bioMETRX, Inc. Initiates Integration of Personnel and Assets of Sequiam Corp. - April 25, 2008
Biometric Investors, LLC funds Company Initial $250,000 under March agreement
JERICHO, N.Y., - bioMETRX Inc., (OTC
Bulletin Board: BMRX), a leading developer and supplier of consumer-based
finger-activated products, today announced that it has commenced the
initial integration of the assets and former personnel of Sequiam
Corporation (OTC Bulletin Board: SQUME) through a previously announced
agreement with Biometric Investors, LLC.
"We were notified last week by Biometric Investors, LLC that it has
secured an order from the bankruptcy court to take immediate possession of
Sequiam's assets. We have implemented a plan to incorporate many former
Sequiam employees into our core business, and to take immediate possession
of the equipment, inventory and technology base. We expect a smooth
transition of those assets into bioMETRX over the next few weeks", stated
Mark Basile, Chief Executive Officer at bioMETRX, Inc.
In addition, Biometric Investors, LLC has funded $250,000 to bioMETRX
as part of the asset acquisition and financing agreement between the
companies. The total financing, once completed, will significantly increase
the Company's ability to expand its proprietary smartTOUCH(TM) and smartFIT
technology across many vertical markets and continue to establish itself as
the most dominant global leader in the development of low cost, low power
OEM biometric integration products.
As the global leader in consumer biometric product engineering,
development and sales, bioMETRX's technology has proven to be the most
dependable and robust consumer biometric platform available today. It's
smartTOUCH product line is just starting to make its way into the
marketplace, having shipped over 18,000 units of its garage door opener to
Home Depot last quarter. The smartTOUCH line is now being expanded to door
locks, cabinet locks, mailboxes and luggage. The company's new smartFIT
technology is now being introduced to many OEM's, as well as the new
smartTOUCH bioBOX and smartTOUCH bioVAULT products.
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 "powered
by 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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