Bioscrypt Obtains Interim Order for Plan of Arrangement
Special Meeting of Securityholders to be Held on February 29, 2008 Toronto, ON (February 4, 2008) – Bioscrypt Inc. (TSX: BYT), a leading provider of identity and access management solutions, today announced that it has obtained an interim order from the Ontario Superior Court of Justice concerning the plan of arrangement pursuant to which L-1 Identity Solutions, Inc. will acquire all of Bioscrypt’s outstanding shares. A special meeting of securityholders, called to approve the plan of arrangement, will be held on February 29, 2008. Bioscrypt will mail a Management Information Circular to securityholders in connection with the special meeting this week. On Tuesday February 5, 2008, the Management Information Circular will also be filed under Bioscrypt’s company profile on SEDAR at www.sedar.com. The Board of Directors of Bioscrypt has unanimously recommended that Bioscrypt securityholders vote in favour of the plan of arrangement. Irrevocable support agreements in favour of the transaction have been signed by directors, officers and other shareholders of Bioscrypt, representing approximately 25.6% of the outstanding shares. Similar agreements have been signed by the holders of approximately 87.6% of Bioscrypt’s outstanding warrants and approximately 70.6% of its outstanding stock options. 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.
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
|
