updated 11/22/2010 11:45:28 AM ET 2010-11-22T16:45:28

CHICAGO, Nov. 22, 2010 (GLOBE NEWSWIRE) -- Q Lotus Holdings, Inc. (OTCBB:QLTS) announced today that it has entered into a Letter of Intent with Greystone Digital Technology, Inc. (Pink Sheets:GSTN) to acquire the Institute of Radiological Sciences (IRIS) a subsidiary of Greystone Digital Technology, Inc. and a company founded by Dr. David Goodenough of George Washington University. Dr. Goodenough is one of the leading experts in the field of imaging sciences and recently attained Emeritus Status. Dr. Goodenough is to remain the President, CEO, and Senior Scientist at IRIS.

The purchase of IRIS is in exchange for stock in Q Lotus Holdings, Inc. It includes its licenses and intellectual properties, as well as its building valued at $500,000, and physical plant, equipment, and other assets valued at $100,000. Q Lotus also maintains the exclusive right to continue research and commercial exploitation in the field of imaging and detection and to complete Phase III of the Department of the Navy's small bore scanner initiative at its Explosive Ordinance Depot located at Indian Head, Maryland.

IRIS conducts advanced research in the area of imaging and scanning technologies and working with Radiological Ventures was responsible for completing Phase I and Phase II of the Department of the Navy's small bore scanner at the Navy's Explosive Ordinance Depot. The initial award was for $1.095 Million of which $425,000 remains upon completion of Phase III.

Forward-Looking Statement

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements. Such statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Information on significant potential risks and uncertainties that may also cause differences includes, but is not limited to, those mentioned by Q Lotus Holdings, Inc. from time to time in its filings with the SEC. The words "may," "will," "believe," "estimate," "expect," "plan," "intend," "project," "anticipate," "could," "would," "should," "seek," "continue," "pursue" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. The forward-looking statements may include statements regarding product development, product potential or financial performance. Q Lotus Holdings, Inc. undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may be disclosed from time to time in our SEC filings or otherwise, including the factors discussed in Item 1A, Risk Factors, of our Annual Report on Form 10-K and in or periodic reports on Form 10-Q, and, therefore, readers should not place undue reliance on these forward-looking statements. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Q Lotus Holdings' business.

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