BICO, Inc. Announces Closing Date for Acquisition of MobiClear Ltd.
By PrimeZone Last Update: 8/3/2006 12:54:35 PM Data provided by
DOVE CANYON, Calif., Aug 3, 2006 (PRIMEZONE via COMTEX) -- BICO, Inc. (BIKO) announced that its transaction to acquire 100% of the ownership of MobiClear Ltd. is expected to close on August 10, 2006.
Richard M. Greenwood, CEO of BICO, stated, "We are extremely pleased about completing the merger, which provides an opportunity to increase shareholder value through MobiClear's exciting growth potential in the verification of credit/debit card transactions."
The acquisition of MobiClear will be accompanied by a reverse split of the Common Stock of BICO at a ratio of 1 share for 1,500 shares, anticipated to be effective with the opening of trading on August 9, 2006. Partial shares will be rounded up in the reverse split process which will be handled by the company's transfer agent, Continental Stock Transfer & Trust Company, Inc.
MobiClear specializes in electronic Personal Identification Verification (PIV) solutions in connection with credit/debit card transactions. MobiClear's multi-gateway solution (U.S. patent pending) offers proactive security in all forms of electronic business environments including internet shopping, business-to-business procurement transactions and retail shopping with credit/debit cards.
Lim Wong, CEO of MobiClear Ltd., stated, "We are very pleased and enthusiastic about completing the merger, which will provide us with the opportunity to capture the enormous global potential and execute our strategic plan to proceed with the international expansion of MobiClear products and services with global partners such as IBM.
"Credit/debit card fraud on the Internet and in stores is increasing at an enormous rate. The estimated figure comes to US$20 billion annually. MobiClear's answer to the problem is a security and user-friendly identity solution that works across the globe. In addition, MobiClear's identification service ensures safe and secure trade over the Internet, which in turn creates a boom in both e-trade and invoice payment online," continued Wong.
This news release includes comments that may be deemed forward-looking within the meaning of the safe harbor provisions of the U.S. Federal Securities Laws. These include, among other things, statements about expectations of future transactions or events, revenues, sales of products and performance. Forward-looking statements are subject to risks and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to complete the transactions, having necessary financing in time to meet contractual obligations, developing appropriate strategic alliances, raising working capital, successfully developing and implementing technology, acceptance of the company's products and services, building a functional infrastructure, and other such risks as the company may identify and discuss from time to time. Accordingly, there is no certainty that the company's plans will be achieved.
About BICO, Inc.
BICO, Inc. is a public company, headquartered in California and actively trades on the NASD Over the Counter Bulletin Board under the ticker symbol, BIKO.
About MobiClear Ltd.
MobiClear, a company incorporated pursuant to the laws of the United Kingdom, offers solutions and services that, MobiClear believes, virtually eliminate credit/debit card and electronic transaction fraud, completely securing these transactions. A unique feature of MobiClear's solutions are that end-users and customers do not need to learn any new behaviors or master new techniques. MobiClear's solutions utilize technologies that customers are already familiar and comfortable with, while giving real-time user control of card transactions. The transaction is simply confirmed by the legitimate user entering a unique MobiClear PIN code matched with the mobile phone number. MobiClear delivers instant and total control over card usage.
For more information: Please write to MobiClear at info*mobiclear.com or visit MobiClear's website at www.mobiclear.com