Upgrade International Corp. announced that it has received an additional $2.5 million in funding from Antares 2 Pension Fund, managed by Fonditel EGFP, SA., and $500,000 from a private European investor.
Fonditel is the manager of pension assets for Telefonica, the global telecommunications operator headquartered in Spain. Daniel Bland, Upgrade’s President and CEO stated the following: “This financing will enable Upgrade and UltraCard to move forward in our efforts to commercialize the UltraCard and deliver many applications including an alternative solution to a central database model for a national ID card system. UltraCard once commercialized will allow for your entire encrypted biometrics identification system to be stored on the card, thereby eliminating the need to store and verify your personal ID from a government-controlled central database. Not only does this solve the `Big Brother is watching’ concern it also has the potential to drastically reduce the cost of building the database infrastructure. Protecting our borders and our way of life without trampling on our civil liberties should be the number one priority in the information technology business today. We will expend a substantial amount of our resources in fulfilling this obligation.”
Upgrade International Corp. () through its ownership interest in UltraCard Inc. (), Efornet Corp., and cQue Corporation is engaged in the development and commercialization of a patented ultra high capacity portable data storage technology. UltraCard’s patented method for using existing hard disk storage technology provides both highly durable media in a credit card format and an inexpensive read/write device that together will become the next generation in personal portable data storage for a broad range of existing and new markets. Management believes that the UltraCard technology will potentially provide numerous industrial users with a combination of high levels of security and a vastly greater amount of personal transportable data storage at the lowest cost in the industry. In addition the acquisition and development of existing SmartCard solution providers represents a strategic market strategy designed to accelerate the integration of the vastly superior technology inherent in the UltraCard into existing and newly developing markets.
On Behalf of the Board of Directors, Daniel S. Bland President and Chief Executive OfficerDetails