PubliCARD Announces Letter of Intent to Acquire Absec Ltd. for Delivery of Smart Card-Based Campus Solutions.FAIRFIELD, Conn.--(BUSINESS WIRE)--June 30, 1999-- U.S. Smart Card Provider Intends to Enter the Burgeoning Global Campus-Card Market PubliCARD, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CARD)(www.publicard.com) today announced that it has signed a letter of intent to purchase all of the assets of Absec Ltd., one of the leading designers, manufacturers and distributors of cost recovery and cashless payment and control systems. This acquisition would position PubliCARD to provide smart card products and solutions in the growing education sector both in 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. and Europe. Terms of the agreement were not disclosed. The agreement would designate European-based Absec as the seventh subsidiary of PubliCARD. This subsidiary would expand the U.S.-based company's capabilities to the delivery of 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. to college, university, high-school and corporate campuses globally. "Colleges and universities, as well as corporations, are enjoying a great deal of success in the deployment of smart cards and systems on campuses worldwide today," says Richard Phillimore, executive vice president of smart card businesses for PubliCARD. "The acquisition of a substantial and credible company like Absec would fit precisely into our corporate strategy, and entering this early adopter market would serve as an important component of the smart card business PubliCARD is dedicated to building." Under this agreement, PubliCARD would expand its products and services to provide campus cards that include applications such as physical and network access control; e-cash for use in making purchases and for using laundry and vending machines; payment for school meals, and more. "Absec is excited about the possibility of teaming with a like-minded consortium," says Colin Foster, 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 Absec. "We have been building our company's expertise in the cashless vending business since the early 80s, and we feel that we could benefit from a sales and marketing standpoint both in Europe and in the United States from the synergies at work within PubliCARD." "The intended addition of Absec to PubliCARD's rapidly growing lineup of smart card businesses moves the company another step closer to its goal of providing total smart card solutions across a wide range of global markets," says James J. Weis, president and CEO of PubliCARD. "Absec's campus card capabilities would complement the rest of our smart card-related products and services. The acquisition would add significant strength to PubliCARD's distribution in Europe and in other parts of the world while enhancing Absec's sales capabilities in the U.S." PubliCARD currently has five subsidiaries that develop and deliver smart card-based solutions and products. They include Amazing a·maze v. a·mazed, a·maz·ing, a·maz·es v.tr. 1. To affect with great wonder; astonish. See Synonyms at surprise. 2. Obsolete To bewilder; perplex. v.intr. Smart Card Technologies, Greenwald Intellicard, Greystone Peripherals, Tritheim Technologies and SmartCardSource.com. PubliCARD also has one subsidiary, Greenwald Industries, that develops and manufactures coin products. The acquisition of Absec would enable PubliCARD to deliver its first smart card-based campus solution. Consummation of the acquisition is subject to, among other things, negotiation and execution of a mutually satisfactory definitive acquisition agreement and satisfaction or waiver of the conditions that may be specified in such an agreement. About PubliCARD, Inc. Headquartered at Fairfield, CT, PubliCARD develops and deploys smart card systems and technology. With a presence in the U.S. and international smart card markets, PubliCARD specializes in many areas of smart card technology, including chip card manufacturing, smart card readers, electronic commerce security software, components for applications in cable and broadcast access, unattended point-of-sale equipment, chipsets, web filtering Blocking access to unwanted Internet content. Businesses can block content based on traffic type. For example, Web access might be allowed, but file transfers may not. Content can also be blocked by site, using lists of URLs cataloged by content that are updated frequently. systems, a complete range of PCMCIA (Personal Computer Memory Card International Association, San Jose, CA, www.pcmcia.org) An international standards body and trade association that was founded in 1989 to establish a standard for connecting peripherals to portable computers. PCMCIA created the PC Card. See PC Card. and digital photography products and more. You can find more information at www.publicard.com. About Absec Ltd. Based in Bangor, Northern Ireland Northern Ireland: see Ireland, Northern. Northern Ireland Part of the United Kingdom of Great Britain and Northern Ireland occupying the northeastern portion of the island of Ireland. Area: 5,461 sq mi (14,144 sq km). Population (2001): 1,685,267. , Absec is a leading developer, manufacturer and distributor of cost recovery and cashless systems to education, health, commercial catering and professional offices in more than 40 countries. Absec also has offices in England and distributes its products and solutions throughout Europe, the United States, Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. , Australia and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . You can find more information at www.absec.com. Special Note Regarding 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. : Certain statements contained in this press release may constitute forward-looking statements 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 that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. For more information on the potential factors, which could affect the company's financial results, refer to the Company's most recent SEC reports, including the Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1998. |
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