Labcal Announces Closing of $2.5 Million Financing
March 29, 2004 4:10pm
PR Newswire
QUEBEC CITY, March 29 /PRNewswire/ - Labcal Technologies Inc. announces today that it has closed a transaction with Desjardins Venture Capital for a major investment in capital stock. Labcal is a Quebec-based company delivering authentication solutions based on fingerprint, smart card and public key cryptography technologies.
"Investors are looking for companies with innovative products and solutions that fulfill needs in great and growing markets and this is exactly where Labcal stands," said Pierre Root, Chief Operating Officer of Labcal Technologies Inc. "Desjardins Venture Capital's investment is to be used in order to reinforce Labcal's positioning on target markets," continued Mr. Root. "We are more than confident about our relationship with Desjardins Venture Capital as their business network and expertise add great value to Labcal."
Coincident with the transaction, Labcal proceeded with some changes to its senior management team to lay the foundation for the establishment of a new Board of Directors. Mr. Serge Ferland, President and CEO of Labcal, is appointed Chairman of the Board. The current COO of Labcal, Mr. Pierre Root, is appointed President and CEO of the Company and is also appointed to the Board.
"Desjardins Venture Capital is very pleased to be a financial partner of Labcal," said Fabrice Lucherini, Vice-president Information Technology and Telecommunications, Desjardins Venture Capital. "Labcal has world-class solutions addressing the more promising market segments in biometrics and we look forward to a close and supportive relationship with the Company."
About Desjardins Venture Capital
Established in 1974, Desjardins Venture Capital is the venture capital fund management arm of the Desjardins Group. It manages the assets of Desjardins, six Desjardins regional investment funds and Capital regional et cooperatif Desjardins, a public fund created in 2001 whose authorized capitalization is $1.425-billion. More than a financial partner, Desjardins Venture Capital makes its network and expertise available for businesses in their startup, growth and expansion, as well as their plans for mergers, acquisitions or public offerings. More than 165 companies are already associated with Desjardins Venture Capital. ( www.dcrdesjardins.com )
About Labcal Technologies, Inc.
Founded in 1995, Labcal Technologies Inc. develops and markets authentication solutions based on biometric, smart card and PKI technologies. With one of the industry's most comprehensive portfolios of readers and software, Labcal offers trusted and highly secure digital identity systems for a wide range of applications, such as: physical access control, logical access control, military ID and national ID cards. Labcal also provides the market with a complete integrated authentication solution that supports physical and logical access control as well as remote authentication. Supported by an experienced R&D and professional services team, Labcal offers a full range of core and vertical-specific solutions to market demands for any of the following: airport, seaport, oil refinery, healthcare, civil ID, government, and Fortune 1000 Enterprises. For further information please visit www.labcal.com .
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