Bioscrypt Terminates "Bought Deal" Financing Due to Volatile Market Conditions



    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    TORONTO, Oct. 22 /CNW/ - Bioscrypt Inc. (TSX: BYT), a leading provider of
identity and access management solutions, announces today that the Company and
Evergreen Capital Partners Inc. have mutually decided to terminate the "bought
deal" financing announced on October 1, 2007 due to the current volatile
financial markets. The Company will continue to monitor the financial markets
and explore potential alternative financing options as appropriate.

    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
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. These risks and uncertainties include but are not limited to
pricing competition, dependency on new product development, reliance on major
customers, customer demand for our products and services, the ability to
successfully integrate acquired companies, control of costs and expenses,
international growth, general industry and market conditions and growth rates
and general domestic and international economic conditions including interest
rate and currency exchange rate fluctuation. 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.
    %SEDAR: 00002471E




For further information:

For further information: Laura Slater, High Road Communications, (613)
688-1192, lslater@highroad.com; Matthew Bogart, Bioscrypt Inc., (905)
940-7771, matthew.bogart@bioscrypt.com

Organization Profile

BIOSCRYPT INC.

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