Dynasil Receives Additional U.S. Department of Homeland Security Award of $2 Million to Advance Nuclear Detection Capabilities
October 12 2010 - 8:14AM
Business Wire
Dynasil Corporation of America (OTCBB: DYSL) today announced
that the Domestic Nuclear Detection Office (“DNDO”) of the U.S.
Department of Homeland Security ("Homeland Security") awarded
Dynasil's subsidiary, Radiation Monitoring Devices, Inc. (“RMD”),
funding totaling $2.0 million for the advancement of its new high
performance nuclear threat detector materials, which are
potentially important additions to the nation’s homeland security
arsenal. The Company’s cutting edge scintillator materials
represent a leap forward in radiation detection performance
applicable to military, industrial and medical applications.
Dynasil’s crystal scintillator, optically coupled with a
photodetector, converts radiation to visible light to detect
radiation and dangerous nuclear material, such as would be used in
a dirty bomb or a nuclear device. It is highly sensitive and can
differentiate between a broad range of threatening and
non-threatening materials, thus reducing false negatives.
Dynasil’s work is of high importance. Terrorists smuggling
nuclear material into the country to create a weapon of mass
destruction is one of the most serious threats faced by the United
States. To combat this threat, Homeland Security has been working
to prevent terrorists from acquiring radioactive materials that
would allow them to fabricate a nuclear weapon. A major component
of this effort involves outfitting border crossings and shipping
ports in the United States and overseas with improved detection
equipment that can detect the telltale radiation that nuclear
materials give off. In addition, current nuclear detection
technology utilizes a crucial ingredient called helium 3 which was
a by-product of the nation’s earlier nuclear weapons programs and
is in increasingly short supply. Dynasil’s new “dual mode”
detectors are designed to work without helium 3 and can replace two
separate nuclear detector systems for gamma radiation and for the
neutrons from nuclear materials. Included in the $2 Million of
funding is a $1.3 million contract that leverages Dynasil’s efforts
to deliver these “dual mode” detector materials, optimized for
quick identification of multiple radiation sources simultaneously,
including highly enriched uranium, plutonium and other radioactive
materials. Funding was also provided for R&D on five new
materials for nuclear threat detection including four Phase I SBIR
grants which may develop into much more significant contracts if
they progress to Phase II.
Craig Dunham, Dynasil’s President and CEO, said of the grants,
"Homeland Security has been an excellent partner for the R&D
work on these programs, and this represents an outstanding
opportunity to transfer technology from the laboratory to the
marketplace. This technology may provide better tools to detect and
intercept potentially devastating weapons. We expect detector
products for nuclear threats and medical imaging to become a key
growth driver for Dynasil while delivering a higher level of safety
to US people and the community.” Kanai Shah, RMD's Vice President
added, "Homeland Security’s ongoing commitment to this program is
tremendous. This Homeland Security grant is a tribute to Dynasil’s
efforts towards developing the best nuclear threat detector
materials. We are excited to pursue these cutting edge
products.”
About Dynasil: Dynasil Corporation of America (OTCBB:
DYSL), is a provider of technology, products, services and
solutions aimed at making the world safer and healthier. The
company supplies a broad range of customers by serving their
specific needs in the medical, industrial, and homeland
security/defense markets. The Company has operations in New Jersey,
New York, Massachusetts and the UK.
About Radiation Monitoring Devices, Inc.: Radiation
Monitoring Devices, Inc. (RMD), a wholly owned subsidiary of
Dynasil Corporation of America was founded in 1974 and is
recognized as a national leader in the specialized fields of
radiation detector materials, nuclear instrumentation, and custom
detector applications. Since the late 1970's, RMD has been an
active participant in the federal SBIR program. RMD is based in
Watertown, Massachusetts.
This news release may contain forward-looking statements usually
containing the words "believe," "expect," “plan”, “target”,
“intend” or similar expressions. These statements are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act. Future results of operations, projections, and
expectations, which may relate to this release, involve certain
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Factors that would
cause or contribute to such differences include, but are not
limited to, the factors detailed in the Company's Annual Report or
Form 10-K, Quarterly Reports on Form 10-Q, as well as in the
Company's other Securities and Exchange Commission filings,
continuation of existing market conditions and demand for our
products.
Dynasil Corp of America (CE) (USOTC:DYSL)
Historical Stock Chart
From Jul 2024 to Aug 2024
Dynasil Corp of America (CE) (USOTC:DYSL)
Historical Stock Chart
From Aug 2023 to Aug 2024