Agreement Underscores Confidence in Company Growth
Intellicheck
Mobilisa, Inc. (NYSE MKT:IDN) (the “Company”), a leader in identity
authentication, verification and validation technology solutions, today
announced that it had entered into an agreement providing for the
repurchase of 979,114 shares of its common stock for $1,096,607 from
former President and CEO Nelson Ludlow and former Senior Vice President,
Bonnie Ludlow. The Company action came following the approval of a
resolution by the Board of Directors on February 23, 2016 to repurchase
the Company's stock. The parties expect the transaction to close on or
before March 4, 2016.
"Our agreement to purchase these shares demonstrates our confidence in
the future of our Company and the growing traction of our
industry-leading identification authentication technology solutions in
key markets," said Dr. William Roof, Intellicheck CEO.
As part of the repurchase agreement, the Company also received rent
abatement on the Port Townsend, Washington office lease, which is due to
expire in August 2017. The move marks the last step in the Company's
closing out of its operations in Port Townsend, Washington. In October
of last year, the Company announced relocation of its headquarters to
the New York City metropolitan area. The Company’s anticipated new
Pacific Northwest location will improve the Company's proximate access
to major clients, further market opportunities and air transportation.
Under terms of the lease amendment agreement, the lease payment will be
reduced by $50,000 over the term of the lease, with building vacation
planned prior to April 1, 2016. As noted in the Company’s periodic
filings including its 10-K and Proxy Statement, the Company leases
office space in Port Townsend from Eagle Coast, LLC, an entity that is
wholly-owned by Nelson and Bonnie Ludlow.
"We are actively examining new location opportunities in Washington
State that will best help us achieve our strategic goals. Strengthening
our competitive presence will continue to fuel product traction and
revenue growth at a time when there is significant, increasing demand
for products that address key domestic and international security
concerns across the markets we serve," explained Dr. Roof.
Intellicheck's industry leading identity authentication, verification
and validation technology solutions scan, authenticate and analyze
components of identity documents including driver licenses, military
identification cards and other government forms of identification
containing magnetic stripe, barcode and smart chip information. The
information can be used to provide safety, security and efficiencies
across markets including the customers the Company supports in the
national defense, law enforcement, retail, hospitality and financial
markets. Unlike competitive products, Intellicheck's technology
solutions are unique in their ability to provide accurate, real-time
identification authentication and situational awareness on both mobile
and existing fixed infrastructures that is fully regulatory compliant.
The Company's robust portfolio of 25 patents includes many pertaining to
identification technology.
About Intellicheck Mobilisa
Intellicheck Mobilisa is an industry leader in identity authentication,
verification and validation systems. Our technology makes it possible
for our customers to enhance the safety and awareness of their
facilities and people, improve customer service, and increase
operational efficiencies. Founded in 1994, Intellicheck has grown to
serve dozens of Fortune 500 companies including retail and financial
industry clients, national defense clients at agencies, major seaports,
and military bases, police departments, and diverse state and federal
government agencies. For more information on Intellicheck Mobilisa,
please visit http://www.intellicheck.com/.
Cautionary Statement Regarding Forward Looking Statements
The statements in this press release that are not historical facts may
constitute forward looking statements including, without limitation, the
statements that are based on current expectations and are subject to
risks and uncertainties that could cause actual future results to differ
materially from those expressed or implied by such statements. Those
risks and uncertainties include, but are not limited to, risks related
to general market conditions, development and product commercialization
activities, and the success of its research, development and expansion
of sales and marketing team, plans and strategies and its ability to
protect its intellectual property. These and other risks and
uncertainties are identified and described in more detail in
Intellicheck Mobilisa's filings with the Securities and Exchange
Commission, including, without limitation, its Annual Report on Form
10-K for the year ended December 31, 2014, its Quarterly Reports on Form
10-Q, and its Current Reports on Form 8-K. Intellicheck Mobilisa
undertakes no obligation to publicly update or revise any
forward-looking statements.
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