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Under the terms of the definitive agreement, L-1 will purchase Bioscrypt shares for C$0.55 per share, representing a total purchase price of approximately C$44.0 million.   Subject to certain conditions, the number of L-1 shares to be issued in payment of the purchase price for the Bioscrypt shares is based on the average closing price of L-1 shares on the New York Stock Exchange for the 20 trading days ending five trading days prior to the closing date of the acquisition.  L-1 estimates that it will issue approximately 2.5 million shares in connection with the acquisition.  Under the definitive agreement, the maximum number of L-1 shares that can be issued is 2.6 million shares.  In addition, L-1 will assume outstanding Bioscrypt stock options that are not exercised prior to the effective time of the acquisition.  Additional terms of the transaction will be more fully described in the management proxy circular to be mailed by Bioscrypt to its security holders in connection with a special meeting of its security holders.  Today, following announcement of the Bioscrypt transaction, L-1 intends to acquire approximately 500K-750K shares of L-1 common stock in an arranged transaction.

Bioscrypt is expected to add US$20.0 million in revenue and be Adjusted EBITDA neutral in 2008.  It is expected to be Adjusted EBITDA accretive in 2009.  The current Bioscrypt business base accounts for 85 percent of its calendar 2008 projected revenue.  Bioscrypt has experienced strong growth in recurring sales within its existing customer base and the acquisition will provide significant new cross-selling opportunities between the two companies partners and customers.  In addition, the companies will implement a restructuring plan to generate cost savings through synergies.