Special Meeting of Securityholders to be Held on February 29, 2008
TORONTO, Feb. 4 /CNW/ - 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(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.
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)