TSE SYMBOL: HCI
OTC Bulletin Board SYMBOL: HCIFF
JULY 4, 2000
HCI Completes The Transaction And Acquires 50% Interest
In AND Biometrics Thereby Gaining A Leadership Position
In The Explosive Field Of Biometrics
BURLINGTON, ONTARIO--HCI (TSE: HCI) today announces completion of
the transaction whereby AND Corporation and HCI will jointly own
"AND Biometrics" on an equal basis. AND Biometrics is the owner of
the exclusive worldwide "HNeT" license for face and speech
recognition applications. These applications using "HNeT"
technology will position AND Biometrics as a global leader in
Smart Card Technology that is being used today in the rapidly
expanding field of Biometrics. AND Biometrics, a wholly Canadian
owned corporation is the worldwide leader in development of
applications using Holographic/Quantum Neural Technology ("HNeT").
Holographic/Quantum Neural Technology ("HNeT") is an established
and leading enabling technology with universal appeal. This
leading edge technology surpasses the more standardized
connectionist model, Artificial Neural Systems (ANS) theory that
is currently being used. HNeT, which is in essence a working model
of the human brain, clearly leads the way. Facial recognition on
HNeT technology is the first of several applications, which will
revolutionize the way in which security at every level is handled
in the future.
AND Biometrics is well positioned to capture significant business
from the Smart Card Identification System with many of Canada's
major financial institutions. Jerry Janik, CEO of HCI, commented
recently "that the major Canadian banks and credit card companies
in 1999 alone lost over 162 million dollars to fraud. This HNeT
technology will virtually eliminate this market scourge. The
broader capabilities for this technology will impact all areas of
commerce from prevention to securitization to stabilization", he
said.
"HNeT technology devices and applications are clearly the next
great innovation for business as a whole" says John Sutherland,
Chairman and CEO of AND Corporation. "We have been working with
Neural Technology since 1989 and are very excited to be at this
stage". There are many biometric devices in the market today.
"Biomimetic Intelligence Architecture" realized through the HNeT
architecture clearly differentiates itself from the technology of
potential competitors. HNeT technology is recognized by leading
international academics in the field of Artificial Neural Systems
(ANS) as the sixth generation breakthrough.
About AND Biometrics...
AND Biometrics a working name for the joint venture is well
financed and well positioned to lead the way in the biometric
field. "With AND Corporation as the backbone of research and
development, we now have all the tools to fully exploit the full
potential of this technology" reports Mr.Janik, the key motivator
in this acquisition. "Our shareholders will be pleased with this
transaction as it comes to market. The potential is huge and the
rewards are equal. The upside is even greater overtime as other
applications come on-line and we put our management team in place
to fully exploit that potential" said Mr. Janik.
About HCI.....
HCI is a diversified, Canadian-controlled company which operates
through autonomous subsidiaries and partnerships. When completed
AND Biometrics, the leading-edge provider of neural technology
with applications for the financial, manufacturing, security and
medical sectors; Heritage Concepts, branded restaurant
environments, the foodservice and franchise sector; Platinum
Intermedia, growth partnerships in the audio communications
industry and internet-related businesses and Real Estate Holdings,
real property investments. HCI shares trade on the Toronto Stock
Exchange under the stock symbol HCI.
/T/
Heritage Concepts International Inc.
399 Pearl Street
Burlington, Ontario
L7R 2M8
/T/
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Heritage Concepts International Inc.
David Lobb, CMA
Investor Relations
(905) 634-4111, ext 32
(905) 634-1101 (FAX)
info@heritageconceptsintl.com |
