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IQ Biometrix, Inc

PO Box 270323
Houston, TX 77277-0323



 


PRESS RELEASES



IQ Biometrix Signs Major Acquisition Pact; DC-Based, Fast-Growing Network Storage Solutions is a Pioneer in $12 Billion Secured Network Storage Market

FREMONT, Calif. & CHANTILLY, Va, May 5, 2003
IQ Biometrix Inc. (OTCBB:IQBM) announced today that it has entered into a letter of intent for the acquisition of Network Storage Solutions (NSS), a leading developer and supplier of network storage software and products for security and other applications. NSS is based in Chantilly Virginia, just outside of the Washington DC Beltway. The transaction, which is expected to close this quarter, is subject to required approvals and other closing conditions.
"This acquisition is expected to expand the company's geographic presence and leverage its technology into new markets," said Bill Scigliano, CEO and President of IQ Biometrix. "In addition, it combines the strength of the Network Storage Solutions brand, the breadth of our product line and our global reach with NSS's technical excellence, outstanding products and time-to-market."

IQB will issue 12.5 million shares of its common stock to NSS and options for 3.5 million shares of IQB common stock vesting over 3 years to NSS management and staff.

"The acquisition of NSS should provide several key elements to help IQ Biometrix achieve continued development and succeed as a major provider of facial composite, recognition and tracking systems," said Scigliano. "First, NSS is a fast-growing company with a high-quality customer base of leading global companies and several government agencies, which meets our goal of achieving geographic diversity. Second, they offer a wide range of competitive products with state-of-the-art, full-functioned technology that meets the needs of our customer's storage requirements. The NSS software, SPANStor, is the foundation to support Storage Resource Management (SRM) and additional emerging requirements for the storage marketplace."

"As the two companies combine technologies, we expect to provide the law enforcement and security industries with increased digital storage capabilities that should further enhance IQ Biometix's offering. Customers are expected to have the ability to identify, communicate, store and distribute information seamlessly," said Tom Makmann, President and CEO of Network Storage Solutions. "The current market for network storage is estimated at over $12 billion with the mid-range considered the largest growth sector. The NSS product offerings, with our SPANStor software as the foundation, are positioned for increased growth based on its functionality, flexibility, and performance. The technology supports multiple industry requirements in addition to the IT sector such as the security market of IQ Biometrix," concluded Makmann.

"This major transaction is expected to deliver several long-term strategic benefits, continued growth in diversified markets, and represent outstanding value for the stockholders of IQ Biometrix: most importantly, it is also expected to be accretive in fiscal 2003," said Scigliano. "We expect to enter into other agreements in the near term that will further expand our NAS business with the same type of high returns for the company and its shareholders," Makmann added.

About IQ Biometrics

IQ Biometrix, Inc. (IQBM.OB) 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.

About Network Storage Solutions

Headquartered in Chantilly, VA, Network Storage Solutions (NSS) designs, develops and markets SPANStor, an award-winning Network Attached Storage (NAS) operating system: a full line of NAS/SAN gateways and storage appliances: and the Thunderbolt storage system series. Its SPANStor V5 NAS software is built on an open NetBSD kernal with a powerful Journaling File System that was designed to operate on virtually any Intel-based server platform and support virtually any storage backend. Key features and functions include Snapshots, Replication, Failover, Active Directory support, LDAP, Kerberos, ACLs, IPv4, IPv6, CIFS, NFS. It is deployed on industry-standard Intel hardware platforms supporting SCSI, FCAL, SAN Fabrics, and iSCSI. Network Storage Solutions markets its products through a channel of reseller and OEM partners. Additional information about NSS can be found at www.nssolutions.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.

SPANStor(TM), Thunderbolt(TM), uStor(TM), NASengine(TM), and ProStor(TM) are trademarks of Network Storage Solutions. Any other product, trademark, company, or service names mentioned herein are the property of their respective owners.

Contacts

IQ Biometrix
Media/Investor relations: Robert Schechter, 212/499-6809
Fax: 212/557-2397
E-mail: rschechter@iqbiometrix.com
or
Liviakis Financial Communications, Inc.
John Liviakis, 415/389-4670
Fax: 415/389-4694
Email: john_liviakis@sbcglobal.net
or
Network Storage Solutions
Tom Makmann, 510/608-4044
Fax: 510/608-4012
E-mail: tom.makmann@hammerstorage.com
or
K-Comm, Inc.
Sinan Kanatsiz, 714/854-0800
Fax: 714/854-0820
E-mail: sinan@kanatsiz.com


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