Korean joint venture!
Shares issued 24,445,839 2000-06-07 close $6.15. Mytec climbed as high as 1/3 to $8.20. The volume of 609,934 was the heaviest since April 17.
Toronto, Ontario, June 8, 2000
Mytec forms Korean joint venture
Mytec Technologies Inc. and Powoo Metal Co. Ltd. today
announced they have entered into a joint venture agreement to
bring Mytec's leading biometrics products to customers in
Korea.
Under the agreement, Mytec Korea Co. Ltd. will sub-license
Mytec's technologies to other original equipment manufacturers
in Korea. It will also manufacture - under license - and distribute
Mytec's Touchstone Pro, Gateway and MPAD systems.
"Korea is a tremendous market for us to penetrate because of
its strategic importance to multinational electronics companies
and other manufacturers that could integrate or gain value from
our technologies," said Pierre Donaldson, Mytec President and
Chief Executive Officer. "We chose to partner with Powoo
because of their strong connections in the Korean marketplace.
They are a small company but one with excellent connections
and knowledge of the marketplace."
The agreement to form the joint venture is subject to final
signing of the licensing agreement by both companies and
financing.
About Mytec Products
MPAD or Mytec Portable Authentication Device technology
provides security for a range of hand-held, portable electronic
commerce tools such as cell phones and PDA's. MPAD is a
breakthrough for Mytec. It represents the latest in DSP and
solid state fingerprint sensor technology. With MPAD, the
Company can now integrate a biometric module, easily and
cost-effectively into any number of wireless devices. With
MPAD, manufacturers of portable electronics as well as
telecommunications carriers can offer their customers an
affordable, biometric solution to enable rock-solid security.
Mytec's Touchstone Pro is a biometric-enabled, computer
network security system with on-board processing power,
meaning all sensitive operations happen within the device and
not in a host computer. Only when authentication is
accomplished does the user's secret key travel to the host
computer. This prevents snooping and replay attacks.
Mytec's Gateway technology is a biometric-enabled physical
security system using an industry-standard data interface. This
removes the need for custom installation. It is fully compatible
with most major electronic physical access control systems and
comes complete with a Dallas iButton, a portable database the
size of a key ring that houses the user's Bioscrypt information.
Visit their website at mytec.com. |
