Press Release Source: Sure Trace Security Corporation
Sure Trace Discloses Conference and Updates Status of Biometrics Negotiations
Monday December 27, 12:52 pm ET
DENVER--(BUSINESS WIRE)--Dec. 27, 2004--Sure Trace Security Corporation (OTCBB:SSTY - News) Mr. Jim MacKay, Chairman and interim CEO disclosed today that Sure Trace is hosting a five (5) day conference with its senior management team and its Board of Directors followed by meetings with key Asian government and private sector officials. The purpose of the conference is to harmonize human and facility resources between clients and supplier (I.D.ology Labs and/or Globe Staff Consulting).
David Downes, President of Sure Trace, commented, "Having just returned from meetings in Asia, it is clear to me that we have solutions to fight the counterfeiting and the diversion problems that these governments and private sector companies contend with every day. They have a real urgency to get moving with both the I.D.ology products but also those of Globe Staff Consulting."
During the course of the five (5) day conference Mr. MacKay along with Mr Downes will meet again with the principal of the biometric fingerprint company originally disclosed in a press release in August of 2004.
As background to the biometrics technology, a recent news article (London Daily Mail - November 30, 2004) stated that the British Government is seeking a biometric identification card to stop government service fraud, identification theft, illegal immigration, and thwart terrorism. The (British) plan is expected to be fully implemented by 2013 and will cost the average citizen 100 (British Pounds) or $220 USD each plus annual renewal fees. The initial phase is to commence in 2006. In addition to fees paid by individual citizens, the Government (British) has established a 180 million Pound or 350 million USD research and development fund to identify and implement the best possible solution.
In separate studies completed by both pro and con sectors, it has become clear that the vast majority of citizens polled agree that a national ID card is a good idea. However, when those same citizens are polled on the question of how their personal information will be managed in a large national database they quickly become negative sighting the real potential for abuse as they also believe that a National ID card will very rapidly become a National Medial card, credit card, Driver's license, and Passport etc. This mixing of database history in a large national database that can be accessed by all service contributors has resulted in wide spread disapproval of the concept. The total estimated cost for the British National ID project is (initially) estimated at 6 billion USD.
While the British have been the most aggressive and public world government in terms of seeking a biometric based national ID card, many other governments are also reviewing available and emerging technologies. These governments include the USA, Canada, China, Malaysia, the Philippines, the Netherlands, New Zealand, Australia, Singapore, Denmark, France, etc.
What makes the proposed biometric technology that Sure Trace has targeted for acquisition so attractive is that it does not require a back-end database to store fingerprint images, as images are stored in an alphanumeric encryption code on a tiny computer chip on the card itself. This not only eliminates concerns expressed by the public with respect to privacy but also significantly reduces the cost of the overall system, as a large national database is not required. All that is required is the cardholder and simple and inexpensive power source much like commonly used magnetic card readers found in many retail operations globally. Existing readers can be easily and cheaply retrofitted to accommodate the new technology.
Mr. MacKay stated, "Completing the acquisition of this world class and leading biometric technology would be a real feather in our growing list of high caliber security solutions. In recent preliminary talks with both existing and potential government and private sector clients it is clear that the need for this new form of biometric technology is very real. We see large-scale demand on a global basis and that this demand will continue to grow rapidly."
About Sure Trace Security Corporation
Sure Trace is on track to be the premier system integrator for anti-counterfeiting and security surveillance applications and a world-class provider of integrated tracking devices world wide within 2005. This will be accomplished by delivering turnkey solutions onshore and offshore for governments, armed forces and industry. Sure Trace is now reviewing additional key alliance and acquisition opportunities to help it fast track growth and profitability. For more information go to: www.suretrace.com.
Safe Harbor: This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Sure Trace to be materially different from the statements made herein.
Sure Trace Security Corporation (OTC Bulletin Board:SSTY - News)
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www.smallcap.ca; www.suretrace.com
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Source: Sure Trace Security Corporation
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