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1-800-516-4065

IQ Biometrix, Inc

PO Box 270323
Houston, TX 77277-0323



 


PRESS RELEASES



IQ BIOMETRIX ANNOUNCES STOCKHOLDER APPROVAL OF
REVERSE STOCK SPLIT

FREMONT, Calif., November 18, 2004 -- IQ Biometrix, Inc. (OTCBB:IQBM), a worldwide provider of integrated law enforcement and security solutions, announced today that its Board of Directors has authorized a 1-for-4 reverse split of IQBM’s common stock.

"This approval is another milestone in our completion of the merger between IQ Biometrix and Wherify Wireless," said William Scigliano, CEO and President of IQBM. “In addition, the Company hopes that by improving its capital structure and stock price the Company can take the first step in helping it to become listed for trading on an exchange or the Nasdaq National Market, and help it gain access to the analyst and institutional communities."

The reverse stock split was approved by IQBM’s stockholders in November 2004. In the reverse split, each four shares of IQBM’s issued and outstanding common stock will be combined into one share of common stock. No fractional shares will be issued in connection with the reverse stock split and holders of fractional shares will receive cash in lieu of their fractional shares.

After giving effect to the reverse split, the Company will have approximately 6.7 million shares outstanding. The reverse split will affect all shares of IQBM’s common stock, including those shares underlying stock options, warrants and convertible debentures outstanding immediately prior to the effective date of the reverse split.

IQBM’s transfer agent, American Stock Transfer and Trust Company, will mail instructions to stockholders of record as of November 29, 2004 regarding the exchange of certificates for common stock. The Company anticipates that its stock will begin trading on a post-split basis within a few days thereafter.

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(TM) is currently used by thousands of policing agencies worldwide, including the Central Intelligence Agency and the Federal Bureau of Investigation. IQBM 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 IQBM and partner technologies to provide customized responses to client needs. Further information about IQBM can be found at www.iqbiometrix.com.

About Wherify Wireless, Inc.

Wherify Wireless, Inc. is a privately-held developer of patented wireless location products and services for child safety, parental supervision, personal protection, Alzheimer and memory loss, supervision, law enforcement, security, animal identification, and property asset tracking. The company's proprietary integration of the U.S. government's global positioning system (GPS), Wherify patented back-end location service engine, and wireless communication technologies will enable customers to obtain real-time location information on individuals and property directly through the Internet or any phone. Founded in March 1998, Wherify Wireless is located in Redwood Shores, Calif. For more information, or to purchase Wherify products, visit the company's website at www.wherify.com.

Statements in this press release regarding IQBM’s future expectations, beliefs, goals, plans or prospects with respect to becoming listed for trading on an exchange or on The Nasdaq National Market constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including the fact that that the market price per new share of IQBM common stock after the reverse split does not rise in proportion to the reduction in the number of old shares of IQBM common stock outstanding before the reverse split; the fact that the reverse split may not result in a per share price that will enable IQBM to become listed on an exchange or on The Nasdaq National Market; and the fact that there are other requirements in addition to share price that IQBM must meet in order to be listed on an exchange or on The Nasdaq National Market and there is no assurance that IQBM will be able to meet the other listing requirements.

Contact:

IQ Biometrix, Inc.
Mike Walsh, 888-321-5553
or
Liviakis Financial Communications
John Liviakis, 415-389-4670

Wherify Wireless, Inc.
Steve Heninger, 650-551-5251



 

 


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