SCOTTSDALE, Ariz., Oct. 29 /PRNewswire-FirstCall/ -- BioAuthorize Holdings, Inc. and its wholly owned subsidiary BioAuthorize, Inc. (OTC Bulletin Board: BAZH), a high-tech voice biometric security company providing online payment authentication (You Are Your Voice(TM)), has re-seated its board of directors and restructured its executive management team for the purpose of enhancing the implementation of its newly developed biometric authentication services.
BioAuthorize, headquartered in Scottsdale, Arizona, is pleased to announce that Jeffrey Perry of Scottsdale, AZ has been appointed as a director of the company, Chief Financial Officer, and Chief Operations Officer effective October 7, 2008. L. Kim Garvey of Phoenix, AZ, also has been appointed a director of the firm.
"Given the current challenges in today's markets, I anticipate that our technology, process and infrastructure changes can provide us the ability to become a profitable enterprise in the near-term," said Yada Schneider, company CEO. "I also am very excited about the appointments of Jeff Perry and Kim Garvey. Both bring the strength and experience that the company requires to be successful. Perry and Garvey both have a proven, successful track record in their respective areas of expertise."
The company has recently completed a modification to its expected product offerings by providing e-commerce merchants the ability to use BioAuthorize voice biometric services to authenticate customer purchases using bank account, debit card or credit card payment methods while utilizing the merchant's existing merchant account and hardware, all without any need to add hardware cost to implement the service and helping to reduce fraud. The company is currently pursuing beta testing of the voice biometric authentication technology and expects to go live with the service during the first quarter of 2009.
By using the BioAuthorize service, a customer who makes an online
purchase can use his voice over the telephone to authenticate his approval
for payment of the purchased item or service without relying on the need to
type in a user name or password and transmit that information over the
Internet. BioAuthorize's process modification is expected to give
e-commerce merchants and their customers a wide array of new benefits
-- Voice biometric authentication of purchases; each customer has to be who
he says he is or no purchase is allowed
-- The voice authentication eliminates the need for user names or passwords
-- No need for another merchant account or change to existing
-- Gives e-commerce customers the ability to complete purchases over the
phone without any investment in infrastructure; and reduces, if not
eliminating, the chance of ID theft or unauthorized purchases
-- No need to submit sensitive credit card information on-line. Each
consumer registers his voice and information one time on a either land
line or cell phone and thereafter use the system with all merchants who
-- No hardware or software requirements for merchants or customers.
-- No training required, as easy as checking voicemail on your phone. You
simply call the BioAuthorize number, say your name, enter your register
phone number, and follow the prompts to authorize or pre-authorize your
transaction. That's All!
BioAuthorize also has completed telecom infrastructure changes that have significantly reduced the company's operating costs. The telecom infrastructure is needed to process telephone calls made by consumers during the authentication of each payment transaction. As a result of the new telecom infrastructure, the company can now deliver its biometric authentication service offerings to any location without the necessity of a substantial telecom investment. This benefit should support the ability to explore business opportunities with a variety of merchants in both domestic and international markets.
Jeffrey Perry has been licensed to practice law in Texas since May 1988 and in Arizona since March 2000. He practices under his firm name: Jeffrey R. Perry Law Firm, P.C. Over the past six years Perry has focused his practice on the representation of business entities in the arenas of business formation, structured financings including private placements of securities, business combination transactions, SEC reporting and other general company business matters including contractual, employment and intellectual property matters. He has represented a number of public companies whose common stock has traded on the Over The Counter Bulletin Board. He has served as outside general counsel for IR Biosciences Holdings, Inc; he was general counsel and Executive Vice President Mergers&Acquisitions for ImproveNet, Inc.; and he served as general counsel for Ebiz Enterprises, Inc. Perry also served as legal counsel to Integrated Information Systems, Inc. In addition to his Juris Doctor degree, Mr. Perry has a Bachelor of Business Administration with a focus on finance and a Bachelor of Arts from Southern Methodist University in Dallas, Texas.
Kim Garvey (Mr.) has nearly four decades of advertising, marketing, public relations, public involvement and issues planning, research and communication expertise, at the local, regional, national and global levels. For nearly five years Garvey served with the world-famous Harlem Globetrotters where he was Vice President of Corporate Communication. He has more than two decades of experience working on large scale projects for the Arizona Department of Transportation and other counties and municipalities. A recognized professional, Garvey is the former President of The Valley of the Sun Chapter of PRSA, served as national chair for the ARC Marketing Communications Committee, and has taught Advertising, Public Relations and Sales at the College level for a quarter century. He holds BA and MA degrees from BYU in Provo, Utah.
Investors and readers are cautioned that certain statements contained in this document, as well as some statements in periodic press releases and some oral statements of our officers and directors during presentations about our technology, along with BioAuthorize's filings with the Securities and Exchange Commission, including the Company's registration statements, quarterly reports on Form 10-Q for the quarterly periods ending March 31, 2008 and June 30, 2008 and annual report on Form 10-KSB for the year ending December 31, 2008, are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements that are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects", "anticipates", "intends", "plans", "could", "might", "believes", "seeks", "estimates" or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, the functionality of our biometric technology, the acceptance of our biometric technology in the marketplace and possible future actions, which may be provided by the Company's management, are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are subject to various risks, uncertainties and assumptions about BioAuthorize Holdings Inc. BioAuthorize Inc., its technology, economic and market factors and the industries in which the Company does business, among other things. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations are reasonable, and it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from such expectations include, without limitation, the ability of the Company to execute its business plan, currency and commodity fluctuations, availability of raw materials, raw material cost increases, and severe interest rate increases. The Company can provide no assurance that such cost increases can be passed on to its customers through implementation of price increases for the Company's products. The forward-looking statements contained herein reflect the current views of management with respect to future events and are subject to those factors and other risks, uncertainties and assumptions relating to the operations, results of operations, cash flows and financial position of the Company. The Company assumes no obligation to update the forward-looking statements or to update the reasons actual results could differ from those contemplated by such forward-looking statements.
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