SOUTH BURLINGTON, Vt., April 4, 2011 /PRNewswire/ -- As previously announced on October 24th, 2009 delSECUR CORPORATION sold 100% of its Intellectual Property including the patents of its del-Id system to QTech Systems Inc. in an Asset Purchase Agreement whereby it acquired 49% of QTech's shares. Since that time and as mentioned in the Press Release on June 22, 2010, QTech's team of engineers has been working diligently on the del-Id prototype development for commercialization.
delSECUR CORPORATION intends to dissolve itself. In so doing, it will pay all its lenders, using its only asset, the QTech shares. It will then distribute all of its remaining asset, the balance of QTech shares, to delSECUR CORPORATION shareholders in the form of a "liquidating dividend" on a pro-rata basis.
After having distributed all of the assets of delSECUR, the CORPORATION will be dissolved in accordance with Nevada State Law and subject to shareholders' approval.
"QTech is currently being funded from the private sector through the issuance of Convertible Debentures. Additional Private Funding sought will assure the continued development of the del-Id technology," stated Randall McCormick, President of delSECUR. "We are in the development stage of our technology and hope to soon have a 'functioning prototype' and then to get ready for the next step, 'commercialization,'" added John Johnston, QTech's CEO and Managing Director.
delSECUR CORPORATION, a public company (Pink Sheets: DLSC) with its head office in S. Burlington, VT has been involved in the development of a unique authentication process based on abstract images of biological data collected from the fingers of living persons. This technology was sold, under the terms of an Asset Purchase Agreement, in October 2009 to QTech Systems Inc., an Ontario company in exchange for 49% of the shares of that company. For further information on QTech visit their website www.qtechid.com.
This Press Release may contain forward-looking statements. These forward looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and other similar statements. Statements that are not historical facts, including statements relating to anticipated future earnings, margins, and other operating results, future growth, construction plans and anticipated capacities, production schedules and entry into expanded markets are forward-looking statements and are subject to the risks normally associated with the completion of a corporate transaction. The information set forth herein should be read in light of such risks. We assume no obligation to update the information contained in this press release, except as required under applicable law.
|SOURCE delSECUR CORPORATION|
Copyright©2010 PR Newswire.
All rights reserved