BIO-key Completes Acquisition of Aether Mobile Government Division
01 Octobre 2004 - 8:53PM
PR Newswire (US)
BIO-key Completes Acquisition of Aether Mobile Government Division
Company Also Raises $10 Million in Convertible Debentures
MINNEAPOLIS, Oct. 1 /PRNewswire-FirstCall/ -- BIO-key
International, Inc. (OTC:BKYI) (BULLETIN BOARD: BKYI) , a leader in
finger-based biometric identification and wireless public safety
solutions, today announced the closing of the purchase of Aether's
Mobile Government Division (NASDAQ:AETH). As previously announced
the purchase price was $10 million in cash and subject to certain
post closing adjustments. The Company also announced that it
completed a $10 million private placement of convertible debentures
and warrants with institutional and accredited investors. The
conversion price of the bonds is $1.35. Investors received warrants
to purchase up to approximately 3 million shares of common stock at
$1.55 per share. The funds will be used to help finance the
transaction and provide for working capital to implement the
Company's business plan of providing highly accurate, fast and
scalable one-to-many fingerprint biometric identification solutions
and mobile wireless systems that enable security officials access
to law enforcement databases to validate identities and obtain
suspect information. Mike DePasquale, BIO-key CEO, said, "With the
addition of the AMG companies including Cerulean and Sunpro,
BIO-key has become the largest provider of mobile, wireless
information and identity management solutions in the public safety
market. Combined with BIO-key's biometric and wireless
technologies, we are positioned as the leading force in an emerging
largely untapped market that we value at more than $5 billion. With
a large 2500 customer base and a network of strategic partners, we
will have the market presence and reach to accelerate biometric
deployments and expand the market for providing secure wireless
information to the estimated 5 million first responders across
nearly 50,000 agencies engaged in homeland security." Tom
Colatosti, BIO-key Chairman, added, "We are also delighted that our
investors have embraced and endorsed our vision and demonstrated
their belief in our ability to successfully execute and achieve our
business potential by assuming a conversion rate that is a
significant more than 35% premium to the market price of our
stock." About BIO-key BIO-key develops and delivers advanced
identification solutions and information services to law
enforcement departments, public safety agencies, governments and
private sector customers. BIO-key's mobile wireless technology
provides first responders with critical, reliable real time data
and images from local, state and national databases. BIO-key's high
performance, scalable, cost effective and easy to deploy biometric
finger identification technology accurately identifies and
authenticates users of wireless and enterprise data to improve
security, convenience and privacy as well as reducing identity
theft. About Aether Systems Aether Systems owns and manages a
portfolio of residential mortgage-backed securities and other
short-term government agency investments. Our principal business
objective is to generate net income from the spread between the
interest income on these securities and the costs of borrowing to
finance their acquisition. BIO-key Safe Harbor Statement This news
release contains forward-looking statements that are subject to
certain risks and uncertainties that may cause actual results to
differ materially from those projected on the basis of these
statements. The words "estimate," "project," "intends," "expects,"
"believes" and similar expressions are intended to identify
forward-looking statements. Such forward-looking statements are
made based on management's beliefs, as well as assumptions made by,
and information currently available to, management pursuant to the
"safe-harbor" provisions of the Private Securities Litigation
Reform Act of 1995. For a more complete description of these and
other risk factors that may affect the future performance of
BIO-key International, see "Risk Factors" in the Company's Annual
Report on Form 10-KSB and its other filings with the Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date made. The Company also undertakes no obligation to
disclose any revision to these forward-looking statements to
reflect events or circumstances after the date made or to reflect
the occurrence of unanticipated events. For more information
contact: Albert Maruggi 612-325-8126 DATASOURCE: BIO-key
International, Inc. CONTACT: Albert Maruggi for BIO-key
International, Inc., +1-612-325-8126, Web site:
http://www.bio-key.com/
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