· COMPANY
  · INVESTOR RELATIONS
  · FACES PRODUCTS
  · SUCCESS STORIES
  · TECH SUPPORT
  · Media Center
    · Main Page
    · Press Releases

    · Image Bank
    · Videos
    · Media Contacts
  · TRAINING
  · RESELLERS
  · ORDER PRODUCTS


1-800-516-4065

IQ Biometrix, Inc

PO Box 270323
Houston, TX 77277-0323



 


PRESS RELEASES



IQ Biometrix Cancels Planned Acquisition of Network Storage Solutions

FREMONT, 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.

"In 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."

Scigliano 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 competitive advantages."

IQ Biometrix 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.

About IQ Biometrix, Inc.

IQ Biometrix, 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 at www.iqbiometrix.com.

Safe Harbor Statement

To the 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.

Contact Information:
IQ Biometrix Inc.
Equity Communications
Robert Schechter, 212-499-6809
rschechter@iqbiometrix.com




Back to Press Releases







Copyright © 2003 IQ Biometrix - All rights reserved.

TOP