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.
