NEW YORK, Feb. 19 /PRNewswire-FirstCall/ -- Explorations Group Inc. (OTC Bulletin Board: EXGI), announced today that it has acquired Florida-based Hawk Biometric Technologies, Inc., a developer of patented biometric systems for the automotive, real estate and maritime industries. Hawk Biometric's signature PASS(TM) product integrates fingerprint scanning into a vehicle's operating system and permits operation by only authorized drivers. Combined with optional GPS capabilities, PASS(TM) allows vehicle owners to remotely monitor, track, geo-fence, speed check and disable PASS(TM) equipped vehicles.
David Coriaty, CEO of Hawk Biometric and the new CEO of Explorations stated "by joining with Explorations, we now have the opportunity to leverage our substantial biometrics intellectual property and the ability to access additional capital to pursue distribution, marketing, and manufacturing relationships to broaden our penetration into multiple market verticals." Eric Brown, the departing CEO of Explorations said "we are thrilled to have the entire Hawk Biometric team join us. The acquisition of Hawk Biometric should be just the first step in our long term plan to build shareholder value."
Shareholders of Hawk Biometric received a total of 600,000 shares of Explorations' Series B preferred stock, each share of which is convertible into 100 shares of Explorations' common stock. Explorations is planning a 1-for-6 reverse split of its common stock. The Series B preferred shares will not be affected by such stock split. Explorations expects to spin-off its parking garage assets to its shareholders of record as of February 18, 2009.
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "should," "intends," "will," or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.
|SOURCE Explorations Group Inc.|
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