ImageWare Systems Announces Completion of Sol Logic, Inc. Acquisition
20 Diciembre 2007 - 7:24PM
Business Wire
ImageWare� Systems, Inc. (AMEX:IW), a leading developer of identity
management solutions, acquired the assets of Sol Logic, Inc., a
leader in real-time voice recognition and language translation
technology, for $3.2 million. The purchase price will be paid in
shares of restricted common stock, to be issued in two tranches
over a six-month period. Frank R. Mitchell, the CEO of Sol Logic,
will join ImageWare�s management team. ImageWare will integrate Sol
Logic�s technology into its biometric platform which includes
real-time voice recognition, multiple language translation and
voice analytics capabilities, as well as support for multilingual
chat, distributed speed for MeshNet and document exploitation. Not
only will it enable users to capture and manage biometric
identities using multiple biometrics and multiple hardware
platforms, but also provide language translation and voice
recognition capabilities whereby an English-speaking user can be
understood in numerous languages including Spanish, German, French,
Korean, Arabic, and many more. The company�s intelligence, defense,
public safety and border control customers will now have the
ability to deploy a truly powerful and mobile, multi-biometrics
identification solution. �We are very excited about this
acquisition which will strengthen ImageWare�s position as an
innovator in the industry. Sol Logic�s unique technology will
enable ImageWare to add real-time voice recognition, multiple
language translation and voice analytics capabilities to our
biometric offerings,� said Jim Miller, ImageWare�s chairman and
CEO. �In addition, Frank�s experience and his proven track record
in developing reliable, combat-proven and field proven technologies
for military forces will be a great complement to our executive
team. His leadership skills and strategic planning will add
immediate value and additional insight into the biometric identity
management market. �Furthermore, with this acquisition, we expect
to regain AMEX compliance. We plan to appeal AMEX�s determination
and will immediately request an oral hearing before an AMEX Listing
Qualifications panel,� Miller added. �The initiatives we have put
in place over the last year are each part of a strategic plan to
create long-term growth and sustainable value for our shareholders.
These initiatives include the advancement of our biometric product
portfolio and distribution channels; and new and improved
relationships with the top systems integrators such as Honeywell,
SAIC, Unisys and GE Security.� Mitchell, who will serve as a Vice
President on ImageWare�s management team added, �As an expert in
the biometric field, ImageWare has built relationships with the
government and large systems integrators. As such, it can leverage
its resources to market and distribute this voice recognition and
translation technology as a stand alone product or expand its
application by integrating it into other products. We are excited
to become part of ImageWare and the opportunity to grow our
market.� Mitchell founded Sol Logic Incorporated in 2001 and has
served as its president and chief technologist since its inception.
From 1995 to 2001, he was chief architect and programs director
within the Boeing Companies Phantom Works Division and Integrated
Defense Systems. In this position he led both tactical and
enterprise level integration, developmental research, and programs
for the DoD, NATO and commercial venues. Prior to Boeing, from 1980
to 1995, Mitchell served in the cryptologic and intelligence field
in the US Navy, where he had permanent and temporary land, sea and
air assignments in Europe, the Far East, the Middle East and CONUS.
He is the recipient of numerous medals and awards, including: the
Defense Meritorious Service Medal; Joint Service Commendation
Medal; the Navy Commendation Medal; Joint Service Achievement Medal
(2nd Award); Navy Achievement Medal; two Combat Action Ribbons; US
Coast Guard Special Operations Ribbon; the Humanitarian Service
Medal; and the Armed Forces Expeditionary Medal. Mitchell holds a
BA in mathematics from the University of San Diego and Masters in
Mathematics from the University of California, Irvine. About Sol
Logic, Inc. Sol Logic is an advanced technology integration and
development solutions provider focused on exploiting new and proven
technologies to produce critical and next-generation solutions that
allow its customers to perform tasks more efficiently in a global
environment. Sol Logic Incorporated is headquartered in Prescott,
AZ, with offices in Quantico, VA. About ImageWare Systems, Inc.
ImageWare Systems, Inc. (AMEX:IW) is a leading developer of
identity management solutions, providing biometric, secure
credential and law enforcement technologies. Scalable for worldwide
deployment, the Company's biometric product line includes a
multi-biometric engine that is hardware and algorithm independent,
enabling the enrollment and management of unlimited population
sizes. ImageWare's identification products are used to manage and
issue secure credentials including national IDs, passports, driver
licenses, smart cards and access control credentials. ImageWare's
digital booking products provide law enforcement with integrated
mug shot, fingerprint Livescan and investigative capabilities.
ImageWare is headquartered in San Diego, with offices in Washington
DC and Canada. For more information, visit www.iwsinc.com. Safe
Harbor Statement This news release may contain forward-looking
statements made pursuant to the �safe harbor'' provisions of the
Private Securities Litigation Reform Act of 1995. While these
statements are meant to convey to the public the company's
progress, business opportunities and growth prospects, readers are
cautioned that such forward-looking statements represent
management's opinion. While management believes such representation
to be true and accurate based on the information available to the
company, actual results may differ materially from those described.
There are a number of important factors that could cause actual
results or events to differ materially from those indicated by such
forward looking statements, including general risks associated with
acquiring assets, the ability of the Company to successfully
integrate the Acquired Assets, the Company�s ability to retain Sol
Logic's assumed contracts, as well as maintain relationships with
Sol Logic�s partners, vendors and customers, risks related to
realizing anticipated synergies after the transaction, the
potential adverse effect of other economic, business, and/or
competitive factors on the Company, the Company�s ability to retain
qualified personnel after the transaction, and competitive
pressures, including pricing and new product and service offerings.
The company's operations and business prospects are always subject
to risks and uncertainties. Important facts that may cause actual
results to differ are set forth in the company�s periodic filings
with the U.S. Securities and Exchange Commission.
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