April 27, 1999 18:34
RFID Systems Corp. Acquired by Electronic Identification Inc.
NEW YORK--(BUSINESS WIRE)--April 27, 1999--Electronic Identification Inc. (EI2), a Nevada corporation, has acquired RFID Systems Corp. (OTC BB:RFID).
RFID Systems, a Delaware corporation, develops and installs proprietary identification and authentication systems. RFID Systems Corp. will cease to exist as a result of the acquisition.
The acquisition of RFID Systems Corp. by EI2 will focus the new team on various projects in the Kingdom of Saudi Arabia which utilize the company's proprietary EPICS (Electronic Personnel Identification and Control System) technology.
EI2 has formed a partnership agreement with a multinational company as its main systems integrator and hardware supplier for the Saudi projects. The agreements are global in scale and involve the rollout of the proprietary solution, EPICS, which will be used in several applications in the Middle East and specifically in Saudi Arabia.
EPICS combines radio frequency and biometric imaging technologies to digitally encode fingerprints, photographs and other personal details onto a microchip using compression technology.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, continued acceptance of the company's products, competition, new products and technological changes, intellectual property rights and other risks.
CONTACT: John Di Cicco, 604/684-8002
604-689-2669 (fax)
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