May 22, 2012

Walleye Technologies, Inc., the leading developer of hand-held and portable microwave imaging systems, announced today a strategic investment and technology development agreement with In-Q-Tel (IQT), the independent strategic investment firm that identifies innovative technology solutions to support the missions of the U.S. Intelligence Community.

This strategic partnership between Walleye Technologies and IQT will advance hand-held microwave imaging solutions for a range of security and other applications. "Walleye's microwave imaging technology has many potential uses in the security sector," said Simon Davidson, partner on IQT's Investments team.  "The portability of this self-contained, hand-held device will provide our government customers with important visualization capabilities for situations where larger, stationary systems cannot be used."

Like the millimeter wave portals found in airports, the Walleye system uses millimeter waves (microwaves) to penetrate objects and visualize the interior. Walleye's patented technology enables the delivery of this capability in a light-weight, battery-powered hand-held device, and at a far lower cost. The device generates digital images which can easily be downloaded, stored and transmitted.

IQT's strategic investment in Walleye Technologies will enable the company to enter the manufacturing phase of growth, a significant milestone for this Massachusetts-based technology start-up.  Christopher Adams, Walleye founder and CEO, adds: "Our relationship with In-Q-Tel will also help us identify and introduce our technology to a range of government agencies that can benefit from its unique capabilities."

About Walleye Technologies
Walleye Technologies develops next generation hand-held portable imaging systems capable of "seeing" into and through solid objects.  The company's patented imaging technology platform, the Walleye Imaging System, generates high quality images and has a diversity of applications, from consumer to security imaging markets. To learn more about Walleye Technologies, please visit www.walleyetechnologies.com.