Digital Biometrics Inc. (DBI), a biometrics systems engineering and connectivity company, and Visionics Corp., a developer of facial recognition technology, announce the completion of their corporate merger. At a special shareholder meeting, DBI’s shareholders voted to merge with Visionics, effective immediately. The merged company’s name will be Visionics Corp.
In a meeting following the shareholder vote, the board of DBI appointed Dr. Joseph J. Atick the CEO of the newly merged company. In addition, Atick and Jason Choo were added to the existing DBI board. Choo represents Lonsdale Group Ltd., a venture capital investor and board member in the private Visionics.
“We are pleased that the merger is now complete,” says Atick. “We are eager to execute on our vision and look forward to leveraging the complementary strengths brought by this merger to build the leading biometric company and to deliver enhanced shareholder value.” The merger agreement calls for DBI to issue approximately 7 million shares of its common stock in exchange for all of the shares of Visionics common stock and options to purchase shares of Visionics common stock.
