Biometric Investors has agreed to convey assets to bioMETRX in connection with a comprehensive financing. Biometric Investors, LLC has an US$8.5 million secured investment in Sequiam Biometrics. "We are taking the necessary steps to secure the assets in which we have a perfected security interest. We believe that these assets combined with the resources of bioMETRX and its experienced management team, will have significant contributing value," commented Robert Hoyt, managing partner at Crestview Capital, the majority owner of Biometric Investors, LLC. "Crestview has agreed to take the lead in bioMETRXs next round of funding that is expected to total between US$11.0 and US$15.0 million, including the contribution of assets valued in excess of US$5 million dollars," added Mr. Hoyt. "This transaction will allow bioMETRX to dramatically scale up engineering and manufacturing capabilities, as well as substantially accelerate revenue growth while maintaining its relatively low overhead. The transaction will provide broader opportunities to bioMETRX in the consumer OEM markets to compliment its current consumer biometric product portfolio."
"bioMETRX believes the acquisition of the assets and the simultaneous closing on funding will result in a stronger company with the industrys most complete end-to-end consumer biometric solutions," noted Lorraine Yarde, Chief Operating Officer at bioMETRX. "We have been executing our business model successfully for over 2 years by concentrating our limited resources on a select few partners and clients. We have received significant re-orders for our first product, as well as contracts and orders for new products. Once this transaction is closed, we expect an immediate positive impact on our ability to build product to fulfill orders, meet the growing demand for new products, increase revenue sources and partners, and improve shareholder value," added Ms. Yarde.
bioMETRX is the leader in designing and engineering everyday consumer biometric products such as garage door openers, thermostats, luggage as well as door hardware, utilizing its proprietary smartTOUCH(TM) architecture. bioMETRX has established relationships with various retail and OEM partners including The Home Depot and Master Lock.
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