Viisage Secures New Equity Financing for Biometrics Technology
4 January 2000
Viisage Secures New Equity Financing for Biometrics Technology
LITTLETON, Mass., Jan. 4 -- Viisage Technology, Inc.
, a leader in the emerging field of biometrics technology and in
providing identification systems and solutions, announced today that it has
completed a $1.5 million private placement of convertible preferred stock with
a private equity fund.
Tom Colatosti, Viisage President and Chief Executive Officer, said, "This
new equity financing provides us with additional resources to accelerate our
investments in facial recognition technology while providing additional
working capital. We are particularly pleased that the investment community is
sharing our confidence in our technology and Biometric market potential."
Colatosti added, "There is a huge and growing interest in biometrics
technology. Facial recognition is leading this surge because it is the most
non-intrusive and reliable biometric available. Viisage's patented facial
recognition technology, originally developed at MIT, is widely recognized for
its leadership in real-time and large data base applications. We are well
positioned to meet the diverse market needs, from surveillance systems for
monitoring criminal movements to applications that offer consumer convenience
and privacy such as ATM's, point-of sale and electronic-commerce."
Viisage is a leader in the emerging field of biometrics and in providing
digital identification systems and solutions. The Company focuses on
identification solutions that improve personal convenience and security, deter
fraud and reduce identification program costs. Viisage combines its systems
integration and software design capabilities with its proprietary software and
hardware products and other best-in-class products to create complete
customized solutions. Applications can include drivers' licenses, voter
registration, national ID's, law enforcement and social services. Viisage
products annually produce more than 20 million identification documents at
more than 1,500 locations in 13 states. Viisage is also commercializing
patented facial recognition technology for access control, PC network and
internet access security and the real-time large database identification and
verification of individuals. Viisage Technology is on the World Wide Web at
http://www.viisage.com .
This news release may contain forward-looking statements that involve
risks and uncertainties. Forward-looking statements in this document and
those made from time to time by the Company through its senior management are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements concerning future
plans or results are necessarily only estimates and actual results could
differ materially from expectations. Certain factors that could cause or
contribute to such differences include, among other things, potential
fluctuations in quarterly results, the size and timing of award and
performance on contracts, dependence on large contracts and a limited number
of customers, lengthy sales and implementation cycles, changes in management
estimates incident to accounting for contracts, availability and cost of key
components, market acceptance of new or enhanced products and services,
proprietary technology and changing technology, competitive conditions, system
performance, management of growth, dependence on key personnel, risks of year
2000 issues and general economic and political conditions and other factors
affecting spending by customers.
For more information on Viisage, via fax at no charge, dial 1-800-PRO-INFO
and enter ticker symbol VISG.