BIOSCRYPT COMPLETES BIOMETRIC IDENTIFICATION ACQUISITION
Bioscrypt Inc., formerly Mytec Technologies Inc., has completed the purchase of Biometric Identification Inc., after acquiring 100 percent of its shares.
Bioscrypt will carry on operations as a wholly owned subsidiary based in Sherman Oaks, Calif., in a deal that will see the company issue more than 9 million common shares at the same time. Bioscrypt may be required to issue up to an additional 2 million common shares and cash consideration within 60 days of the closing, subject to certain conditions as outlined in the management proxy circular dated Feb. 26.
“[Biometric Identification and Bioscrypt] share a vision of the future of biometric secured solutions for individuals and companies alike and how we can provide the biometric solutions needed to succeed in an increasingly mobile and security-conscious economy,” says Pierre Donaldson, Bioscrypt president and CEO.
Bioscrypt will continue to develop, market, sell and support the biometric physical access VeriSeries product line—VeriProx, VeriFlex, V-Pass and V2100—under the Bioscrypt and Bioscrypt on Board brands. Bioscrypt develops, manufactures and licenses biometric technologies—software and standalone hardware—to OEMs and other customers requiring user authentication.
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