To: Frank A. Coluccio who wrote (549 ) 11/30/1999 1:03:00 PM From: Lazarus Read Replies (1) | Respond to of 1782
Here is some news on one of the stock I mentioned the other day... VISG (PR Wires) PRW: Viisage Acquires New Biometric Technology for Fraud Pre PRW: Viisage Acquires New Biometric Technology for Fraud Prevention and e-Commerce applications LITTLETON, Mass., Nov. 30 /PRNewswire/ -- Viisage Technology, Inc. (Nasdaq: VISG), a leader in the emerging field of biometrics technology and in providing identification systems and solutions, today announced that it has acquired an exclusive license to a U.S. patent to prevent identity theft and fraud by automatically verifying an individual's identity by comparing the persons facial features with an encrypted image stored on an identification card, badge, tag or any escort memory. Tom Colatosti, Viisage President and CEO said, "We now have the ability to make dramatic improvements in the prevention and reduction of a fraud in point-of-sale or e-commerce applications by storing and retrieving encrypted facial features on physical media such as personal checks, credit cards, passports, drivers' licenses, smart cards and portable computers." Colatosti went on to say, "We can now provide consumers with the same biometric privacy and security benefits we now deliver to our institutional customers who use our technology in networks and large data bases." This technology enables identity verification by matching image data stored on a check, credit card or palmtop with the image that is stored at the verification location. The encrypted image data is automatically retrieved and compared to the stored facial image enabling accurate and intuitive point-of-sale and e-commerce identity verification. Recent studies have shown identity theft as one of the leading forms of fraud and is a major concern for many e-commerce consumers. This encryption technology, combined with Viisage's leadership facial recognition technology, will increase the level of consumer confidence for both retail and Internet transactions. Colatosti concluded, "Our vision is to leverage our success in high security applications to improve convenience and privacy for consumers. It is clear that the market potential for our technology is significant and the applications so varied that our focus will be on developing a number of new distribution channels and application partners to take full advantage of the future opportunities we see." Viisage is a leader in the emerging field of biometrics and in providing digital identification systems and solutions. The Company focuses on identification solutions that improve personal convenience and security;deter fraud and reduce identification program costs. Viisage combines its systems integration and software design capabilities with its proprietary software and hardware products and other best-in-class products to create complete customized solutions. Applications can include drivers' licenses, voter registration, national ID's, law enforcement and social services. Viisage systems annually produce more than 20 million identification documents at more than 1,500 locations in 13 states. Viisage is also commercializing patented facial recognition technology for access control, PC network and Internet access security and the real-time large identification and verification of individuals. Viisage Technology is on the World Wide Web at viisage.com . This news release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements in this document and those made from time to time by the Company through its senior management are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements concerning future plans or results are necessarily only estimates and actual results could differ materially from expectations. Certain factors that could cause or contribute to such differences include, among other things, potential fluctuations in quarterly results, the size and timing of award and performance on contracts, dependence on large contracts and a limited number of customers, lengthy sales and implementation cycles, changes in management estimates incident to accounting for contracts, availability and cost of key components, market acceptance of new or enhanced products and services, proprietary technology and changing technology, competitive conditions,system performance, management of growth, dependence on key personnel, risks of year 2000 issues and general economic and political conditions and other factors affecting spending by customers. For more information on Viisage, via fax at no charge, dial 1-800-PRO-INFO and enter ticker symbol VISG. /CONTACT: Tom Colatosti, Chief Executive Officer of Viisage Technology, Inc., 978-952-2211; or General Info., Doug DeLieto, Analyst Info., Jean Young, 212-661-8030, both of The Financial Relations Board/ 12:24 EST *** end of story ***