TORONTO, March 14: 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 www.bioscrypt.com.
Source: Bioscrypt Inc.
CONTACT: Laura Slater, High Road Communications, (613) 236-0909 X 317, email@example.com; Matthew Bogart, Bioscrypt Inc., (905) 940-7771, firstname.lastname@example.org