Trading Symbol: BMS (VSE) February 1, 1999
#99-2
Vancouver, B.C. (February 1, 1999) – Biometric Security Corp. (BMS-VSE), ( HYPERLINK sonomaresource.com www.fingerprintid.com ) has an agreement to acquire 45% of Biometric Identification, Inc. (BII) ( HYPERLINK biometricid.com www.biometricid.com ). BII is a leading innovator in creating and applying fingerprint authorization and verification technology.
AuthenTec Announces Biometric Identification as a Solution Provider for Embedded Fingerprint Systems Solution
Collaborative Efforts Aimed at Providing Product Solutions for such markets as Computer Peripheral, Access Control and Time/Attendance
BII and AuthenTec, Inc., a leading supplier of security and personal identification silicon-based solutions, announced that BII will integrate the AuthenTec FingerLoc sensor into its Veriprint 1100 Embedded Fingerprint System (V1100). AuthenTec and BII will market this combined product solution into selected marketplaces, such as computer peripheral, access control and time and attendance.
The partnership allows both companies to share technology, testing and reliability data, in order to deliver integrated fingerprint identification solutions. The initial products will be based on BII's Veriprint V1100 system, which offers fingerprint template storage, on-board verification, power and communication management, in one integrated package.
"We are pleased that AuthenTec has selected the V1100 embedded system as a platform for their FingerLoc sensor," said Bob Kamm, CEO of BII. "We are impressed with the FingerLoc sensor's excellent image quality and ability to handle dry fingers. AuthenTec's fingerprint acquisition capability compliments our unique Ridge Pattern algorithm and fits well in our Veriprint product line—both our stand-alone and desktop versions."
Scott Moody, President and CEO of AuthenTec noted, "The combination of our unique FingerLoc sensor with BII's V1100 provides the ideal embedded solution for those applications where a self-contained solution is required." Moody added, "The V1100 is the size of a business card and has its own ‘Pentium class' processor and template storage on board; it is perfect for many of our customers, providing security, performance and convenience in a cost-effective package. We are very pleased with this collaborative product integration."
AuthenTec, Inc. is a privately held security and personal identification solutions company located in Melbourne, Florida. The company is a spin-off of Harris Corporation (NYSE: HRS) ( HYPERLINK harris.com www.harris.com ) and a leading developer of silicon based fingerprint identification solutions.
BII Expands Time and Attendance Distribution Channels to Mexico and Taiwan and Completes One of the World's Largest Commercial Biometric Installations
BII Expands Time and Attendance Distribution Channels to Mexico and Taiwan
BII Vice President of Sales, David S. Gittelson announced that his firm has added two new time and attendance distributors to the list of international companies focused on providing biometric fingerprint verification for the electronic data capture industry.
"We are very pleased by the International community's positive response to the Veriprint 2100 (V2100), and look forward to supporting Intermex Automatic Identification (Mexico) (IMEX) ( HYPERLINK intermex.com www.intermex.com ) and Goldenvest (Taiwan) ( HYPERLINK goldenvest.com.tw www.goldenvest.com.tw ) and their subsequent distribution channels", said Gittelson.
Goldenvest Corporation will use BII's V2100 for assembly and resale in the Asian region. Goldenvest will re-package the V2100 and market it with their time and attendance software package for biometric data capture. Gary Huang – Director of Goldenvest said: "Our main concern was the core fingerprint identification technology, and the V2100 performed marvellously."
Huang adds "Asia is a very aggressive marketplace and our minimum projection for the first year is 750 units." The V2100 Powered FP Timeclock will be available in the 2nd quarter of 1999.
IMEX, the number one ranked time and attendance company in Mexico, has decided to private label the V2100 and to distribute it to 55 dealers throughout the Republic of Mexico. IMEX has offices in Guadalajara, Monterrey, San Luis Potosi, Queretaro, Aguascalientes, Leon, Puebla, and Saltillo. IMEX produces and sells software solutions for human resources, production, and time and attendance. "After reviewing other fingerprint solutions, we put the V2100 at the top of the pyramid," comments Jacobo Villalobos Director of IMEX. "It was not difficult to place an order for 300 units given the Veriprint's performance and support provided by BII," adds Villalobos.
BII Completes One of the World's Largest Commercial Biometric Installations
BII announced that it has completed the delivery and installation of a previously announced contract involving Mexico's Federal Camara de Dipulados (Chamber of Deputies), which is now one of the largest networked biometric fingerprint verification systems in the world.
"We are pleased the Mexican legislature has been able to adopt the technology, which will increase voting efficiency by 400%," said Jose Anastasio Villa De Alba – Technology Director. "This system is easy to use, convenient, and is fully automated which ensures the most accurate information, saving time and money" continued Villa De Alba. BII's V2100 fingerprint device provides the operating core of the Mexican Chamber of Deputies' new digital electronic voting system and will ensure that the legislative members are authenticated before they are able to vote. The V2100 system features BII's innovative, full-finger ridge pattern recognition fingerprint verification software system, keypad, display, audio-video indicators, and audit trail.
Jay Wahl – BII Sales Director for Latin America said, " We have two of the largest biometric networked systems in the world, with Mexico using over 520 and the Venezuelan Legislature using over 280 Veriprint units. 1999 will be an excellent year, with a steady increase in demand for our products in Latin America and other regions"
BII's V2100 Fingerprint Verification unit is becoming known as the biometric industry's most accurate and technologically advanced fingerprint verification device currently available. BII asserts it is the industry's only fully programmable, self-contained device capable of storing up to 7,000 fingerprint templates, transaction log of 8,000 modem communications, programmable display options, custom function features, which is affordable, fast, convenient and easy to use.
11,666,666 Unit Private Placement Closed
The Company is pleased to announce the completion of two private placements totaling 11,666,666 units at a price of Cdn.$0.15 per unit for gross proceeds of Cdn.$1,750,000. Each unit consisted of one share and one non-transferable share purchase warrant exercisable for a period of two years at a price of Cdn $0.15 in the first year and Cdn $0.17 in the second year. The proceeds will be used for working capital and increasing the Company's investment in BII.
Headquartered in Sherman Oaks, California, BII is an innovator in creating and applying fingerprint authorization and verification technology.
On Behalf of the Board of Directors of
BIOMETRIC SECURITY CORP.
________________________________________
Patrick W. McCleery, President
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.
Cautionary Notice: This release contains forward-looking statements reflecting the Company's expectations or beliefs concerning future events which could materially affect Company performance in the future. The Company cautions that these and similar statements involve risk and uncertainties and are qualified by important factors, including competitive pressures, unfavorable changes in regulatory structures, and general risks associated with business, which could cause actual results to differ materially from those in the forward looking statement. Forward-looking statements are made in the context of information available as of the date stated. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
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