It seems like Veridicom has 9 lives......it's still not dead.
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Veridicom International's Biometrics Security Technologies Heighten Presence in Key Middle East, African Markets
SUNNYVALE, Calif. --(Business Wire)-- April 15, 2004 -- Veridicom International, Inc. (OTCBB:VRDI) today announced that under an agreement with Montada Al Khaleej Establishment ("Montada"), the Company's proprietary biometrics solutions will receive significant marketing exposure in the high demand markets of the Middle East and Africa. Under terms of the agreement, Montada purchased marketing rights to Veridicom's product and service portfolio for those regions and established an equity position in the Company in a transaction valued at $1.25 million.
Paul Mann, President and CEO of Veridicom, commented: "This is a significant milestone for the new Veridicom International. We look forward to a prosperous relationship with Montada as we build our presence in the Middle East and Africa. Montada is ideally positioned to help us spearhead our entry into these strategically important regions. The combination of market demand and Montada's access to decision makers makes this an exceptional opportunity for our Company and our shareholders."
"We investigated many companies in the global biometric industry, and decided that Veridicom was best positioned to help us address the increasing need for physical and electronic security solutions in the Middle East and Africa," stated Mohammed Binhezaim, Chairman of Montada. "We are excited to bring new business to Veridicom from the Middle East and Africa. We feel that Veridicom's solutions have tremendous potential in this region and that Montada will increase Veridicom's presence in the region by creating business from our established business and government network."
Mr. Binhezaim continued: "We have a mandate to secure biometric solutions for this region. This will enable us, and our partners, to provide products to authenticate the credentials of people as they move throughout the region."
Mr. Khalid Al Dhyaei, President and CEO of Montada, stated: "We are very excited about rolling out the Veridicom suite of solutions, and have already begun developing a marketing strategy utilizing our multiple branch offices in the region. The initial target opportunities will involve government agencies, the travel industry, and financial institutions. Veridicom's Trusted Traveler solution gives us a real product to meet the challenges faced by our travel and financial industries."
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