Bioscrypt Provides Update on Plan of Arrangement
Securityholders’ meeting anticipated for February 29, 2008 Toronto, ON (January 29, 2008) – Bioscrypt Inc. (TSX: BYT), a leading provider of identity and access management solutions, today announced February 29, 2008 as the anticipated date for the securityholders’ special meeting called to approve the plan of arrangement pursuant to which L-1 Identity Solutions, Inc. will acquire all of the issued and outstanding shares of the Company. “The Bioscrypt acquisition is proceeding on schedule and we anticipate its close in the first quarter of 2008,” said Robert V. LaPenta, Chairman, President and CEO of L-1 Identity Solutions. “As the global leader in enterprise logical and physical access control software and hardware, Bioscrypt is an important component of the L-1 strategy and adds the necessary physical and logical biometric access control needed to better protect and secure personal identities and assets.” “Bioscrypt is very pleased to be advancing on closing the transaction with L-1 Identity Solutions as announced earlier this month,” said Robert M. Douglas, President and CEO of Bioscrypt. “The execution of our 2008 operational plans focusing on delivering value to our customers and partners continues.” About Bioscrypt Inc.
Bioscrypt is an enterprise access control solution provider, enabling the unification of physical and logical access with its Door to Desktop® products. Bioscrypt’s hardware and software solutions deliver strong authentication processes to facilities, equipment, IT networks and computer applications and allow organizations to administer unified identities across the enterprise. Building on its proven expertise in biometric technology and its unique multi-factor authentication platform, Bioscrypt integrates all major secure authentication standards, transforming how organizations are bridging the gap between physical and logical access to create secure working environments. More information is available at www.bioscrypt.com.
About L-1 Identity Solutions Inc.
L-1 Identity Solutions, Inc. (NYSE: ID), together with its portfolio of companies, offers a comprehensive set of products and solutions for protecting and securing personal identities and assets. Leveraging the industry's most advanced multi-modal biometric platform for finger, face and iris recognition, our solutions provide a circle of trust around all aspects of an identity and the credentials assigned to it -- including proofing, enrollment, issuance and usage. With the trust and confidence in individual identities provided by L-1 Identity Solutions, government entities, law enforcement and border management agencies, and commercial enterprises can better guard the public against global terrorism, crime and identity theft fostered by fraudulent identity. L-1 Identity Solutions is headquartered in Stamford, CT. For more information, visit www.L1ID.com. Forward-looking (safe harbour) statement Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes", "plans", "expects" or "intends" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. Bioscrypt and Door to Desktop® are registered trademarks and Veri-Series and VeriSoft are trademarks of Bioscrypt Inc. All other product and company names mentioned are the property of their respective owners and are mentioned for identification purposes only. For more information, contact:
Stephen McDonald
Bioscrypt Inc.
905-940-7774
stephen.mcdonald@bioscrypt.com
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