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The Evermedia Group, Inc. : The Evermedia Group Finalizes Agreement to Acquire Equity Stake in Defense Contracting Company

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  Published in Business and Finance on Thursday, July 16th 2009 at 5:12 GMT, Last Modified on 2009-07-16 05:12:28 by Market Wire
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NEW YORK, NY--(Marketwire - July 16, 2009) - The officers and directors of The Evermedia Group, Inc. (PINKSHEETS: [ EVRM ]) met last week to finalize the terms by which the Company will acquire a forty percent equity position in STS Evermedia Corporation, the holding company of the defense contractor System Technology Solutions, Inc. (STS). This development follows a Letter of Intent agreed to by all parties on May 16, 2009 which set forth general plans to formalize the corporate association between Evermedia Biometrics and STS.

Jonathan Sym, CEO of The Evermedia Group, indicated that "both companies were incredibly excited to see this deal close and everyone expects great opportunities to emerge soon. We also began discussions to acquire an additional forty percent of the common shares in the near future and it looks positive that we can come to a mutually beneficial agreement to increase shareholder value for both companies."

Richard Weitzel, CEO of System Technology Solutions, commented on the acquisition saying, "Both Evermedia Biometrics and STS enjoy valuable, highly specialized assets, and by consolidating certain operational and contracting elements between the two companies, we can maximize our strengths and expand our services. We are also revising our initial revenue estimates as we predict much greater opportunities in FY 2010. Details on this and other development are forthcoming."

System Technology Solutions is a San Antonio, TX-based 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. Currently, STS manages numerous contracts and task orders within the Defense community; moreover, STS's teaming partnerships include several Fortune 1000 companies.

Richard Weitzel received his Bachelors degree from the University of Texas, Austin and his MBA from the University of Southern California. He is a retired U.S. Air Force Lieutenant Colonel with 30 years of experience in defense contracting, managing contracts during this tenure with all U.S. military agencies, various Fortune 500 defense contractors and several Department of Defense entities. Weitzel possesses a Top Secret Clearance.