Security Biometrics Inc. Signs Agreement To Acquire NetFace LLC
VANCOUVER, British Columbia, Jun 20, 2001 (BUSINESS WIRE) -- Security Biometrics Inc. ("The Company") (NASDAQ OTC: SBTI - www.sigbio.com) announced today that the Company has signed an agreement to acquire 100% of NetFace LLC for 20 million Security Biometrics Inc.'s common shares. NetFace holds the exclusive option to license DSI Datotech, Inc.'s Gesture Recognition Technology (GRT) specific for video gaming and Internet/Interactive TV markets. Through its exercise of this license, NetFace has the first "right of refusal" on the development of other GRT horizontal markets.
"This agreement with NetFace represents a natural fit for Security Biometrics that allows the Company to concentrate on the synergies of marketing and distributing biometrically enabled GRT to the global marketplace," stated Mr. Wayne Taylor, CFO for Security Biometrics. The signing of this Agreement affirms both Security Biometrics' and NetFace's confidence in the expected demand for DSI Datotech's gesture technology products."
The user interface industry which facilitated the evolution of the video gaming market as a separate entity from traditional PC game play, now has openly declared the need for such new input devices. Industry visionaries, leaders and analysts have confirmed and reiterated the need for gesture enabled interface devices over the outdated, single-digit, button-operated gaming and interactive TV systems.
Security Biometrics' rights to market and distribute DSI Datotech's patented and proprietary Gesture Recognition Technology (GRT) will greatly facilitate and simplify user interaction with video game consoles, computers and other electronic appliances such as internet/interactive TV set-top boxes.
This press release may contain forward-looking statements, which are subject to risks and uncertainties. The Company's actual results may differ materially from those described in any forward-looking statements. Additional information concerning potential risk factors that could affect the Company's business and financial results are included in the Company's filings with the Securities and Exchange Commission. They can also be found on the Securities and Exchange Commission's website at www.sec.gov.
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