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Passport Systems Raises $22 Million

N. BILLERICA, Mass., June 24, 2013 (GLOBE NEWSWIRE) -- Passport Systems Inc. recently completed a $22 million equity round of financing from a group of private, corporate, and institutional investors to accelerate the commercialization of its advanced Cargo Scanning System and its mobile Networked Detector System product lines. "This financing represents an important financial and strategic milestone for the company. We welcome our new investors and look forward to their contributions to the company," said Passport CEO Robert Ledoux.

Passport Systems, Inc. has developed a next generation automated, non-intrusive Cargo Scanning System that has the capability to analyze the composition of materials and accurately identify the contents of a container, including commercial items, contraband, fissile materials, explosives, and other materials. This scanning system can rapidly and automatically detect and identify concealed threats and contraband in sea, air, and land cargo. The company has also developed a mobile Networked Detector System that automatically can locate, track, and identify sources of radiation in real time.

Previously, Passport had also announced the receipt of a contract from the U.S. Department of Homeland Security for the deployment of a fully operational cargo scanning system. This system is scheduled to be operational in mid-2014.

Founded by a group of MIT researchers, Passport has developed these new detection products for safeguarding the world's sea, air and land commerce. Funded by a combination of private capital and government contracts, Passport is now commercializing its products to protect people, borders, and economies from growing forms of threat.

CONTACT: For more information: Bruce Garcia, CFO - Passport Systems, Inc. Telephone: (978) 263-9900, x2205

Source:Passport Systems Inc.