Company Anticipates Generating Significant Synergies & Operational
TORONTO, Feb. 21 /CNW/ - Bioscrypt Inc. (TSX: BYT), a leading provider of
identity and access management solutions, today announced the restructuring of
its global workforce and the consolidation of its offices.
The restructuring effort is designed to reduce the Company's cost
structure, improve operational execution, and refocus the Company on its core
strengths in the physical and logical access control market. Bioscrypt expects
the cost reduction program to yield annualized savings of approximately
$2 million. The cost of the restructuring program is estimated to be a
one-time charge of approximately $800,000.
As part of the global restructuring program, the Company is moving key
development engineers to its Markham, Ontario headquarters, closing one
offshore research and development facility and transferring manufacturing
assembly operations. The Company also plans to reduce corporate overhead and
complete other business refinements worldwide.
A special meeting of securityholders, called to approve the plan of
arrangement, will be held on February 29, 2008. It is anticipated that certain
of the Company's future cash requirements, if any, will be made available to
the Company by L-1 Identity Solutions following closing of the plan of
arrangement, assuming achievement of requisite security holder approval and
timely closing of that transaction.
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)