JERICHO, N.Y., May 5 /PRNewswire-FirstCall/ -- bioMETRX Inc., (OTC Bulletin Board: BMRX), a leading developer and supplier of consumer-based finger-activated products, today announced that it has closed an interim round of funding totaling $885,000 from a select group of previous angel accredited investors.
"We have tremendous confidence in this company and its management team. The company has demonstrated to us the ability to be fiscally responsible while employing a steady growth plan to bring its technology and products to market," noted Mark Levine, a special consultant to the company that represents the Angel group. The members of the angel group have previously invested over $2.75 million into the Company over the last 3 years before this new round. In addition to the angel funding, the company has also received $250,000 from Biometric Investors, LLC, a private equity firm in connection with the acquisition of Sequiam Corporations assets. Specifics of the recent funding transactions are included in the company's most recent 8-K.
"Since most Institutional capital currently carries onerous terms, it made more sense for the company to turn to our existing angel shareholder base who presented us with favorable debt-free terms. This group has lived through the steady growth of this company over the last three years, and remains strong advocates on behalf of the company. This funding allows us to ramp revenues before proceeding with our next round of institutional capital. We are encouraged by their responsiveness and continued confidence and support in the company's progress," noted Rick Iler, CFO at bioMETRX.
As the global leader in consumer biometric product engineering, development and sales, smartTOUCH technology has proven to be the most dependable and robust consumer biometric platform available today. The smartTOUCH product line is now being expanded to door locks, cabinet locks, mailboxes and luggage.
About bioMETRX, Inc.
bioMETRX, Inc. is rapidly becoming the leader in designing and bringing to market, practical, secure, everyday consumer biometric products for the garage door, door hardware, HVAC, home security, PC, automotive and portable lock markets. Utilizing its proprietary technology, the smartTOUCH(TM) platform, bioMETRX has developed an entire family of products so smart, they recognize you. The company's product line is branded under the protected trade name smartTOUCH(TM). bioMETRX also designs and provides fingerprint technology to a number of Original Equipment Manufacturers (OEM's).
For more information on bioMETRX and/or the company's smartTOUCH line of products, including the Master Lock smartTOUCH garage door opener, visit the Company's Web site at http://www.biometrx.net.
Safe Harbor Statement: This release may contain certain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release with respect to bioMETRX's business, financial condition or results of operations, as well as matters of timing and the prospective terms of any transaction described are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond bioMETRX's control with respect to market acceptance of their technology and/or products, whether financing will be available, the effect of the application of acquisition accounting policies as well as certain other risk factors which are and may be detailed from time to time in bioMETRX's filings with the Securities and Exchange Commission.
|SOURCE bioMETRX Inc.|
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