Navigation Links
Solidus Networks, Inc. Seats New Board of Directors

New leadership streamlines business plan to create new investment


SAN FRANCISCO, Jan. 14 /PRNewswire/ -- Solidus Networks Inc., dba Pay By Touch, the global leader in biometric payment and personalized marketing, today announced a new Board of Directors: Art Petrie, Chairman; Eula Adams, John Morris, John Rogers, and Robert Sigler.

The new Board is overseeing the structuring of a new executive team. Tom Lumsden serves as Chief Restructuring Officer, directing activities at Solidus Networks. Eula Adams continues as COO, Robert Sigler continues as CFO, and John Rogers, founder of the Company, now functions in a non-employee director role only.

The Board is steering the Company through the voluntary filing in bankruptcy under Chapter 11, which occurred in mid-December. They are executing against a robust reorganization plan that includes streamlined operations to develop both investment and acquisition opportunities. The new operating plan is in connection with a financing agreement made with the Company's senior lenders upon entry into bankruptcy, where the Company agreed to meet various milestones.

Several of the Company's non-core subsidiaries such as Paycheck Secure, ATM Direct, and Payment Solutions continue to operate under the protection of the bankruptcy court, and are being marketed for acquisition. Core subsidiaries not part of the bankruptcy filing include Loyalty Acquisition (dba Capture Resource) and S&H Marketing Services (dba S&H Greenpoints).

As part of the process of focusing the direction of the Company on biometric authentication, payments and personalized marketing, activities supporting healthcare, government, online and new international (other than the Company's existing implementations with Citibank in Singapore) have been suspended. Headcount has been reduced, facilities have been combined, and other cost-cutting measures have been implemented.

The new board also confirmed the engagement of Jefferies & Company to serve as investment banker to lead communications with potential investors and structure a transaction that will present the highest value result through the bankruptcy process. The Company continues to maintain its patent portfolio and technology platform to serve biometric authentication and payments covering existing applications as well as potential future applications in the financial, online, healthcare, gaming and international segments.

All core and non-core businesses, including consumer biometric and loyalty transactions, continue business as usual.

"We have seen Solidus Networks through a lot of changes, and we remain committed to Pay By Touch because it has the unique potential to actually change how the world transacts," said Art Petrie, Chairman of the Board. "We have a solution that is customized and simple for consumers, economical and brand-building for retailers, and helps Consumer Packaged Goods (CPG) companies build loyalty more efficiently."

Biographies of the new Board of Directors can be found at

About Pay By Touch

Pay By Touch ( is wowing the world one touch at a time as the global leader in biometric authentication, personalized marketing and payment solutions. To date, patented Pay By Touch(TM) biometric services have enabled over 4 million shoppers in the U.S., Europe and Asia to quickly and securely use a finger scan to access personalized offers, make purchases, and cash checks at more than 2,600 locations nationwide. Founded in 2002 and headquartered in San Francisco, Pay By Touch holds more than 60 issued patents and 175+ pending patents worldwide on secure, convenient and cost-effective transaction solutions.

SOURCE Solidus Networks, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology news :

1. TAU scientists probe deep questions aboard EcoOceans environmental research ship
2. Michael A. Betts, Seasoned Financial Services Executive, Joins CIC Board of Directors
3. Michael A. Betts, Seasoned Financial Services Executive, Joins CIC Board of Directors
4. New test finds diisobutyl phthalate in some cardboard food packaging -- recycling is the issue
Post Your Comments:
(Date:10/27/2015)... Munich, Germany , ... (ASGM) automatically maps data from mobile eye tracking videos ... so that they can be quantitatively analyzed with SMI,s ... Germany , October 28-29, 2015. SMI,s Automated Semantic ... eye tracking videos created with SMI,s Eye Tracking ...
(Date:10/26/2015)... and LAS VEGAS , Oct. 26, ... , an innovator in modern authentication and a founding ... the launch of its latest version of the Nok ... organizations to use standards-based authentication that supports existing and ... Authentication Suite is ideal for organizations deploying customer-facing applications ...
(Date:10/23/2015)... California , October 23, 2015 ... (SMI) announce a mobile plug and play integration of ... real-world tasks SensoMotoric Instruments (SMI) present ... wearable solutions for eye tracking and physiological data registration. ... SMI Eye Tracking Glasses 2w and physiological ...
Breaking Biology News(10 mins):
(Date:11/24/2015)... IN (PRWEB) , ... November 24, 2015 , ... The ... newest Special Interest Group (SIG), MultiGP, also known as Multirotor Grand Prix, to represent ... the last few years. Many AMA members have embraced this type of racing and ...
(Date:11/24/2015)... TEL AVIV, Israel , Nov. 24, 2015  Tikcro Technologies Ltd. ... be held on December 29, 2015 at 11:00 a.m. Israel ... & Co., Electra Tower, 98 Yigal Allon Street, 36 th Floor, ... , election of Eric Paneth and Izhak Tamir ... and Rami Skaliter as external directors; , approval of an ...
(Date:11/24/2015)... Urdorf, Switzerland (PRWEB) , ... November 24, 2015 ... ... the plant and the environment are paramount. Insertion points for in-line sensors can ... TOLEDO has developed the InTrac 781/784 series of retractable sensor housings , ...
(Date:11/24/2015)... 24, 2015 /CNW Telbec/ - ProMetic Life Sciences Inc. (TSX: ... Mr. Pierre Laurin , President and Chief Executive Officer ... upcoming Piper Jaffray 27 th Annual Healthcare Conference to ... 1-2, 2015. st , at 8.50am (ET) ... throughout the day. The presentation will be available live via ...
Breaking Biology Technology: