JERICHO, N.Y., July 8 /PRNewswire-FirstCall/ -- bioMETRX Inc., (OTC Bulletin Board: BMRX), today announced that it has closed the purchase of the assets of its former competitor, Sequiam Corporation. The company also announced that it has completed the integration of those assets into the company's technology portfolio and consumer based biometric products, several of which already are being sold under the company's smartTOUCH brand.
The purchase price paid for those assets is 44 Shares of Preferred Stock plus a maximum of 256 additional Shares of such Preferred Stock, subject to future conditions of vesting. 88 of the additional shares of Preferred Stock will vest on or before December 31, 2008, depending on the Company's ability to secure additional financing and the other 168 shares will vest on or before December 31, 2010, depending on the Company's aggregate revenues in the next 2.5 fiscal years. The Company's revenues must reach $15,000,000 over a 30-month timeframe for all of the Preferred Shares to be issued. The shares issued are restricted securities that are subject to additional leak-out provisions after the holding period expires. There is no convertible debt tied to this transaction. As part of this transaction, BIL will convert $250,000 of debt into the company's common stock.
"We are excited to acquire new technology, customers, and vendor relationships that will increase our ability to afford a broad range of consumer products. The addition of manufacturing in China, and securing Fujitsu as a new OEM account, has provided us powerful additional momentum. This transaction is part of our expansion through acquisition strategy of companies and products that will help accelerate company growth through revenue generation, as well as to compliment our already popular smartTOUCH product line of finger recognition consumer products," noted Mark R. Basile, CEO at bioMETRX.
As the global leader in consumer biometric product enginee
|SOURCE bioMETRX Inc.|
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