"Mr. Davis, with more than 20 years of experience in management, marketing and finance, is Executive Vice President of GunnAllen Financial. He previously had been President of Kensington Securities, Inc., Scottsdale, Arizona, and prior to that President of Wentworth Securities in Los Angeles, California. From 1978 through 1988 he was President of Numero Uno Franchise Corporation California, and expanded the chain to more than 60 units from 12 and sales to more than $30 million from $3 million. He is also an author and lecturer on business subjects, and was an instructor at California State University, Northridge."
INTELLI-CHECK Announces Underwriters Exercise of Over-allotment Option; Company Names Two New Board Members.
Author/s:
Issue: Dec 16, 1999
HUNTINGTON, NY--(BUSINESS WIRE)--Dec. 15, 1999--
INTELLI-CHECK, INC. (AMEX:IDN), developer of advanced documentation verification systems, announced today that GunnAllen Financial, Inc. of Tampa, Florida and Starr Securities, Inc. of New York, New York have exercised their option to purchase an additional 150,000 shares of common stock at $7.50 per share to cover over-allotments related to the Company's Initial Public Offering on November 18, 1999. On that date, the underwriters offered 1,000,000 shares of common stock, netting the company $6,182,250. The net proceeds to Intelli-Check from the exercise of the over -allotment will amount to $992,812.50.
In a separate development, Intelli-Check also announced the election to the Board of Directors of Jeffrey A. Levy and Howard Davis. Mr. Davis is the designee of the underwriters who brought the Company public on November 18, 1999 and will be a non-voting advisor.
Frank Mandelbaum, Chairman and Chief Executive Officer of Intelli-Check, noted that "These highly credentialed executives bring to our already distinguished Board additional skills which will help accelerate the growth of our company. Mr. Levy has a specialized interest in the prevention of drunk driving, a problem addressed by Intelli-Check's proprietary software. Howard Davis has hands-on operating experience as Chief Executive Officer of both non-financial and financial organizations, as well as being an advisor to numerous high-tech growth companies."
Mr. Levy is a Board member of the Northern Virginia Chapter of Mothers Against Drunk Driving, the Washington Regional Alcohol Program, the Zero Tolerance Coalition and the National Drunk and Drugged Driving Prevention Month Coalition. He is also a member of the Virginia Attorney General's Task Force on Drinking by College Students and MADD, a National Commission on Underage Drinking. Mr. Levy graduated from the U.S. Air Force Academy and attended the University of Stockholm as a Fullbright Scholar. He is currently President and Chief Executive Officer of LeaseLinc, Inc. in Alexandria, Virginia
Mr. Davis, with more than 20 years of experience in management, marketing and finance, is Executive Vice President of GunnAllen Financial. He previously had been President of Kensington Securities, Inc., Scottsdale, Arizona, and prior to that President of Wentworth Securities in Los Angeles, California. From 1978 through 1988 he was President of Numero Uno Franchise Corporation California, and expanded the chain to more than 60 units from 12 and sales to more than $30 million from $3 million. He is also an author and lecturer on business subjects, and was an instructor at California State University, Northridge.
Intelli-Check, Inc. designs, develops and markets an advanced document verification system that enables a retailer to determine a customer's age and identity for, among other things, preventing the sale of alcoholic beverages, tobacco and other age-restricted products to underage persons. The ID Check terminal, with its patented software, analyzes and displays information encoded in magnetic stripes and barcodes found on driver licenses, military identification, passports, and other forms of government-issued identification. Additionally, ID Check is capable of detecting fraudulent or altered documents
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