Company Announcement: SSP to Provide Security Technology for Innovative Gaming Corporation of America's Gaming Platforms.Business Editors & High-Tech Writers IRVINE, Calif.--(BUSINESS WIRE)--Feb. 25, 2002 SSP (1) (Service Switching Point) The local exchange node in an SS7 telephone network. The SSP can be part of the voice switch or in a separate computer connected to it. Solutions Inc. (Nasdaq:SSPX SSPX Society of Saint Pius X (international priestly society) SSPX Sustained Spheromak Physics Experiment (Lawrence Livermore National Laboratory) ), providing solutions and services that secure access control and real-time movement of financial transactions and other valued digital content, today clarified a news release disseminated by Innovative Gaming Corporation of America (Nasdaq:IGCA IGCA Italian Greyhound Club of America IGCA International Garden Centre Association IGCA Inherently Governmental/Commercial Activities ) on Feb. 8, 2002, by announcing that SSP Solutions has signed a term sheet with IGCA for the reciprocal exchange of stock and distribution rights between the two companies. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the term sheet, the two companies will enter into a sales and distribution agreement for SSP security products to the gaming industry, with the exception of transactions in which SSP may directly distribute security products to three separate gaming companies. This agreement will be bound by a specified time duration and performance metrics Performance metrics are measures of an organizations activities and performance. Performance metrics should support a range of stakeholder needs from customers, shareholders to employees [1]. and will preclude any of SSP's pre-existing license or distribution arrangements. Upon execution of a formal agreement and implementation of SSP's security solutions, IGCA expects it will meet stringent industry requirements to protect user/provider digital rights and be appointed the value-added reseller A value-added reseller (VAR) is a company that adds some feature(s) to an existing product(s), then resells it (usually to end-users) as an integrated product or complete "turn-key" solution. of SSP Solutions' technology and services for gaming applications. In exchange, SSP Gaming will become the provider of high-level security to IGCA's gaming platforms and ancillary products. The terms of a formal agreement will be subject to due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. investigations, to approval of gaming regulators and to the approval of both companies' boards of directors. In addition to the technology licensing and recurring revenue terms, SSP Solutions and IGCA are negotiating a stock swap A stock swap also known as a share swap or equity swap is a business takeover in which the acquiring company uses its own stock to pay for the acquired company. . SSP's management views this swap as a strategic alignment of both companies' respective objectives in the gaming arena. Valuation and respective proportionate share of equity ownership will be based on final negotiations and on the successful consummation of IGCA's merger with GET USA. IGCA develops, manufactures and distributes fast-playing, high-entertainment gaming machines, based on a proprietary Linux and Java operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. . In addition to its gaming titles, IGCA holds a portfolio of network technology solutions and gaming systems expertise, related to the online gaming See gaming. industry. By incorporating SSP's best of breed security technologies which include advanced biometrics, software and embedded solutions, military strength encryption and the only U.S.-made secure smart cards Example of widely used contactless smart cards are Hong Kong's Octopus card, Paris' Calypso/Navigo card and Lisbon' LisboaViva card, which predate the ISO/IEC 14443 standard. The following tables list smart cards used for public transportation and other electronic purse applications. , IGCA will be able to address the specific regulatory needs of the online and networked gaming industry. "Our understanding with IGCA represents another strategic milestone in our vision to provide a secure virtual environment in each of the vertical markets in which we operate," said Richard Depew, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , SSP Solutions. "By taking a leadership position in the gaming industry that demands full compliance and strict adherence to rigorous security standards, SSP continues to position itself as the Trusted Symbol of the Digital Economy(TM)." SSP's products and services provide the security components necessary to support recent gaming trends toward system and server-based gaming opportunities such as wide-area progressive networks, server-based video slots, lotteries and cash-less casinos. Strong authentication will verify the location and age of the gamer while providing protection of gamers' personal information and guaranteed non-repudiation of casino transactions. SSP intends to manage the IGCA relationship through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. SSPGaming, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . SSPGaming will serve as a vehicle for SSP's strategy related to the regulated gaming industry. This strategy envisions assembling and packaging best of industry brand, technology and content properties, and distributing them through licensing arrangements. These packages will include security technology components for online and casino gaming platforms and services, brand management programs for the gaming and casino associated hospitality industry, and value-added gaming and entertainment content. This model is intended to target both premium one-time and recurring revenue streams. About SSP Solutions Inc. SSP Solutions develops and distributes the SSP(TM) Solution Suite of services, hardware, software and embedded security products designed as the Trusted Symbol of the Digital Economy(TM). The company's SSP-Litronic Division, based in Reston, Va., has a 30-year history of leading-edge technology and data security solutions for government communications. SSP products embed security and trust throughout the transaction chain, protecting electronic communications and financial transactions, physical and electronic access, and the exchange of copyrighted digital content. By combining its own technology with a range of partners' technologies and intellectual properties, SSP products represent the first open embedded security architecture simultaneously supporting public key infrastructure (PKI (Public Key Infrastructure) A framework for creating a secure method for exchanging information based on public key cryptography. The foundation of a PKI is the certificate authority (CA), which issues digital certificates that authenticate the identity of ) and multiple standards of digital rights management. SSP's custom-made enterprise security solutions address digital rights management, financial services, government, entertainment, health care and education. For additional company information, visit http://www.sspsolutions.com or call 949/851-1085. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 With the exception of historical information, matters discussed in this news release, including those pertaining to the ability to deliver cutting-edge gaming products and meet ongoing government regulation are forward-looking statements involving a number of risks and uncertainties, and may not be achieved due to factors beyond the company's control, including changing regulatory environments, technological difficulties, increased competition and changing customer demands. In addition, the company's potential revenue growth depends, in part, on whether various governments agree to permit online gaming and whether government agencies that regulate gaming accept SSP products as their technology standard, over which the company has no control. Furthermore, there is currently no agreement in place between SSP and IGCA. Whether an agreement is ever signed is subject to a number of factors and conditions, including approval of the boards of directors of the two companies, the results of due diligence investigations and approval of gaming regulators of both the GET merger and the ownership of IGCA stock by SSP. There can be no assurance that a formal agreement will ever be signed. Other risks inherent in our business are described in Securities and Exchange Commission filings. SSP Solutions Inc. undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this release. |
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