Headline: Fingermatrix Reorganizes Following Acquisitions
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ELMSFORD, N.Y.--(BUSINESS WIRE)--May 6, 1999--Fingermatrix Inc.
(OTC BB:FINX), which last week acquired three subsidiaries of
privately-owned The Trinity Group in exchange for 85 percent equity
interest and management control, today reported a reorganization of
the company.
A new Board of Directors was named to succeed former Fingermatrix
directors who had resigned. Its members are Lewis S. Schiller, a
merchant banker who is chairman of The Trinity Group; E. Gerald Kay,
chairman and president of Chem International Inc., and Joel M. Brown,
a former corporate financial executive who is currently a private
investor. Schiller was designated Chairman of the Board.
Schiller said the company is in discussions with several sources
of financing looking to secure funds for pursuit of new opportunities
created by the recent acquisitions. One such project, just announced,
is to pursue development of a fingerprint-based system providing
secure transactions on the Internet.
Schiller, beside his chairmanship of The Trinity Group, also sits
on the boards of various private companies. He previously served as
chairman and chief executive officer of Consolidated Technology Group,
Ltd.; chairman and CEO of Transglobal Services Inc. (NASDAQ:TGSI), and
chairman and CEO of Netsmart Technology Inc. (NASDAQ:NTST). His
brother, Michael Schiller, founded Fingermatrix 20 years ago, was its
technological innovator and also served as its president until 1994.
Joel M. Brown, a private investor, was formerly treasurer of U.S.
Lines Inc., New York; treasurer of Hartz Mountain Corp., Harrison,
N.Y., and vice president and treasurer of The Remco Maintenance Corp.,
New York.
The third Fingermatrix director is E. Gerald Kay, chairman and
president of Chem International Inc., a NASDAQ-sited company.
The Trinity interests acquired last week are SES Acquisitions
Corp. and its two wholly-owned subsidiaries -- Sequential Electronic
Systems Inc. and S-Tech Inc. -- which Schiller said will operate as
units of Fingermatrix. Also acquired was Trinity's 51-percent equity
holding in FMX Inc., a development concern specializing in electronic
fingerprinting and imaging technologies. In the reorganization, its
activities will be combined with those of Fingermatrix.
CONTACT: Molesworth Associates Inc.
Gordon Molesworth, 520/625-0550
KEYWORD: NEW YORK
INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS
INTERACTIVE/MULTIMEDIA/INTERNET MERGERS/ACQ MANAGEMENT CHANGES
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