Security Biometrics Inc. Adjusts Strategic Approach to Biometrics Market
VANCOUVER, British Columbia, Nov 4, 2001 (BUSINESS WIRE) -- Security Biometrics (OTC:SBTI - news) announced today that it has modified its approach to the wide-ranging biometrics market to coincide with the biometric product development strategy of DSI Datotech Systems Inc. (DSI), its licensor. Security Biometrics agrees with DSI that it is necessary to develop an integrated offering, based upon DSI's unique Gesture Recognition Technology (GRT), that will be applicable to a broader range of applications within the financial and transaction markets. As a result of this strategic re-focusing, DSI has decided to bring development of its biometric offering in-house and terminate its Option to License Agreement (security solutions for banking and financial markets) with Security Biometrics Inc. (OTC: SBTI).
SBTI and DSI have had in place two separate Option to License agreements, one which addressed the banking and financial markets and the other, via Netface, LLC a wholly-owned subsidiary of SBTI, the gaming and Internet TV markets. With today's announcement, SBTI will be relieved of its financial obligation to pay DSI $3 Million in US funds. The two companies remain very excited about opportunities for Gesture Recognition Technology (GRT) in the gaming and Internet TV spaces, and are working together to identify additional business opportunities.
Kenneth Barr, CEO stated, "Based on recent events, there exists an urgent need for a secure and comprehensive identification system, one that is neither cumbersome nor intrusive. Security Biometrics' management believes that DSI's biometric-enabled Gesture Recognition Technology (GRT) has the potential to provide instantaneous verification of a person's identification to near certainty via real time signature analysis on low-cost, proprietary touch pads. DSI's technology, currently in development and with an initial product scheduled for release in the first quarter of 2002, also has the potential to address a greater depth of applications for their users."
Security Biometrics Inc. through its whole owned subsidiary, Netface, develops and markets under license biometric enabled Gesture Recognition Technology (GRT) specific to the multi-billion dollar PC and Console gaming and Interactive TV markets. GRT is a dynamic system that promises to revolutionize human interaction with electronic devices and machines by allowing intuitive, eyes free interaction with computers and machines using hand gestures.
Management believes this release may contain forward-looking statements, which are subject to risks and uncertainties including statements relating to the Company's plan to maintain revenue growth and net profitability. 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.
CONTACT: Murdock Capital Partners Corp.
Luis J. Mejia, 212/421-2545
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