CORE VENTURES INC. (OTC Bulletin Board: CVNK) a Colorado company today announced that it has signed a letter of intent (LOI) to acquire all of the outstanding shares of Princeton, N.J. based PRINTSCAN INTERNATIONAL INC., developer of the patented PRINTSCAN software system that provides automatic and foolproof verification of any individual’s identity via fingerprints, a company in the emerging biometrics industry.
PRINTSCAN automates the process of verifying the identity of individuals for a variety of security purposes. PRINTSCAN’s patented fingerprint identification verification systems feature its coincidental sequencing software algorithm which has been operating in limited commercial application since 1996. In installations to date, the PRINTSCAN system has been demonstrated to produce absolutely no false positives. Torben Huge-Jensen, President of PRINTSCAN said, “The speed and ease with which the PRINTSCAN Software System can be used makes it ideal for a myriad of potential applications, such as ATM, credit card transactions, prevention of welfare fraud, secure access, immigration control and control systems for prisons and police departments. The U.S. market offers the greatest opportunity for the commercial application of our product. However, we are actively seeking new business opportunities in other markets, including Asia.” The global market for biometric technologies such as PRINTSCAN’s is estimated to be in excess of $50 billion.**
As part of the agreement, CORE VENTURES has arranged for $1.5 million in private placement financing. In conjunction with the acquisition of: PRINTSCAN, CORE VENTURES has retained an investment banking firm to raise $5 million in an equity offering to aid the roll-out of PRINTSCAN’s product.
Ashif Jiwa, President of CORE VENTURES said, “We are very excited at the prospect of having such a patented product with such widespread application as PRINTSCAN’s. The acquisition of PRINTSCAN will position us to become the international leader in automated fingerprint identification systems, and a major force in the rapidly evolving biometrics industry.”
** (Research Report conducted in the United Kingdom in 1994)Details