Biometric Access Corporation Closes $12 Million Series `B' Funding.Business Editors & High-Tech Writers ROUND ROCK, Texas--(BUSINESS WIRE)--Oct. 2, 2001 Biometric Access Corporation (BAC BAC abbr. blood alcohol concentration ) today announced it has closed on a $12 million Series "B" funding round led by Perseus 2000 LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , with additional participation by BAC Board member David Peipers and his affiliates. The Series B funding brings the total investment in BAC to $24 million since the company's founding in May 1996. BAC will use the latest funds for continued development of its SecureTouch(R) products, for expanded technology research and to support the company's dramatic growth. "Considering today's funding environment, Perseus' decision to invest in BAC sends a very strong statement about our company and its potential for success," said BAC 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. Ron Smith Ron Smith may refer to:
BAC provides total system solutions that utilize fingerprint authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. for retail point-of-sale financial transactions, time & attendance and PC/network security. BAC's solutions benefit customers where ID verification is desired and/or required. The company's primary retail solution, SecureTouch RVS RVS Reverse RvS Raven Shield (game) RVS Roestvrij Staal RVS Relative Value Scale RVS Remote Video Surveillance RVS Raytheon Vision Systems RVS Relative Value Schedule RVS Real Video Stream RVS Regular Valve, Steam (Retail Verification System), incorporates customer identity verification Noun 1. identity verification - the automatic identification of living individuals by using their physiological and behavioral characteristics; "negative identification can only be accomplished through biometric identification"; "if a pin or password is lost or for electronic financial transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. at the point-of-sale. Benefits for the consumer include increased speed and convenience, as well as enhanced personal and financial asset protection that provides a safeguard against identity theft. Benefits for the merchant include increased customer loyalty, improved productivity at the checkout lane, reduced operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , improved cash flow and reduced fraud losses. All BAC solutions incorporate its proprietary biometric technology. "We believe in the strength of BAC's solutions, particularly those developed for the retail industry," said Bill Ford, Managing Director of Perseus. "They have demonstrated a keen awareness of marketplace needs and responded with innovative product and service offerings. Perseus looks forward to embarking on our partner relationship with BAC." David Peipers agrees. "BAC has made tremendous progress in the development of both its solutions and customer relationships. I have witnessed the company's evolution over the last several years, and am excited about its future prospects," he said. About Biometric Access Corporation Biometric Access Corporation (BAC) provides complete hardware and software solutions that incorporate its award-winning SecureTouch(R) fingerprint authentication products. BAC designs, develops, manufactures and markets fingerprint capture hardware, fingerprint matching software and several applications that utilize these products to provide complete user solutions. BAC is a privately funded company located in Round Rock, Texas. For more information about BAC and SecureTouch products visit www.biometricaccess.com, send e-mail to sales@biometricaccess.com or phone 512/246-3760. Biometric Access Corporation, BAC logo, and SecureTouch are trademark or registered trademarks of Biometric Access Corporation. Product photographs available upon request. |
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