SACM announces their delisting, but in a most unusual manner.
- Daniel
biz.yahoo.com
Tuesday May 25, 6:30 am Eastern Time
Company Press Release
SAC Technologies to Launch SACSecure 1.1 Online for $14.95
Sales by E-Commerce at Company's Web Site -- www.sacman.com
MINNEAPOLIS--(BUSINESS WIRE)--May 25, 1999-- Company Stock to Commence Trading on OTC Electronic Bulletin Board
SAC Technologies Inc. (OTC BB:SACM - news), the leading biometrics ''Identification'' technology development company, today announced the release and availability of its new SACSecure(TM) 1.1 encryption software suite for $14.95.
''Compared to existing encryption technologies, SACSecure(TM),'' explained SAC Technologies Chief Executive Officer Barry Wendt, ''represents a new age in information security technology. We tested many of the leading encryption programs presently on the market such as Crypt-o-Text(TM), Magic Folders(TM), SafeHouse(TM), Blowfish(TM), and PGP(TM) for user interface and have developed SACSecure(TM) to be more tactile-intuitive and easier to use than these existing programs. At $14.95 retail, SACSecure(TM) 1.1 provides powerful and unbeatable security for 50%-80% less than the price of competitive products. Even at this price point, we believe we will be able to achieve gross margins of 50%-70%.''
As a stand-alone security and encryption system, SACSecure(TM) 1.1 features consumer grade DES exportable 40-bit encryption. The easy to use yet powerful encryption software suite which allows users to selectively encrypt program files, programs and directories tied to a user's password is now available through e-mail at the company's Web site at www.sacman.com. Downloadable program files and secure purchase through E-commerce will be available on the company's Web site within the next 30 days.
''Unlike other encryption programs, SACSecure(TM) 1.1 runs side-by-side existing applications and provides an independent Windows environment which can be used with all Windows 95/98, NT, etc. based applications including Microsoft, Adobe, etc. The flexibility of the software allows SACSecure(TM) to be used in conjunction with SAC's biometric fingerprint identification workstation and network log-on system or as a separate password driven application for uncompromised and absolute user control of network programs, directories and files.''
''By combining our SACcat(TM) fingerprint identification system and the SACSecure(TM) encryption/decryption security system application, SAC Technologies now offers a total security solution. SACSecure(TM) can be upgraded to a 168-bit Military Triple DES grade for an additional $20. We believe that our launch of SACSecure(TM) allows us to take advantage of the increasing demand in security products.''
As previously disclosed in the company's press releases and filings with the Securities and Exchange Commission, the company has not been in compliance with the standards required to maintain its listing on the NASDAQ SmallCap Market. On April 15, 1999, the company attended a hearing before a NASDAQ Listing Qualifications Panel on this matter. The company has been informed of the NASDAQ Panel's decision to delist the company's Common Stock from the NASDAQ SmallCap market effective as of the close of business on May 24, 1999. The company has until on or about June 8, 1999 to request a review of this ruling by NASDAQ which will not stay the Panel's decision. The company is currently evaluating the merits of requesting such a review. The company's Common Stock is eligible for immediate quotation and trading on the OTC Electronic Bulletin Board which is expected to commence today. The company remains subject to the reporting requirements of the Securities and Exchange Act of 1934 and accordingly, will continue to timely file quarterly, annual and all other required reports with the SEC.
For more information on purchasing SACSecure(TM) and other SAC products, contact SAC's Sales and Marketing at 702/798-9777 or check out its Web site at www.sacman.com.
About SAC Technologies Inc.
SAC Technologies Inc. is a biometrics ''Identification'' technology development, licensing and integration company, providing tested and certified biometrics technology for security and access control applications for the commercial, industrial and consumer markets. The company has developed SACcat(TM), a cost-effective biometrics security and convenience tool for individual computer workstation and network log-on for Windows environments.
SAC's biometrics technology and proprietary ''Vector Segment'' algorithm are available for OEM licensing and strategic development alliances. The company offers its products through OEMs, Master Distributors, Value-Added Resellers and System Integrators.
Safe Harbor Statement
Statements contained herein, other than historical data, may constitute forward-looking statements. When used in this document, the words ''estimate,'' ''project,'' ''intends,'' ''expects,'' ''believes'' and similar expressions are intended to identify forward-looking statements regarding events and financial trends which may affect the company's future operating results and financial position. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements and are subject to risks and uncertainties including, but not limited to the company's ability to successfully develop its technology which meets or exceeds specifications according to contractual performance criteria as well as those risks set forth in the company's 10KSB/A1, 10QSB, Registration Statement on Form S-3 and other SEC filings.
Contact:
SAC Technologies Inc. Joseph Girouard, 702/798-9777 jgirouard@sacman.com
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