TORONTO, March 14 /PRNewswire-FirstCall/ -- Bioscrypt Inc. (TSX: BYT), a leading provider of enterprise access control technology, today announced that it has completed its acquisition of A4Vision, a privately-held company headquartered in Sunnyvale, California, that specializes in advanced identification systems using 3D facial imaging and recognition technology.
Bioscrypt is increasing its position as the recognized biometric access control market share leader by adding to its range of biometric access control products with A4's 3D face identification/verification solutions. The introduction of the innovative 3D face matching products allows Bioscrypt to extend its range of multi-factor authentication solutions and expand its competitive advantage in biometric access control.
"For many years Bioscrypt has been advancing its platform to support strong authentication for physical and logical access control," said Robert L. Williams, President and CEO of Bioscrypt. "We have established our place in the market and are internationally known for our strength in fingerprint biometric verification. This leadership position as well our goal to support the many authentication techniques used within an enterprise have been extended with the addition of A4's 3D face system."
In association with the acquisition of A4, and following approval being received at the special meeting of shareholders held yesterday, Bioscrypt also completed a private placement, adding US$6.4 million in new capital to the business. With the closing of the acquisition and the private placement, institutional investors including EuroQube SA, In-Q-Tel, Menlo Ventures, Motorola Ventures, NTT Leasing Co. Ltd., TAKO Ventures, and Wedge International, will own, on a fully diluted basis, up to approximately 32% of the pro forma company.
"We are pleased to be adding experienced and knowledgeable new investors to the company," said Bruce MacInnis, Chief Financial Officer of Bioscrypt. "The capital infusion and institutional support provides the Company with a solid foundation to consolidate our position as the leading vendor of enterprise access control solutions."
About Bioscrypt Inc.
Bioscrypt is an enterprise access control solution provider, enabling the unification of physical and logical access with its Door to Desktop(R) products. Bioscrypt's hardware and software solutions deliver strong authentication processes to facilities, equipment, IT networks and computer applications and allow organizations to administer unified identities across the enterprise.
Building on its proven expertise in biometric technology and its unique multi-factor authentication platform, Bioscrypt integrates all major secure authentication standards, transforming how organizations are bridging the gap between physical and logical access to create secure working environments. More information is available at http://www.bioscrypt.com/.
Forward-looking (safe harbour) statement
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes", "plans", "expects" or "intends" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.
Bioscrypt and Door to Desktop are registered trademarks and Veri-Series
and VeriSoft are trademarks of Bioscrypt Inc. All other product and
company names mentioned are the property of their respective owners and
are mentioned for identification purposes only.
