Galton Biometrics launches take over bid for Liska Biometry and offers complete funding for technology Wednesday January 12, 9:15 am ET
GENEVA, Switzerland, Jan. 12 /PRNewswire-FirstCall/ - Galton Biometrics (GALB.PK) has launched a take over bid for Liska Biometry LSKA.OB in a cash and stock deal. Galton has offered a share deal under which existing Liska shareholders would receive one Galton share for every 3 Liska shares, making the offer worth approx $7.25m. Galton has 24,000,000 shares outstanding and would therefore increase its shares out by 5,176,667 should the acquisition be consummated.
Liska Biometry owns technology which is a component that Galton uses in its total solution package. Galton has exclusively licensed the Liska technology for the United Arab Emirates market place. It is not currently anticipated that Galton would use the technology in other areas of the world, but Galton needs to ensure that they need to use the Liska technology, that it is financially stable and robust. Recent filings submitted to the SEC by Liska - it's recently filed 10Q SB - notes a weak financial position. Galton's board feels that the acquisition of Liska will allow both companies to more effectively utilize the overall resources of the two companies, thus strengthening and stabilizing them both.
Galton is offering as part of the deal all the funding needed by Liska to complete development of the BIN Binary Identifying Number for the Liska development. This funding would allow Liska's technical team to further develop its existing technology, and eradicate time delays on work in progress and potential contracts.
Galton will be seeking some key management resignations Galton has secured some existing shareholder support for the deal and has sent notice to Liska to formally vote on the deal.
Bob Hilsinger, Galton's President, commented that "now that we have decided to make our move speed is of the essence, and we are therefore looking to hold the meeting and put it to a vote within 60 days."
Galton Biometrics 24 Avenue de la Grenade, Geneva, CH1207 Switzerland Telephone (41) 22 310 6590 www.GaltonBiometrics.com info@www.GaltonBiometrics.com
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Galton team completes major technology breakthrough for its Biometrics software and prepares to file patent application on it
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Galton Biometrics (Pink Sheets: GALB) has developed some key components to knit together missing elements of its integrated solution for Biometric driven security devices in multiple sectors.
While working on the implementation plan for the United Arab Emirates Galton has identified and created some key missing links which it is in the process of patenting. Galton, has already developed a first (software-based) prototype of a biometrics-based authentication device, that will allow more secure logins for many applications but will be specifically targeted at the banking sector initially in Switzerland.
This new proprietary product will mark the initial foray by the new management and technical team at Galton in developing proprietary next generation solutions to the Biometric/Security industry that has had double digit growth in the past decade and shows no sign of slowing down.
Galton's new product is is focused on allowing secure use of individuals biometric data as it will not be stored in a commercial database and therefore open to potential breaches.
In addition Galton is also working on secure applications is focused on allowing secure use of individuals biometric data as it will not be stored in a commercial database and therefore open to potential breaches with codes combining Biometric data and normal passwords or contract data.
Bob Hilsinger commented "the whole team has been working hard to fulfill the short term objectives of the Galton Business Plan and breakthroughs such as these are what the team needs to encourage us all to achieve our final solution and corporate goal".
This press release contains "forward-looking" statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 as amended, and is subject to the safe harbors created thereby. Such statements involve certain risks and uncertainties associated with an emerging company. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors discussed in Galton Biometrics Inc. reports that will be on file with the US Securities and Exchange Commission.