Biometrix Cancels Planned Acquisition of Network Storage
Calif., Aug. 19, 2003
IQ Biometrix Inc. IQBM, a worldwide provider of integrated
law enforcement and security solutions, confirmed today
that the letter of intent to acquire Network Storage Solutions
(NSS) has been cancelled.
completing our due diligence, we undertook a thorough review
of the financials of the proposed acquisition and have concluded
that the plan to acquire NSS should be cancelled,"
said William Scigliano, CEO and President of IQ Biometrix
(IQBM). "IQBM will remain focused on increasing shareholder
value by focusing on core strategies that will maximize
short and long term cash flows and position the company
for sustained profitability."
added "Both NSS and IQBM believe that there remain
benefits to a strategic relationship between the two companies,
and we will continue to explore ways to strengthen our mutual
announced in May 2003 that it had entered into a letter
of intent for the acquisition of NSS, a Virginia-based developer
and supplier of network storage software and products for
security and other applications.
IQ Biometrix, Inc.
Inc. (IQBM) provides law enforcement and security technology
solutions for government and private industry. IQ Biometrix,
an innovative California-based company is a leading provider
of facial composite technology for law enforcement agencies
in North America. FACES is currently used by thousands of
policing agencies worldwide, including the Central Intelligence
Agency and the Federal Bureau of Investigation. IQB is currently
developing new applications based on this foundation technology
tailored to meet the needs of national, business and personal
security. Its solutions practice is focused on integrating
IQB and partner technologies to provide customized responses
to client needs. Further information about IQB can be found
extent that any of the statements contained herein are forward-looking,
such statements are based on current expectations that involve
a number of uncertainties and risks. Such uncertainties
and risks include, but are not limited to, growth in the
NAS market, market acceptance of products, the development
of new products, the enhancement of existing products, manufacturing
delays, dependence on principal customers, competitive pricing
pressures, product volume and mix, global economic conditions,
dependence on international operations, availability of
key components, timing of orders received, and introduction
of competitor products having technological and/or pricing
advantages. As a result, the Company's operating results
may fluctuate, especially when measured on a quarterly basis.
Actual results may differ materially from such expectations.
Investors are directed to consider other risks and uncertainties
in documents, including forms 8K and 10QSB, filed by the
company with the Securities and Exchange Commission, www.sec.gov.
IQ Biometrix Inc.
Robert Schechter, 212-499-6809
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