After resuming talks in September, Advanced Biometrics Inc.
(ABI) and Electronic Identification Inc. (EIDT) have agreed
on a new share exchange agreement. The agreement is subject
to shareholder approval and both companies say they expect
the transaction to close before Jan. 1, 2003.
The two companies initially announced an agreement in February, which shareholders from ABI overwhelming approved in March. EIDT was unable to bring the share exchange agreement to its shareholders in May, and the agreement was terminated in July.
Upon closing, the share exchange agreement provides for ABI shareholders to own a substantial majority of the outstanding common stock, on a fully diluted basis, of EIDT.
“We believe this union will assist in the advancement of biometric technology, and we are delighted that we could find common ground to move this agreement forward with alacrity,” said James Katzaroff, CEO of ABI.
ABI develops and markets biometric authentication technology for secure physical and electronic access. EIDT develops and markets electronic identification authentication systems for use by corporations.
