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Gold/Mining/Energy : MYT - Mytec Technologies -- Ignore unavailable to you. Want to Upgrade?

To: hsg who wrote (1427)	2/4/2000 12:57:00 AM
From: j. angeles	Respond to of 1535

Old news? Related Quotes MYT.TO 5.10 +2.21 delayed 20 mins - disclaimer Thursday February 3, 11:26 pm Eastern Time Mytec stock soars on Smith & Wesson 'smart' guns TORONTO, Feb 3 (Reuters) - Shares of Canadian biometric technology firm Mytec Technologies Inc. (Toronto:MYT.TO - news) soared on Thursday after the company said it had integrated its fingerprint scanning technology into ``smart' guns made by Smith and Wesson Corp. Mytec's shares shot up 76 percent, or C$2.21, on the Toronto Stock Exchange to close at C$5.10. This establishes for investors the credibility of our technology because Smith & Wesson looked at other biometric encryption systems and ended up choosing Mytec's technology, said Mytec's Executive Vice-president Frank Chen. The announcement coincides with a plethora of anti-gun lawsuits filed by 29 U.S. cities and counties against the gun industry, alleging they are partly to blame for inner-city violence. Smith & Wesson, owned by the British conglomerate Tomkins PLC, holds about 25 percent of the U.S. handgun market and has invested about $5 million over the past four years to develop so-called smart-gun technology. The U.S. government is pondering whether to give $10 million in federal grants to gun manufacturers to develop smart guns. Chen said Mytec has been working with Smith & Wesson for the past nine months to develop a gun that can be fired only by the registered user. ``The gun will not fire until the fingerprint of the registered owner pulls the trigger. The trigger re-scans the fingerprint and in a millisecond will be able to tell if it's the registered owner,' said Chen. ($1=$1.44 Canadian)