Intelli-Check Resolves Civil Action Brought by Shortsellers
Monday December 15, 9:48 am ET
WOODBURY, N.Y.--(BUSINESS WIRE)--Dec. 15, 2003--Intelli-Check, Inc. (AMEX:IDN - News), a leader in advanced document and age verification systems, today announced that the company has agreed to a settlement of a securities civil action complaint filed by plaintiffs Jones, Borislow and D&K Charitable Foundation against Intelli-Check and an officer of the company in the United States District Court for the District of New Jersey, Civil Action No. 01cv04860 (JBS).
The Court previously dismissed the lawsuit but permitted plaintiffs to replead certain claims. Per the agreement, plaintiffs have withdrawn their amended lawsuit with prejudice. The settlement will not affect the company's results of operations, balance sheet or financial condition.
About Intelli-Check, Inc.
Intelli-Check, Inc. (www.intellicheck.com) is a developer and marketer of proprietary document verification technology, which is contained in its ID-CHECK® units. The multi-purpose ID-CHECK system authenticates the validity of driver licenses, state issued non-driver and military identification cards used as proof of identity. Through its patented technology, ID-CHECK analyzes and displays information encoded in magnetic stripes and barcodes found on state and government-issued identification cards from more than 50 jurisdictions. ID-CHECK units are fully capable of increasing security and are being used as a tool to deter terrorism at military installations, high profile buildings, airports and other sites and also against commercial fraud, including identity theft, which often is supported by fake IDs. The ID-CHECK system helps prevent economic loss from check-cashing, credit card and various other frauds utilizing fake IDs. ID-CHECK and IDentiScan units also have the ability to determine whether purchasers of regulated products such as alcohol, tobacco and other age restricted products and services meet minimum age requirements for their sale. The company's software only application, IDN-DLL, can be used with a customer's existing hardware, or with minimal additional hardware components, included in Point-Of-Sale (POS) terminals for multi-lane retailers such as grocery and mass-retail stores.
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Contact:
The Abernathy MacGregor Group, Inc.
Chuck Burgess or illian Angstadt, 212/371-5999
or
Intelli-Check, Inc.
Frank Mandelbaum, 516/992-1900
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Source: Intelli-Check, Inc. |
