System Technologies – Intelligence Points To Increased Aviation Industry Terrorist Threats Including Hijacking and Bombing
New Homeland Security Defense Budget Proposes $5 Billion for Airport Security.
POINT ROBERTS, WA, February 25th, 2005 – www.HomelandDefenseStocks.com (HDS) and www.BorderAndPortSecurity.com (BPS), investor news portals for the Homeland Defense and Security Sectors, are pleased to offer investors an exclusive report regarding the current use of, and demand for Explosive Detection Systems within the aviation Industry. Companies like Hawk Protection Systems, Inc. (OTC.PK: HWPR), Markland Technologies (OTCBB: MRKL), and Electronic Sensor Technology (OTCBB: ESNR) are all in the business of either developing or manufacturing explosive detection solutions, which are currently in high demand.
Speaking recently before a US Senate committee David Stone, administrator with the Transportation Security Administration (TSA), said that intelligence points to growing terrorist threat possibilities within the aviation industry. Of the recent $5.6 billion proposed Homeland Security Department budget, nearly $5 billion is earmarked exclusively for aviation security. In addition to the larger conglomerates providing security solutions, smaller companies have had, and continue to have, an important role in researching and developing new technologies for use in explosive detection solutions.
The HDS portal is a news and information source for International Industry leaders, Institutions, Media, Government, Military, Navy, Investors, Brokerage Firms and Fortune 500 Companies. Investors and media can gain insight into the rapidly growing homeland defense sector through the site. The HDS and BPS websites do not make recommendations, but offer a unique free information portal to research news, exclusive articles, interviews, investor conferences and a growing list of participating public companies in the sector.
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Article Excerpt: Explosive Detection System Technologies – Intelligence Points To Increased Aviation Industry Terrorist Threats Including Hijacking And Bombing.
By Brian Eriksen Noer, HomelandDefenseStocks.com
February 2005
Given the current environment within North America and the Bush administration, right now would seem to be a very profitable point in time to be in the explosives detection system (EDS) business. Speaking recently before a US Senate committee David Stone, administrator with the Transportation Security Administration (TSA), said that intelligence points to growing terrorist threats within the aviation industry. Of the recent $5.6 billion proposed Homeland Security Department budget, nearly $5 billion is earmarked exclusively for aviation security.
Nico Melendez, TSA Field Communications Director for Los Angeles (which manages security for LAX airport, among others), said that the TSA continues to test new technologies that will make the agency more efficient, while relieving the need for added human resources. “The TSA has opportunities for small businesses in both primary contractor and subcontractor roles. Smaller companies have had, and continue to have, an important role in researching and developing new technologies for use in explosive detection.”
Deirdre O'Sullivan, TSA Spokesperson, concurred with Melendez, stating that, “The TSA sources their current and new technologies from both smaller companies and larger conglomerates. In the past few years we have seen that the larger conglomerates tend to buy smaller companies with promising technologies. The TSA is of course out to purchase the most up to date technologies possible.”
"The current airport security systems are outdated, ineffective and very costly to operate,” said John Altes, CEO of Hawk Protection Systems (OTC.PK: HWPR). “In fact, several governmental agencies who have studied the issue have dubbed current explosive detection technologies as the weak point in airport security and are in the process of setting up guidelines and standards that will be in effect throughout the US within the next 2 years."
In 1995 Electronic Sensor Technology (OTCBB: ESNR) perfected their patented zNose technology and spun it off to form the current company. “We delivered several prototypes to the FAA and the army,” said Edward Staples, Managing Director. “Back in those days threats were pretty simple – mostly nitro based compounds. Today, the situation has changed dramatically. Threats do not just encompass explosives. The shoe bomber for example, was carrying a compound called TATP (triacetone-triperoxide), which cannot be seen with a nitro based detector.”
Ken Ducey, President of Markland Technologies (OTCBB: MRKL) “There is no question that a wave is coming, and we want to make sure that Markland is at the forefront of that wave. Our technology portfolio is diversified and ahead of the curve. Our suite of next-generation electronic imaging and detection solutions are being designed to spot suicide bombers and terrorists before they can carry out their attacks."
Click here to read the full article:
http://www.HomelandDefenseStocks.com/Companies/HomelandDefense/HDS/_ESN.asp
HomelandDefenseStocks.com and BorderAndPortSecurity.com include a growing list of public companies within the sector. For our list of public companies involved in defense and security, click here: http://www.homelanddefensestocks.com/Companies/HomelandDefense/Stock_List.asp and/or http://investorideas.com/BPS/Stock_List.asp
About HDS Featured Clients: (HDS is compensated for Featured Company Profiled)
Hawk Protection Systems, Inc. (OTC.PK: HWPR) is in the business of researching, developing, and engineering a wide range of security products and systems that are intended for use by government, military, and law enforcement agencies worldwide, as well as commercial security professionals. Business activities include: Explosives Detection, Contraband Detection, Chemical Detection, Mobile Surveillance Systems, Defense Engineering, Defense Consulting, Laser Technologies, Model Simulation, and Sales Representation. www.hawkps.com
Markland Technologies, Inc. (OTCBB: MRKL) has four business segments, which address the needs of the Homeland Security marketplace: Chemical Detectors, Border Security, Advanced Technologies and Sensing Technologies for the U.S. Army, the U.S. Navy, the Department of Homeland Security, and various other U.S. Intelligence agencies. www.marklandtech.com
Technest Holdings, Inc. (OTCBB: THNS) - Majority owned by Markland Technolgies (OTCBB: MRKL)
Markland Technologies, Inc. announced February 14, 2005 it has completed a multi part transaction which includes the purchase of majority ownership of Technest Holdings, Inc., and the subsequent purchase by Technest Holdings, Inc. of all of the stock of Maryland based Genex Technologies, Inc. (Genex). Genex revenues derive principally from 20 ongoing contracts to supply imaging and surveillance sensor technology to a wide array of government customers. Genex had revenues for the fiscal year ended December 31, 2004 of approximately $5.5M. http://www.genextech.com/
Electronic Sensor Technology (OTCBB: ESNR) Founded in 1995, Electronic Sensor Technology has developed and patented a breakthrough chemical vapor analysis process. The company's product line is positioned to eliminate key vulnerabilities in the homeland security market, specifically in commercial building HV A C security, maritime port security, airport security, and border security. http://www.electronicsensortechnology.com/
HomelandDefenseStocks.com Acquires Premier Homeland Security Web Portal TwoTigersOnline and the National Homeland Security Knowledgebase. Click here for Full Story: http://www.homelanddefensestocks.com/Companies/ViewDocument.asp?ID=2566
Additional HDS Homeland Security Web Sites:
www.BorderAndPortSecurity.com, www.BiodefenseStocks.com, www.NonLethalStocks.com, www.RFIDInvesting.com.
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ECON is a privately owned corporate communications company specializing in: media relations, investor relations, and research on public companies and industry sectors, for the investment community. Nothing on our sites should be construed as an offer or solicitation to buy or sell any specific products or securities. All investments involve risk. Past performance does not guarantee future results, therefore investigate before you invest! Although we attempt to research thoroughly, we offer no guarantees as to the accuracy of any information presented. We encourage all investors to use our sites only as a resource to further their own research.
The site is compensated by its "Featured Companies,” as outlined in our on-line disclaimer at www.InvestorIdeas.com/About/Disclaimer.asp. Markland Technologies (OTCBB: MRKL): Ten thousand dollars per month; Electronic Sensor Technology (OTCBB: ESNR) Four thousand dollars per month; Hawk Protection Systems, Inc. (OTC.PK: HWPR): Four thousand dollars per month - All Featured Companies on HomelandDefenseStocks.com
Saturday, 2 October 2010
When Bad Things Happen To Good Aircraft Buyers: Recognizing
Whether you are purchasing your first aircraft or the latest in a succession of aircraft, as an aircraft buyer you need to proceed with caution. If you don't, after the seller has left with your money, you may have unanswered questions: Do I really own the aircraft? Have I missed any skeletons hiding in the closet that threaten my continued ownership and possession of my aircraft? What happens when someone else claims they own or have a prior interest in my aircraft?
To answer these questions, first we need to discuss what the FAA requires for an aircraft purchase transaction. Then we will talk about some of the problems/issues that an unwary buyer could face. Finally, we will address some of the steps an aircraft buyer can take to ensure that he or she will be the legitimate and undisputed owner of the aircraft being purchased.
Recording Purchase Transactions With The FAA. When you purchase an aircraft, you receive an FAA Form 8050-2, Aircraft Bill of Sale showing the transfer/sale of the aircraft from the seller to you, the aircraft buyer. The bill of sale must then be recorded with the FAA along with an FAA Form 8050-1, Aircraft Registration Application. (Unfortunately, Form 8050-1 is not available online, but must be obtained directly from the FAA or your local FSDO). Additionally, for the most part, all interests in aircraft, whether a security interest, lien, mortgage or judgment, must also be recorded with the FAA Registry in Oklahoma City in order to be valid and the first recorded interest usually has priority over interests recorded at a later date.
Failure to timely and properly comply with these filing and recording requirements can result in problems for the aircraft buyer. What types of problems can happen? Although a variety of such problems exist, two specific ways in which an aircraft buyer can find himself or herself in trouble are when a seller fails to convey title to the buyer or when a seller fails to convey "clear" title to the buyer.
Seller Fails To Convey Title. In this situation, the aircraft buyer does not become the actual owner of the aircraft. The seller may not necessarily intend for the aircraft buyer not to take title to the aircraft. Rather, the seller's failure to convey title to the aircraft buyer is inadvertent or unknowing. One such situation occurs when the bill of sale contains errors. Potential errors can include when the person signing the bill of sale does not have authority to sign on behalf of the corporation or limited liability company that owns the aircraft, when the aircraft is incorrectly identified on the bill of sale or when the person signing the bill of sale does not have capacity (e.g. a person signing the bill of sale is a minor, mentally insane or incompetent).
Unfortunately, situations also arise in which the seller's actions are intentional and result in the aircraft buyer not receiving title to the aircraft. This can happen when a seller sells an aircraft twice and the second buyer actually records his or her bill of sale before the first buyer. A similar result occurs if the seller forges the bill of sale or if the aircraft is subject to judicial proceedings (such as bankruptcy, receivership, probate, conservatorship or dissolution of marriage), and the court has not authorized the sale.
Seller Is Unable To Convey Clear Title. In this situation, the bill of sale may be valid and convey title to the aircraft to the aircraft buyer, but that aircraft may be subject to the interests of some other third-party. Such prior interests can include judgement liens, tax liens, mechanic's liens and various other liens and security interests. These prior interests would likely be recorded before the buyer's bill of sale. It is also possible, in some limited circumstances, to have an unrecorded, possessory lien against an aircraft. (Unrecorded, possessory liens make a strong case against purchasing an aircraft sight unseen without confirming the location of the aircraft and lack of claims by the party in possession if other than the aircraft seller).
What To Do? With such potential problems lurking in the shadows, what can/should an aircraft buyer do? Well, one answer is to hire an aviation attorney to assist you with the transaction. An aviation attorney will be familiar with the filing and recording requirements of the FAA and will make sure that the bill of sale and aircraft registration application are completed accurately, properly and filed in a timely manner. An aviation attorney will also be able to perform due diligence on your behalf including a title search and name searches for the seller to discover any judgements, liens, bankruptcies or security interests. He or she can also help you resolve any title defects that may be discovered during due diligence.
An aviation attorney may further help you obtain an affidavit from the seller affirmatively stating that the seller is not aware of any judgements, liens or encumbrances affecting the title to the aircraft. This may assist you in pursuing or asserting a fraud claim against the seller if a title issue arises which you can show the seller was aware of when the affidavit was signed.
Another way to protect yourself is to buy title insurance for your aircraft. The aircraft title insurer will ensure your documentation is accurate and filed in a timely manner and it will also perform the same types of title and name searches an aviation attorney would perform on your behalf. However, the title insurer may or may not be able to assist you in resolving any title defects and won't be able to provide you with any legal advice regarding the purchase transaction.
The bottom line is that you as an aircraft buyer need to proceed with caution and perform due diligence when purchasing an aircraft. Although this may seem like added cost in the short term, in the long run these steps can save you the large expense, and possible loss of your aircraft, that can result from title defects or third-party claims against your aircraft.
As always, fly safe and, when you are purchasing an aircraft, buy smart.
To answer these questions, first we need to discuss what the FAA requires for an aircraft purchase transaction. Then we will talk about some of the problems/issues that an unwary buyer could face. Finally, we will address some of the steps an aircraft buyer can take to ensure that he or she will be the legitimate and undisputed owner of the aircraft being purchased.
Recording Purchase Transactions With The FAA. When you purchase an aircraft, you receive an FAA Form 8050-2, Aircraft Bill of Sale showing the transfer/sale of the aircraft from the seller to you, the aircraft buyer. The bill of sale must then be recorded with the FAA along with an FAA Form 8050-1, Aircraft Registration Application. (Unfortunately, Form 8050-1 is not available online, but must be obtained directly from the FAA or your local FSDO). Additionally, for the most part, all interests in aircraft, whether a security interest, lien, mortgage or judgment, must also be recorded with the FAA Registry in Oklahoma City in order to be valid and the first recorded interest usually has priority over interests recorded at a later date.
Failure to timely and properly comply with these filing and recording requirements can result in problems for the aircraft buyer. What types of problems can happen? Although a variety of such problems exist, two specific ways in which an aircraft buyer can find himself or herself in trouble are when a seller fails to convey title to the buyer or when a seller fails to convey "clear" title to the buyer.
Seller Fails To Convey Title. In this situation, the aircraft buyer does not become the actual owner of the aircraft. The seller may not necessarily intend for the aircraft buyer not to take title to the aircraft. Rather, the seller's failure to convey title to the aircraft buyer is inadvertent or unknowing. One such situation occurs when the bill of sale contains errors. Potential errors can include when the person signing the bill of sale does not have authority to sign on behalf of the corporation or limited liability company that owns the aircraft, when the aircraft is incorrectly identified on the bill of sale or when the person signing the bill of sale does not have capacity (e.g. a person signing the bill of sale is a minor, mentally insane or incompetent).
Unfortunately, situations also arise in which the seller's actions are intentional and result in the aircraft buyer not receiving title to the aircraft. This can happen when a seller sells an aircraft twice and the second buyer actually records his or her bill of sale before the first buyer. A similar result occurs if the seller forges the bill of sale or if the aircraft is subject to judicial proceedings (such as bankruptcy, receivership, probate, conservatorship or dissolution of marriage), and the court has not authorized the sale.
Seller Is Unable To Convey Clear Title. In this situation, the bill of sale may be valid and convey title to the aircraft to the aircraft buyer, but that aircraft may be subject to the interests of some other third-party. Such prior interests can include judgement liens, tax liens, mechanic's liens and various other liens and security interests. These prior interests would likely be recorded before the buyer's bill of sale. It is also possible, in some limited circumstances, to have an unrecorded, possessory lien against an aircraft. (Unrecorded, possessory liens make a strong case against purchasing an aircraft sight unseen without confirming the location of the aircraft and lack of claims by the party in possession if other than the aircraft seller).
What To Do? With such potential problems lurking in the shadows, what can/should an aircraft buyer do? Well, one answer is to hire an aviation attorney to assist you with the transaction. An aviation attorney will be familiar with the filing and recording requirements of the FAA and will make sure that the bill of sale and aircraft registration application are completed accurately, properly and filed in a timely manner. An aviation attorney will also be able to perform due diligence on your behalf including a title search and name searches for the seller to discover any judgements, liens, bankruptcies or security interests. He or she can also help you resolve any title defects that may be discovered during due diligence.
An aviation attorney may further help you obtain an affidavit from the seller affirmatively stating that the seller is not aware of any judgements, liens or encumbrances affecting the title to the aircraft. This may assist you in pursuing or asserting a fraud claim against the seller if a title issue arises which you can show the seller was aware of when the affidavit was signed.
Another way to protect yourself is to buy title insurance for your aircraft. The aircraft title insurer will ensure your documentation is accurate and filed in a timely manner and it will also perform the same types of title and name searches an aviation attorney would perform on your behalf. However, the title insurer may or may not be able to assist you in resolving any title defects and won't be able to provide you with any legal advice regarding the purchase transaction.
The bottom line is that you as an aircraft buyer need to proceed with caution and perform due diligence when purchasing an aircraft. Although this may seem like added cost in the short term, in the long run these steps can save you the large expense, and possible loss of your aircraft, that can result from title defects or third-party claims against your aircraft.
As always, fly safe and, when you are purchasing an aircraft, buy smart.
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