Company Press Release - Looks promising.
FingerMatrix Developing Fingerprint-Secured Systems e-Commerce Transactions
ELMSFORD, N.Y.--(BUSINESS WIRE)--Nov. 10, 1999--Fingermatrix Inc. (OTCBB:FINX - news), a pioneer in electronic fingerprinting technology, Wednesday announced the signing of a Letter of Intent covering a transaction which, when consummated, will allow its newly-formed subsidiary, Authorized Payments Inc., to continue its development of systems for Internet and telephone e-commerce transactions secured by proprietary fingerprinting technology.
Joseph Randazza, soon to be chief executive officer of API, commented, ''The API payment and processing system, by using biometric technology, is designed to enhance security. We intend to make customer identification, purchase selection and payment authorization all available at the touch of a finger. This promises a new era in electronic commerce -- the ultimate electronic wallet.''
With consumer trading on the Internet in its infancy and expected to grow by billions of dollars a year, Lewis S. Schiller, chairman and chief executive officer of Fingermatrix, said, ''We believe the security and flexibility offered through our planned payment and processing systems will make us an enabling technology as we head for the new millennium.''
Schiller went on to explain that API will utilize several strategic relationships in its operations, including those with Fingermatrix and a FDIC-insured bank.
Fingermatrix pioneered electronic fingerprinting technology 20 years ago and holds eight patents in the field.
API's planned activities are subject to consummation of the transaction contemplated by the Letter of Intent. This transaction is subject to a number of contingencies, among which are approval by the board of directors of Fingermatrix, and the execution of definitive agreements among the parties, including employment agreements between Fingermatrix, Secured Portal Systems Inc., API and Messrs. Randazza and Leslie Roth, soon to be senior vice-president of API. |
