Source: Precise Biometrics
Precise Biometrics AB, which develops and markets world-leading and user-friendly biometric security applications based on fingerprint and smart card authentication, has acquired 94% of the outstanding shares of the Swedish company Loqware Sweden AB.
The payment has been made through a directed share issue. The aim is to acquire the remaining company shares as soon as possible. The deal will enable Precise Biometrics to further strengthen its biometric security solutions business.
"The acquisition of Loqware allows Precise Biometrics to complete its core business in the area of fingerprint through now being able to offer licensing of techniques for electronic locking and data storage products with biometric login area. In addition, Precise Biometrics will be acquiring a powerful launch pad into the Chinese market, which is completely in line with our international efforts this year with breakthroughs in both the Thai and Japanese markets," says Christer Bergman, President and CEO of Precise Biometrics AB.
Loqware has a strong patent portfolio, which is based on the i-Loq technology it has developed. The technology uses biometry as a method of access and can be licensed as a component for electronic locking of computers, telephones and buildings. The company also has a product family consisting of the encrypted harddisk LoqDrive and the USB memory storage device LoqFlash. The business started up in 1999 and its head office is located in Gothenburg. The company, which will be a subsidiary of Precise Biometrics AB, will keep its own brand name and Lars Grundin will be responsible for operating Loqware Sweden AB.
"We are extremely proud to be yet another new member to join the Precise Biometrics family", says Lars Grundin, principal owner and founder of Loqware.
"With our licenses, products and patent we will contribute to further sharpening Precise Biometrics' competitive edge in the international market."
The acquisition of 94% of the shares took place on 7 August 2005 through the new issue the same day of 1,053,750 shares in Precise Biometrics AB to Lars Grundin with a total value of approximately SEK 8.3 million, under the authority given the board of directors by the Annual General Meeting on 27 April 2005. The new shares correspond to approximately 1.7 percent of the total number of shares after the new issue.