Intelli-Check Chairman Tells Shareholders Company Targeting Major Markets.
Marketing of ID-CHECK Unit Focused on Identity Theft,
Access Control and Age Verification
INTELLI-CHECK, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic.
Antonym: dec. . (AMEX AMEX
See: American Stock Exchange :IDN (Internationalized Domain Name) A .com or .net domain name that is represented in non-English characters and symbols, with .com and .net appended at the end in English letters. ) Chairman and Chief Executive Officer Frank Mandelbaum told the annual meeting today that the Company, a developer of advanced documentation systems, is focusing on three key markets for its ID-CHECK(R) unit - identity theft, access control and age verification.
Mr. Mandelbaum said that ID-CHECK technology can assist merchants in combating credit card, check cashing and other frauds resulting from "identity theft" supported by fake IDs and that it has multiple applications for providing an additional layer of security for military installations, high profile buildings and transportation facilities. The age verification market targets merchants who need to protect themselves from the inadvertent sale of age-restricted products such as alcohol and tobacco to underage users.
"Our ID-CHECK technology is highly versatile and has multiple applications in a number of potential markets including retail, military, government and homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security
Department of Homeland Security
executive department - a federal department in the executive branch of the government of the United States ," Mr. Mandelbaum said. "ID-CHECK can act either as a standalone stand·a·lone
Self-contained and usually independently operating: a standalone computer terminal. technology for determining the authenticity The correct attribution of origin such as the authorship of an e-mail message or the correct description of information such as a data field that is properly named. Authenticity is one of the six fundamental components of information security (see Parkerian Hexad). of driver licenses and other ID cards, in addition to acting as a gatekeeper In an H.323 IP telephony or video environment, a gatekeeper is a device that manages domains and provides call control. It is used to translate user names into IP addresses, to authenticate users and to manage network resources. for other security systems that determine proof of identity. Biometrics, by themselves, only determine that the holder is the person to whom the card was issued, but does not determine who that person really is. Because of this fact, we are seeing increased interest from major companies in the biometric industry in incorporating our technology into their products."
Mr. Mandelbaum said that the Company has begun to penetrate a number of these markets, where decision-making often involves multiple management levels, thus creating long sales cycles. "We believe that once a major sale is made in a key market, the sales cycle will shorten (audio, compression) Shorten - A form of lossless audio compression. ," Mr. Mandebaum said.
Mr. Mandelbaum cited recent marketing developments by Intelli-Check:
-- ID-CHECK units were ordered for use at a nuclear generating station in California. This was the initial sale by Intelli-Check to a nuclear facility, opening up potential sales opportunities in the nuclear power industry. -- ID-CHECK units were deployed for testing purposes at Boston's Logan International Airport and were purchased for use at LaGuardia and Kennedy International Airports in New York and at Philadelphia International Airport. -- Credit card companies are expected to begin testing ID-CHECK units at some of the largest retailers in the U.S. to help combat check cashing and credit card fraud and "identity theft." -- ID-CHECK was deployed as an integral component of a comprehensive security system at the annual conference of the Western Governors' Association (WGA) in Phoenix, Ariz., where the technology received positive reviews and interest from important players in homeland security. -- Imaging Automation of Bedford, N.H., whose BorderGuard system authenticates passports, recently incorporated ID-CHECK technology into its system, enabling it to validate driver licenses and has begun to receive orders for their product enhanced with ID-CHECK technology. -- ID-CHECK units were sold to state agencies in Vermont, Delaware and New York. In addition, motor vehicle bureaus in Pennsylvania, Iowa, Texas, North Carolina and Wisconsin are testing them. -- Intelli-Check entered into a distribution agreement for the marketing of ID-CHECK units by Command Security Corp. of Lagrangeville, N.Y. -- The ID-CHECK unit was approved by the General Services Administration, the U.S. government's centralized procurement agency, for direct sale to U.S. government agencies.
Mr. Mandelbaum also said that Intelli-Check remained in sound financial condition with approximately $3 million cash on hand, which includes $621,000 received from an option exercise on a large block of stock. The shares of stock underlying the option are unregistered and must be held a minimum of one year unless prior registered before they are eligible for sale.
Shareholders attending the meeting and those voting by proxy also re-elected three members of the Board of Directors. They were Edwin Winiarz, Senior Executive Vice President and Chief Financial Officer of Intelli-Check; Paul Cohen Paul Cohen can refer to:
Howard Davis , Executive Vice President of investment banking firm GunnAllen Financial Inc.
Shareholders also ratified rat·i·fy
tr.v. rat·i·fied, rat·i·fy·ing, rat·i·fies
To approve and give formal sanction to; confirm. See Synonyms at approve. the appointment of Grant Thornton LLP This article or section is written like an .
Please help [ rewrite this article] from a neutral point of view.
Mark blatant advertising for , using . as the Company's independent auditors Independent Auditor
An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report.
These auditors aren't affiliated with the company being audited. for the 2002 fiscal year.
Intelli-Check, Inc. (www.intellicheck.com) is a developer and marketer of an advanced state-of-the-art document verification system for authenticating the validity of driver licenses and ID cards used as proof of identity. Intelli-Check's multi-purpose ID-CHECK(R) units are fully capable of increasing security and as a tool that can be used to deter terrorism at military installations, high profile buildings, airports and other sites and are also an effective tool against "identity theft," which often is supported by fake IDs and is the fastest growing crime in the U.S. ID-CHECK(R) units enable a user to prevent economic loss from check-cashing, credit card and various other frauds utilizing fake IDs and the ID-CHECK(R) and IDentiScan units have the ability to determine whether purchasers of age-restricted products such as alcohol and tobacco meet minimum age requirements for their sale. ID-CHECK(R), with its patented technology, analyzes and displays information encoded in magnetic stripes A small length of magnetic tape adhered to credit cards, badges, permits, passes and tokens. The tape is read by magnetic stripe readers incorporated into ATMs, identification readers and payment terminals. and barcodes found on driver licenses, military identification and other forms of state and government- issued identification from more than 50 jurisdictions.
Certain statements in this press release constitute forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, as amended. There is no assurance that any of the key markets being targeted by the Company will result in additional sales of ID-CHECK units. Recent marketing developments mentioned in this news release are no guarantee of the Company's future performance. Additional information concerning forward looking statements is contained under the heading of risk factors listed from time to time in the company's filings with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information.