Mytec Forms Korean Joint Venture.Business Editors TORONTO--(BUSINESS WIRE)--July 4, 2000 (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :MYT MYT Mayotte (ISO Country code) MYT My Travel Airways (ICAO airline code) MYT Multi-Year Tariff MYT Miss You Tons MYT Meet You Then MYT Mit You Too (WWII submarine response) .) Mytec Technologies Inc. and Powoo Metal Co. Ltd. today announced they have entered into a joint venture agreement to bring Mytec's leading biometrics products to customers in Korea. Under the agreement, Mytec Korea Co. Ltd. will sub-license Mytec's technologies to other original equipment manufacturers in Korea. It will also manufacture - under license - and distribute Mytec's Touchstone Pro, Gateway and MPAD MPAD Mobile Public Affairs Detachment (US Army) MPAD Mission Planning and Analysis Division MPAD Monterey Peninsula Airport District (California) MPAD Manpower Personnel Assignment Document systems. "Korea is a tremendous market for us to penetrate because of its strategic importance to multinational electronics companies and other manufacturers that could integrate or gain value from our technologies," said Pierre Donaldson, Mytec President and Chief Executive Officer. "We chose to partner with Powoo because of their strong connections in the Korean marketplace. They are a small company but one with excellent connections and knowledge of the marketplace." The agreement to form the joint venture is subject to final signing of the licensing agreement by both companies and financing. About Mytec Products MPAD or Mytec Portable 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. Device technology provides security for a range of hand-held, portable electronic commerce tools such as cell phones and PDA's. MPAD is a breakthrough for Mytec. It represents the latest in DSP (1) (Digital Signal Processor) A special-purpose CPU used for digital signal processing applications (see definition #2 below). It provides ultra-fast instruction sequences, such as shift and add, and multiply and add, which are commonly used in math-intensive and solid state fingerprint sensor technology. With MPAD, the Company can now integrate a biometric module, easily and cost-effectively into any number of wireless devices. With MPAD, manufacturers of portable electronics as well as telecommunications carriers can offer their customers an affordable, biometric solution to enable rock-solid security. Mytec's Touchstone Pro is a biometric-enabled, computer network security system with on-board processing power, meaning all sensitive operations happen within the device and not in a host computer. Only when authentication is accomplished does the user's secret key travel to the host computer. This prevents snooping and replay attacks. Mytec's Gateway technology is a biometric-enabled physical security system using an industry-standard data interface. This removes the need for custom installation. It is fully compatible with most major electronic physical access control systems and comes complete with a Dallas iButton, a portable database the size of a key ring that houses the user's Bioscrypt information. Visit our website at www.mytec.com Mytec Technologies Inc., the Mytec logo, Bioscrypt and Touchstone are trademarks or registered trademarks of Mytec Technologies Inc. Forward-looking statements in this news release are made pursuant to the "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. " provisions of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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. Investors are cautioned that such forward-looking statements involve risks and uncertainties. |
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