15 December 2017
visit http://response.ncr.com

ICT completes $3.5m private placement

09 January 2008  |  1468 views  |  0 Source: Innovative Card Technologies

Innovative Card Technologies, (NASDAQ:INVC), developers of the ICT DisplayCard for e-banking, e-commerce and data access authentication, announced today the completion of a private placement of $3.5 million of 8% Senior Secured Convertible Debenture with institutional and other accredited investors.

As part of the transaction, the Company issued the investors warrants to purchase an aggregate of 700,000 shares at $2.75 per share. The Company intends to use the proceeds towards working capital to propel the commercialization of the ICT DisplayCard authentication device. Los Angeles-based T.R. Winston & Company acted as placement agent.

The $3.5 million will be used as working capital to drive commercialization of the company's in-demand, one-time passcode ICT DisplayCard. The authentication device is being tested in online banking and data systems access applications by major financial institutions on six continents.

"This latest round of financing is a strong show of confidence in the commercialization of our ICT DisplayCard," said Steven R. Delcarson, CEO & President of Innovative Card Technologies. "With cards in consumer's hands in both the US and Korea, and many pilots underway at leading global financial institutions, we are beginning to gain real momentum in capitalizing on our product's significant market potential."

The ICT DisplayCard integrates the security of a one-time password token directly into a card the size of a standard payment card. At the push of a button on the card, a one-time password is shown on the card's integrated display. During an online transaction, this number is entered into a user interface with other information (such as the user's login name and static PIN) for multifactor authentication.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.thomsonreuters.infovisit www.niceactimize.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10041 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
9449 views comments | 17 tweets | 36 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
6887 views comments | 19 tweets | 20 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6267 views 0 | 4 tweets | 2 linkedin
Nordea takes Open APIs into live productionNordea takes Open APIs into live productio...
5810 views comments | 5 tweets | 26 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job