Listed on the TSX Venture and OTCQB Venture Markets
Evaluating Strategic Alternatives and Investment Opportunities
Athlone Global Security Investee Company Rolls Out Customer Voice Biometrics for Top 3 Israeli Banks
TORONTO, ONTARIO--(Marketwire - April 26, 2010) -
NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES
Eurocontrol Technics Inc.
(TSX VENTURE:EUO) ("Eurocontol" or the "Company"), a Canadian public company specializing in the acquisition, development and commercialization of innovative energy security, authentication and verification technologies, together with Athlone Global Security Inc. ("Athlone"), are pleased to announce that an investee company of Athlone, PerSay (" PerSay"), the global leader in the research, development and deployment of Voice Biometric technology and products announced that it has successfully completed the deployment of its systems in the top three banks in Israel. Bank HaPoalim, Bank Leumi, and Discount Bank have all rolled out secure Voice Biometric applications to the public. Applications include PIN reset and PIN-less access to contact centers at Bank Poalim, self-service eBanking password reset and Real-Time Fraudsters Detection at Bank Leumi, and multi-factor authentication for phone based high-risk transactions at Discount Bank. The total value of the deployments is $1,000,000 and a 15% annual service fee.
As previously announced, Eurocontrol and Athlone have entered into a definitive agreement whereby Eurocontrol will acquire all of the issued and outstanding shares of Athlone (the "Transaction") (See Press Releases Dated April 1, 2010 and April 5, 2010). The Transaction is expected to close on or about April 29, 2010. Shareholders of record as of March 22, 2010 will be entitled to vote at the annual and special general meeting of the Company to be held on Thursday, April 29, 2010 with respect to the Transaction. In addition, the shareholders of the Company will receive one-half of one common share purchase warrant (each whole warrant a "Euro Warrant") for each common share of the Company held. Each Euro Warrant shall entitle the Eurocontrol shareholders of record on the day of closing to acquire one common share in the capital of the combined company at an exercise price of $0.30 for a 12 month period following completion of the Transaction. The issuance of the Euro Warrants is subject to receipt of all security and regulatory approvals.
PerSay's cutting edge technology is gaining momentum around the world with financial services, telecom operators, healthcare service providers, large enterprises, and government agencies selecting its Voice Biometrics technology following competitive analysis. PerSay's products are integrated with the leading IVR and CTI platforms such as Genesys, Cisco, Avaya, and IBM and are available through a growing network of global partners, resellers and system integrators, including IBM, Dimention Data, Huawei and others.
PerSay VocalPassword was selected for the Bell Canada project in September 2006. Installation, integration by IBM Global Business Services, Bell's Voice Identification Service was rolled out, one area code at a time, to all wireline and wireless customers in Canada. As of April 2010, Bell Canada reported more than 1,000,000 voluntary enrolments.
"With monthly voluntary enrolment rates in the hundreds of thousands, there is no longer a question around the ability to deliver the unique values our Voice Biometrics technology offers to our clients" noted Almog Aley-Raz, PerSay's CEO. "The return on investment, enhanced security, and the significant improvement in customer service has already been validated. The fact that this technology can be applied across all communication channels without significant investment in hardware makes it very attractive for enterprises looking for multi-factor authentication and effective risk management".
About Eurocontrol Technics Inc.
Eurocontrol Technics Inc., through its wholly owned subsidiary Global Fluids International S.A. ("GFI"), is one of the world's pioneers in developing and implementing innovative molecular marking systems for the oil industry. Through its proprietary Petromark™ integral system, GFI has developed a four-part solution consisting of a molecular marker, injection, monitoring and control components. Such oil industry cost realities along with GFI's five-year R&D efforts to create its industry-leading marking solutions, along with access to capital provided by Eurocontrol Technics Inc. allows management to pursue numerous anticipated oil marking opportunities in fiscal 2010 and in years to come.
About Athlone Global Security Inc.
A pioneer in the Homeland Security marketplace, Athlone Global Security Inc. focuses on emerging growth companies specializing in the development and distribution of imperative Homeland Security ("HLS") related solutions. AGS operates principally from its offices in Israel . AGS focuses primarily on technologically oriented, privately owned, and entrepreneurially managed HLS companies that have developed unique products that can be readily adapted in major global markets where there is great demand for these products in the global war on terrorism. Due to the unique knowledge and expertise of counter-terrorism and HLS technologies, Israel has become an attractive source of emerging HLS technologies for North American and European markets.
PerSay Inc. (www.persay.com) is a leading provider of advanced biometric speaker verification products. PerSay's technology relies on the biometric power of voice to verify a speaker's identity. PerSay's products have been deployed by leading financial services, telecom operators, healthcare providers, enterprises and law enforcement agencies worldwide. PerSay is a spin-off of Verint Systems Inc., with offices in Tel Aviv and New York, and a network of partners and system integrators worldwide.
Completion of the Transaction is subject to a number of conditions, including TSX Venture Exchange acceptance and potential disinterested shareholder approval. The Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared by Eurocontrol in connection with the Transaction, any information released or received with respect to the business combination may not be accurate or complete and should not be relied upon. Trading in the securities of Eurocontrol should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction nor approved or disapproved of the contents of this news release.
This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The securities will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
Cautionary Note Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of each of Eurocontrol, AGS and PerSay and its projects, including the implementation of the secure Voice Biometric applications, statements regarding technological prospects, statements regarding synergies and financial impact of the proposed transaction, the terms and conditions of the transaction, the benefits of the proposed transaction, costs of and capital for projects, expenditures, timing of future technological developments, requirements for additional capital, government regulation of industrial operations, environmental risks, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company (and the company resulting from the successful completion of the proposed transaction) to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; the business of AGS and Eurocontrol and AGS not being integrated successfully or such integration proving more difficult, time consuming or costly than expected; not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the industrial industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Eurocontrol and AGS do not undertake to update any forward-looking information, except in accordance with applicable securities laws.