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Wednesday September 8, 7:04 am Eastern Time
Company Press Release
Mitek Announces Multi-Year Agreement With Unisys
Mitek's Recognition Technology Chosen for High Performance and Unique Features
SAN DIEGO--(BUSINESS WIRE)--Sept. 8, 1999--Mitek Systems Inc. (NASDAQ:MITK - news) Wednesday announced the signing of a long-term agreement with Unisys Corp. in which Mitek will provide its core technology to the Payment Systems Division. By working together, both companies plan to increase penetration in global markets.
Unisys has combined multiple ''best-of-breed'' recognition engines in its SoftCAR+ product to achieve read results superior to those individually achievable. The Unisys Payment Systems Division chose Mitek to be a critical component in this product because of its technological leadership, strategic direction in the market, product performance, product features and international presence.
Mitek is providing Unisys with an exclusive recognition engine that combines CCITT Group 4 TIFF CAR (Courtesy Amount Recognition), and LAR (Legal Amount Recognition) with JPEG gray level CAR to achieve industry-leading performance. This result is further combined with Unisys' JPEG CAR engine to provide the highest performing recognition product in the industry. Mitek's dedicated staff of scientists and software engineers, who continually enhance and improve the Mitek recognition engine, will ensure that this leadership is maintained.
William Boersing, Mitek's vice president of North American Sales, said, ''Mitek competed for this business by developing a unique product with unique capabilities for Unisys. We are very pleased to have this new relationship with the Unisys Payment Systems Division since it enhances our position as a leading provider of check recognition technology.''
Mike Thomas, vice president and general manager, Unisys Payment Systems, said, ''By integrating Mitek's unique CAR/LAR solution into the SoftCAR+ product, our customers will realize an extremely high level of read performance and accuracy second to none, resulting in significant labor savings.''
About Mitek
Mitek Systems is a worldwide leader in intelligent character recognition technology, products and services for the document imaging markets with headquarters at 10070 Carroll Canyon Road, San Diego, CA 92131. The company's document imaging software engine and intelligent character recognition products and services are used in mission-critical and high volume data entry, data capture, and forms processing applications installed in many of the world's leading financial institutions, manufacturing and service companies, and government organizations. For more information about Mitek Systems, visit the company's Web site at: miteksys.com.
Forward Looking Statement Disclosure
With the exception of historical matters, the matters discussed in this news release are forward-looking statements that involve risks and uncertainty. Forward-looking statements include, but are not limited to, statements relating to the development and pace of sales of the company's products, expected trends and growth in the company's results of operations, projections concerning the company's available cash flow and liquidity, anticipated penetration in new and existing markets for the company's products and the size of such markets, anticipated acceptance of the company's products by existing and new customers, the ability of the company to sustain any growth in sales and revenue and the increase in sales representatives and other personnel. The company's actual results could differ in such forward-looking statements. There can be no assurance that the company will achieve the results set forth herein.
Note to Editors: Mitek is a trademark of Mitek Systems Inc. Unisys is a registered trademark of Unisys Corp. All other product or company names may be trademarks or registered trademarks of their respective holders.
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