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Mitek Systems Inc. effective registration statement for public offering of common stock.

SAN DIEGO--(BUSINESS WIRE)--Nov. 22, 1996--Mitek Systems Inc. (NASDAQ:MITK) Friday announced the effectiveness of its registration statement for public offering of 3,550,000 shares of its common stock at $2.25 per share.

Of this amount, 2,250,000 shares are being sold by the company and the remaining 1,300,000 are being sold by certain selling stockholders. In addition, a selling stockholder has granted the underwriters an option to purchase up to an additional 532,500 shares to cover over-allotments, if any.

Mitek Systems develops and markets automatic data recognition products which enable the automation of costly, labor-intensive business functions such as check and remittance processing, forms processing and order entry. The company's products incorporate proprietary neural network software technology for the recognition and conversion of hand-printed or machine-generated characters into digital data.

Copies of the final prospectus relating to this offering may be obtained from Unterberg Harris: 10 East 50th St., 22nd Floor, New York, N.Y. 10022, telephone 212/572-8000; 275 Battery St., 29th Floor, San Francisco, Calif., telephone 415/399-1500; Cruttenden Roth Inc., 600 California St., 14th Floor, San Francisco, Calif. 94104, telephone 415/782-5000; Van Karman, Suite 100, Irvine, Calif. 92715, telephone 800/678-9147.

CONTACT: Mitek Systems Inc., San Diego

John Kessler, 619/635-5900

619/635-5908 (fax)
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Publication:Business Wire
Date:Nov 22, 1996
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