PRZOOM - /newswire/ -
Manchester, NH, United States, 2007/12/11 - AssureTec Systems, Inc., a world leader in fully automated identity document authentication, today announced that it has received an equity investment from Cross Match Technologies, Inc., a global provider of biometric identity solutions - AssureTec.com.
AssureTec President and Chief Executive Officer, R. Bruce Reeves said, “The Cross Match investment represents a strong endorsement of our capabilities by one of the leading biometric solutions providers in the industry. There are significant synergies between our respective technologies and we look forward to working aggressively together to capitalize on them.”
Terms of the investment included Cross Match assuming a seat on AssureTec’s Board of Directors. Cross Match has elected William A. Smith II to serve on AssureTec’s Board. Mr. Smith joined Cross Match in July 2005 as Senior Vice President, General Counsel and Secretary. In September 2006, Mr. Smith was also named Director of Corporate Development. He is responsible for Cross Match’s worldwide legal affairs including commercial transactions, general corporate, employment, litigation and intellectual property matters. Mr. Smith also provides strategic and legal advice and counsel regarding the company’s global strategies, practices and processes.
“We are pleased to welcome Will to our Board,” continued Mr. Reeves. “With his legal background and strategic knowledge of the identity solutions industry, he will add considerable value to our Board and to the Company.”
Mr. Smith joins Joseph Gorman, retired Chairman and CEO of TRW, Inc., and Kenneth Gorton, financial consultant as outside Directors and Mr. Reeves, Chairman, on AssureTec’s Board.
Additional financing terms and conditions have not been disclosed.
About AssureTec Systems
AssureTec (assuretec.com) is the world leader in automated ID document authentication. Built upon patented technologies, AssureID™ can assess the authenticity of virtually any ID document in circulation, with or without machine-readable content such as magnetic stripes, bar codes or smart chips, allowing deployment of automated risk-based identity management solutions immediately without first requiring new enrollment. In accordance with FIPS 201 specifications, the system assesses the authenticity of a document without operator intervention, typically in less than five seconds, and can be used by operators with little-to-no document forensic training, significantly reducing training and operating costs and customer inconvenience. Applications include commercial identity fraud detection (i.e., banking, retail, gaming), secure enrollment (i.e., HSPD-12 PIV enrollment, driver license, passports), secure access control (i.e., border management, nuclear/chemical/high-value facilities), and age-restricted access/sale (i.e., bars/night clubs, controlled-substance sales). The company is based in Manchester, N.H.