Biometric Access Corporation Secures $5M Funding from J. & W. Seligman Co.Business Editors & High-Tech Writers ROUND ROCK, Texas--(BUSINESS WIRE)--Oct. 23, 2000 Biometric Access Corporation(tm) ("BAC BAC abbr. blood alcohol concentration ") secured the first $5M of a $10M Series "A" Preferred round of mezzanine funding from J. & W. Seligman & Co. Incorporated earlier this month. Seligman is a highly respected mutual fund management company that has had tremendous success in the management of technology portfolios. Chris Boova, Vice President, Investment Officer of J. & W. Seligman & Co. Incorporated, said, "Biometric Access has developed and implemented highly unique biometric solutions which successfully address consumer convenience and security in the retail Point-of-Sale market. BAC's solutions provide unforeseen levels of consumer and business protection against fraud and disclosure of confidential information Noun 1. confidential information - an indication of potential opportunity; "he got a tip on the stock market"; "a good lead for a job" steer, tip, wind, hint, lead and will revolutionize security in a wide variety of industries." Mike Guthrie Michael 'Mike' Guthrie was a fictional character in the American soap opera The Bold and the Beautiful, played by Ken Hanes. He appeared on the show from 1993 to 1999. , Seligman Senior Vice President, Investment Officer who spoke with some of BAC's large customers, said, "Rarely have we heard such glowing reports from major customers of an early-stage, high-tech company. BAC has established a reputation of being very responsive to their customers and delivering innovative solutions that meet their needs." David Peipers, a member of BAC's Board of Directors, added $525K to the first closing. BAC is in the process of working with additional investors to complete the funding of the remaining $4.5M. The funds will be used to accelerate hardware and software development and to initiate new and additional marketing and sales activities. BAC is also very pleased to announce the addition of Andrew Heller to BAC's Board of Directors. Dr. Heller was an IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) Vice President and is an IBM Fellow. He is a founder of and consultant to several technology companies in the Austin, Texas area as well as the Silicon Valley. Ron Smith, 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. of BAC, said, "Andrew is very well respected in the technology and investment communities. He will provide valuable insight and consultation during this critical period of BAC's growth." About J. & W. Seligman J. & W. Seligman & Co. Incorporated was founded in 1864. Based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Seligman is an investment manager and advisor with more than $40 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. as of June 30, 2000. The Seligman Technology Group, a division of Seligman, managed approximately $15 billion in technology assets as of Sept. 30, 2000, including more than $1 billion in venture capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) , on behalf of its clients, representing investments in more than 135 private technology companies. With respect to its venture capital investments, the Group focuses on the Internet and new media, broadband and fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber , digital consumer electronics, biometric technology, and wireless communications and computing areas. About Biometric Access Corporation Biometric Access Corporation(tm) ("BAC") is a software development and system integration company that provides total system solutions to existing problems in today's business world. Using BAC designed, developed, manufactured and marketed fingerprint biometric hardware and software products, BAC delivers cost-effective, easy-to-use solutions wherever identity verification is necessary or beneficial. BAC intends to be a world leader in biometric solutions by focusing on becoming the market leader in biometrically secured financial transactions for retail point-of-sale (POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale ) and e-commerce. For more information about BAC and our SecureTouch products visit www.biometricaccess.com, send email to sales@biometricaccess.com or phone 512/246-3760 ext. 104. 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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