Adaptive Solutions and Mitek Systems ink OEM agreement.BEAVERTON, Ore.--(BUSINESS WIRE)--April 30, 1997--Adaptive Solutions Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADSO) and Mitek Systems Inc. (NASDAQ: MITK), San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , announced today a joint OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and agreement to distribute each other's respective products. Mitek has agreed to purchase $1.0 million of Adaptive's PCI-XL boards over an 18 month period. Likewise, Adaptive has agreed to become a reseller of Mitek's Intelligent Character Recognition In computer science, intelligent character recognition (ICR) is an advanced optical character recognition (OCR) system that allows fonts and different styles of hand writing to be learned by a computer during processing to improve accuracy and recognition levels. (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) software. Adaptive started shipping PCI-XL boards to Mitek in March of this year. The joint OEM agreement is the result of the strategic alliance penned in October 1996 between the two companies. Adaptive and Mitek recently launched their first joint product, Accelerated QuickStrokes, announced April 15, 1997. Mitek entered into the OEM agreement to provide the forms processing market considerable performance increases while still offering the industry's highest accuracy ICR available today. Mitek realizes up to six times greater performance improvement over their current offering, on forms ranging from credit applications in financial markets to HCFA HCFA abbr. Health Care Financing Administration HCFA, n.pr See Health Care Financing Administration. forms used in the health care industry. The OEM agreement strengthens the existing partnership between Adaptive and Mitek adding a channel of distribution for Adaptive and enhancing Adaptive's visibility into the production forms processing markets. In addition to supplying its products through Mitek into the forms processing arena, Adaptive will incorporate Mitek's products with its Power IR Architecture into solutions for the transportation and manufacturing markets. In commenting on the agreement, John Kessler, Mitek's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "The strength of this agreement lies in the fact that the biggest winner is the end user community. Adaptive's advanced Power IR architecture coupled with Mitek's proven, superior character recognition performance will provide users new levels of bottom line savings and reduce even further the already short cycles for return on investment that users of this technology have seen in the past." "Mitek has validated the value of our Power IR architecture to its high volume applications either to reduce the hardware count and cost or to reach the demanding throughput requirements or both," said Dan Meub, president and CEO of Adaptive Solutions. "The OEM agreement with Mitek gives Adaptive a distribution channel to reach additional end-users who benefit most from our high value products and unique technology." Mitek Systems, a worldwide leader in Intelligent Character Recognition technologies, is a publicly traded software developer with headquarters at 10070 Carroll Canyon Road, San Diego, Calif. 92131. Mitek's products incorporate proprietary neural network software Neural network software is used to simulate, research, develop and apply artificial neural networks, biological neural networks and in some cases a wider array of adaptive systems. technology for the recognition and conversion of hand-printed and machine-generated characters into digital data. The company's products enable the automation of costly, labor-intensive business functions such as check and remittance processing, forms processing and data entry. Adaptive Solutions Inc., was founded in 1988 and pioneered data parallel processing parallel processing, the concurrent or simultaneous execution of two or more parts of a single computer program, at speeds far exceeding those of a conventional computer. for advanced pattern recognition, image processing image processing Set of computational techniques for analyzing, enhancing, compressing, and reconstructing images. Its main components are importing, in which an image is captured through scanning or digital photography; analysis and manipulation of the image, accomplished and OCR/ICR applications. The company currently designs and markets advanced solutions for extracting useful information from images for corporate-wide data management systems. For more information, contact either Adaptive Solutions Inc. at (503) 690-1236 or visit the company's web site at http://www.asi.com, or Mitek Systems Inc. at (619) 635-5900 or visit Mitek's web site at http://www.miteksys.com CONTACT:Adaptive Solutions Mitek Systems Harris Massey Herinckx Dan Meub John Kessler Fletcher Chamberlin 503/690-1236 619/635-5900 503/295-1922 |
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