VISG news is BIG. Facial recognition is the future of security and personal service in the wired world.
Wednesday January 12, 3:16 pm Eastern Time
Company Press Release
SOURCE: Viisage Technology, Inc.
Viisage to Provide Facial Recognition Technology for Cash Access
LITTLETON, Mass., Jan. 12 /PRNewswire/ -- Viisage Technology, Inc. (Nasdaq: VISG - news), a leader in enabling e-commerce through facial recognition biometrics technology and in providing identification systems and solutions, announced today that it has entered into an agreement to provide facial recognition technology to Global Cash Access (GCA) and Infonox. The agreement includes a contract award to integrate Viisage's patented facial recognition technology into GCA's Automated Cashier Machine (ACM(TM)).
GCA is an alliance of Bank of America (NYSE: BAC - news), USA Processing and First Data Corporation (NYSE: FDC - news) and is the leading provider of cash access, financial management and customer relationship marketing technologies to the gaming industry. GCA's Automated Cashier Machine (ACM) is a breakthrough product that acts as a virtual financial center with the ability to perform all ATM functions, in addition to check cashing, wire transfer processing and providing other financial services. The ACM is initially being deployed in casinos and is also being targeted at retail, banking and other point-of-sale applications.
Infonox is an Internet company headquartered in Silicon Valley that develops Internet appliances. These appliances provide transaction processing, transaction management and transaction reporting services using their proprietary middleware product, Infonox Active Layer.
GCA and Infonox have entered into an agreement with Diebold Incorporated, the global leader in providing integrated delivery systems and services, to supply the ACM kiosk. These new ACM's were demonstrated at the World Gaming Congress Show in Las Vegas during September 1999.
Viisage will provide facial recognition technology to improve ACM security and convenience. Viisage's MIT-developed and patented technology, as well as Viisage's imaging technology, will be integrated into the ACM.
Kirk Sanford, GCA President and CEO, said, ''We selected Viisage because of their superior facial recognition technology and because they have proven experience with identifying and verifying identities in very large data bases, including managing the world's largest database of facial images.''
Infonox, President and CEO, Safwan Shah, added, ''There is a need to provide consumers with an increased level of security and convenience offered by biometrics technology. Facial recognition is one of the most practical biometrics available because it is reliable and non-intrusive.''
Commenting on the importance of this agreement Tom Colatosti, Viisage President and Chief Executive Officer, said, ''We are pleased to be able to partner with these leading companies in the financial services industry to help them improve their competitiveness and customer service. We are convinced that our facial recognition technology will provide a new generation of consumers with an entirely new level of confidence and comfort in using e-commerce and Internet services.''
Colatosti concluded, ''This agreement is an important step towards a future where using facial access becomes as important as using PIN numbers today.''
Viisage is the leader in enabling e-commerce with facial recognition biometrics technology and in providing digital identification systems and solutions. The Company focuses on identification solutions that improve personal convenience and security; deter fraud; and reduces identification program costs. Viisage combines its patented facial recognition technology, systems integration capability, software design expertise, proprietary products and other best-in-class products to create turnkey customized customer solutions. Applications include Internet, electronic and physical access control; real-time image identification and verification; drivers' licenses; voter registration; national ID's; law enforcement; and social services. Domestically, Viisage products annually produce more than 20 million identification documents at more than 1,500 locations in 13 states.
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. |
