Saflink's Subsidiary - FLO Corporation - to Focus on Registered Traveler Program
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FLO Raises $3.5 Million in Financing Round
KIRKLAND, Wash., April 13 -- Saflink Corporation® (BULLETIN BOARD: SFLK) , founding member of the FLO(TM) (Fast Lane Option) Alliance, today announced that it has formed a wholly-owned subsidiary, FLO Corporation, to focus on the Registered Traveler (RT) program. In conjunction with this FLO issued $3.5 million in convertible debt to accredited investors in exchange for a combination of cash and the assignment of outstanding Saflink debentures.
Steve Oyer, Interim Chief Executive Officer of Saflink, stated, "Today's announcements describe the logical next steps in the restructuring activities that we began last October. We've talked about the need to raise capital to fund our efforts around RT and our core technology portfolio and this is the first step in that process."
Glenn Argenbright, President of the newly-formed FLO Corporation, stated, "Having recently secured our first airport award, and seeing substantial growth in the Registered Traveler marketplace, this capital allows us to continue to move forward with our business plan, which is to provide a first- class RT solution for airports, airlines and the traveling public."
About Saflink
Saflink Corporation offers biometric security, smart card and cryptographic technologies that help protect intellectual property and control access to secure facilities. Saflink security technologies are key components in identity assurance management solutions that allow administrators and security personnel to positively confirm a person's identity before access is granted. Saflink cryptographic technologies help to ensure that sensitive information is accessed only by the intended recipient(s). Saflink Corporation is also the founding member of the FLO(TM) (Fast Lane Option) Alliance, which is a consortium of industry-leading companies that combine their respective expertise with Saflink's FLO subsidiary to develop, market, sell and deploy an end-to-end solution for the U.S. government's Registered Traveler Program. For more information, please visit www.saflink.com/ or call 800-762-9595.
About the FLO Alliance
The FLO program benefits from the participation of industry-leading companies that contribute their respective areas of expertise to develop, market, sell and deploy an end-to-end solution for the U.S. government's Registered Traveler Program. The Alliance's solution is designed to provide for the complete Registered Traveler credentialing process and its operational use in airports. The FLO Alliance's biometrically secured FLO card would allow qualified individuals to take advantage of expedited security screening procedures in designated lanes at participating airports as well as promotional offers and discounts offered by retail partners. Companies participating in the FLO program include Saflink Corporation (OTC Bulletin Board: SFLK) and its wholly-owned subsidiary FLO Corporation, Microsoft, JPMorgan Chase, Johnson Controls, Inc., Smiths Detection Inc., The Paradies Shops, International RAM, Expedia Corporate Travel and ID Technology Partners. For more information about the FLO program and Alliance, contact Luke Thomas, Saflink Executive Vice President, Registered Traveler Program, at 425.278.1253 or visit www.fastlaneoption.com.
Source: Saflink Corporation
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