Intelli-Check, Inc., a developer of advanced document verification systems, announced that the non-exclusive OEM agreement with Sensormatic Electronics Corp., recently acquired by Tyco International Ltd., which expires on March 31, 2002, will by mutual agreement not be renewed.
Intelli-Check said that Sensormatic has agreed to pay an undisclosed sum of money and additionally return to Intelli-Check previously paid for and unsold CHECK-FIRST units in its inventory to meet its obligations under the agreement.
Intelli-Check will recognize the income in the first quarter of 2002. Intelli-Check, Inc. ([www.intellicheck.com]) is a developer and marketer of an advanced state-of-the art document verification system for authenticating the validity of driver licenses and ID cards used as proof of identity.
Intelli-Check’s multi-purpose ID-CHECK(R) units are fully capable of increasing security and as a tool that can be used to deter terrorism at military installations, high profile buildings, airports and other sites and are also an effective tool against “identity theft,” which often is supported by fake IDs and is the fastest growing crime in the U.S. ID-CHECK(R) units enable a user to prevent economic loss from check-cashing, credit card and various other frauds utilizing fake IDs and to determine whether purchasers of age-restricted products such as alcohol and tobacco meet minimum age requirements for their sale. ID-CHECK(R), with its patented technology, analyzes and displays information encoded in magnetic stripes and barcodes found on driver licenses, military identification and other forms of state and government-issued identification from more than 50 jurisdictions.