TORONTO, March 5 /CNW/ - Bioscrypt Inc. (TSX: BYT), a leading provider of
enterprise access control solutions, today announced that L-1 Identity
Solutions, Inc. (NYSE: ID) has completed the acquisition of all of Bioscrypt's
issued and outstanding shares. As a result, Bioscrypt is now a wholly-owned,
indirect subsidiary of L-1. The acquisition was effected by way of Plan of
Arrangement, pursuant to a final order of the Ontario Superior Court granted
on March 4, 2008.
In connection with the acquisition, Bioscrypt shareholders will receive
0.0324 of a share of L-1 for each issued and outstanding Bioscrypt share.
L-1's shares trade on the New York Stock Exchange under the symbol ID.
Bioscrypt expects that its shares will be delisted from the Toronto Stock
Exchange at the close of trading on March 6, 2008.
About Bioscrypt Inc.
Bioscrypt is an enterprise access control solution provider, enabling the
unification of physical and logical access with its Door to Desktop(R)
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
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
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,
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(R) 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 further information:
For further information: Stephen McDonald, Bioscrypt Inc., (905)