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FINGERMATRIX FILES PRELIMINARY PROXY STATEMENT

 NORTH WHITE PLAINS, N.Y., March 30 /PRNewswire/ -- Fingermatrix, Inc., (NASDAQ: FINX) today announced that a preliminary proxy statement has been filed with the Securities and Exchange Commission for a special meeting of stockholders. At this meeting, stockholders will be asked to consider and vote upon a proposed recapitalization and a change in name of the company. The board of directors believes that this restructuring of the company is required to enable the company to raise additional capital.
 The board of directors recommends the recapitalization of the company's securities which management believes is a prerequisite to raising additional capital. Approval of this proposal would reduce the outstanding common stock, on the basis of one new share for each 20 shares outstanding; reduce the common stock par value from $.02 to $.01 per share; and reduce the authorized common stock from 40,000,000 shares to 15,000,000. Management feels that a name change of the company to FMX Corporation is necessary because the current name is too limited and restrictive in regards to the company's total business.
 On March 3, 1993, the board of directors approved a stock purchase agreement (the agreement) pursuant to which Mr. Michael Schiller, the company's chief executive officer, acquired for investment 12,250,000 restricted shares of the company's common stock representing approximately 43 percent of the total issued and outstanding common stock of the company. Pursuant to the agreement, Mr. Schiller has granted the company an option to repurchase 7,250,000 shares of common stock, subject to adjustment for any recapitalization, stock split or stock dividend, at a price of $.02 per share. Further, Mr. Schiller relinquished any rights to receive warrants or options to purchase common stock contemplated under his pending employment agreement.
 The expenses of the company have been reduced by approximately 50 percent and Michael Schiller has been personally funding the company for the past several months.
 -0- 3/30/93
 /CONTACT: Scott G. Schiller of Fingermatrix, Inc., 914-428-5441/
 (FINX)


CO: Fingermatrix, Inc. ST: New York IN: SU:

TM-LD -- NY004 -- 0810 03/30/93 07:00 EST
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Publication:PR Newswire
Date:Mar 30, 1993
Words:348
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