Acquisition to increase engineering capabilities, client base and revenues
JERICHO, N.Y., Sept. 29 /PRNewswire-FirstCall/ -- bioMETRX Inc., (OTC Bulletin Board: BMRX), today announced that it has executed a non-binding Letter of Intent with Biometric Solutions, LLC, in which bioMETRX can acquire a controlling interest in Biometric Solutions, Inc. The terms of the acquisition have not yet been finalized.
Biometric Solutions LLC is a premiere engineering firm, having worked on several successful biometric designs. A major Biometric Solutions customer is SentrySafe, the largest and most recognized safe manufacturer in the United States.
"We have been working closely on projects with Biometric Solutions for several months. Biometric Solutions brings additional engineering resources as well as complementary clients as we continue to expand our client base in various vertical consumer markets," noted Mark Basile, CEO at bioMETRX. "Consolidation in the biometric market has been gaining momentum, as companies seek ways to pool resources while increasing shareholder value. As a leader in consumer embedded biometric products, we have unique opportunities to examine companies that can provide additional value and resources that complement our growth strategy. This acquisition will bring additional shareholder value and create a stronger company as we introduce new products to the market," noted Mr. Basile.
Matt Hall, CEO of Biometric Solutions LLC, commented, "We are equally excited about the opportunity of joining the leader in the embedded consumer biometric industry. We have been working seamlessly with bioMETRX for several months, and have come to respect the professionalism of its management team and dedication of its employees in helping establish bioMETRX as the industry leader. Merging the talents and capabilities of Biometric Solutions into the bioMETRX portfolio will only add to this market leadership."
About bioMETRX, Inc.
|SOURCE bioMETRX Inc.|
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