Saflink Completes Sale of Registered Traveler Business to FLO Corporation
2007年8月25日 - 5:05AM
PRニュース・ワイアー (英語)
FLO's Recent Equity Financing Enables Payment of Promissory Note
Issued to Saflink KIRKLAND, Wash., Aug. 24 /PRNewswire-FirstCall/
-- Saflink Corporation(R) (OTC:SFLK) (BULLETIN BOARD: SFLK) today
announced that, as a result of FLO Corporation's recent equity
financing transactions, FLO paid Saflink the remaining principal
balance of the promissory note FLO issued in connection with FLO's
acquisition of all of Saflink's Registered Traveler assets in April
2007. On August 24, 2007, FLO raised approximately $4.5 million
through the private placement of shares of its Series A preferred
stock to accredited investors. From these proceeds, FLO has paid
off the remaining principal balance of the $6.3 million promissory
note FLO issued to Saflink. The aggregate principal payments under
the promissory note consisted of approximately $4.4 million in cash
and the cancellation of approximately $1.9 million in outstanding
debt and debentures issued by Saflink in June 2006. As a result of
FLO's issuance of shares of its capital stock in recent financings,
Saflink now holds approximately 23% of the capital stock of FLO.
Saflink expects FLO to file the necessary forms with the Securities
and Exchange Commission to become a reporting company under the
Securities Exchange Act. After FLO becomes a reporting company,
Saflink expects to spin-off its remaining stake in FLO through a
distribution, as a dividend to its stockholders on a pro-rata
basis, of its shares of FLO stock. Following the distribution,
Saflink's stockholders would hold stock of both Saflink and FLO.
Steve Oyer, Chief Executive Officer of Saflink Corporation, stated,
"The completion of this transaction represents the continuation of
our financial restructuring and allows us to move forward
exclusively focused on monetizing the assets in our core technology
portfolio. We appreciate the efforts and energy that have gone into
securing the appropriate capital for FLO. We believe the
distribution of our residual ownership interest in FLO to the
Saflink shareholders will give our shareholders the opportunity to
realize the upside potential of the FLO Alliance's unique position
within the growing Registered Traveler market." In order to focus
his time and efforts more fully on FLO activities and its
opportunities in the Registered Traveler market, Glenn Argenbright
has informed Saflink that he has resigned from the Saflink board of
directors, effective as of Friday, August 24, 2007. Saflink plans
to discuss the details of this transaction and other recent events
on an upcoming conference call. The planned conference call on
August 28, 2007, has been postponed and is planned to be
rescheduled for the first week of September to allow
representatives of FLO to participate on the call. About Saflink
Saflink Corporation offers biometric security, smart card and
cryptographic technologies that help protect intellectual property
and control access to secure facilities. Saflink security
technologies are key components in identity assurance management
solutions that allow administrators and security personnel to
positively confirm a person's identity before access is granted.
Saflink cryptographic technologies help to ensure that sensitive
information is accessed only by the intended recipient(s). For more
information, please visit http://www.saflink.com/ or call
800-762-9595. NOTE: "Saflink" is a registered trademark and "FLO"
is a trademark of FLO Corporation. The names of actual companies
mentioned herein may be the trademarks of their respective owners.
This release contains information about our management's view of
our future expectations, plans and prospects that constitute
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Actual results may differ materially from historical results
or those indicated by these forward-looking statements as a result
of a variety of factors. For example, our spin-off of shares of FLO
Corporation must meet the requirements outlined in the SEC's Staff
Legal Bulleting #4, including that FLO becomes a public reporting
company under the Securities Exchange Act. In addition, we cannot
make a distribution of shares of FLO stock we hold if such a
distribution would cause us to be insolvent under Delaware
corporate law. If FLO does not become a reporting company under the
Exchange Act or if a distribution of FLO's shares would cause us to
be insolvent, we would not be able to spin-off our shares of FLO.
Other factors include, but are not limited to, risks and
uncertainties associated with our financial condition, our ability
to sell our products, our ability to compete with competitors and
the growth of the security market, and those included in our annual
report on Form 10-K, as well as other documents we periodically
file with the Securities and Exchange Commission. Saflink MEDIA
CONTACT: Sterling Communications, Inc. Katie James (206) 388-5758
Saflink INVESTOR RELATIONS CONTACT: Investor Awareness, Inc. Tony
Schor (847) 945-2222 DATASOURCE: Saflink Corporation CONTACT:
Media, Katie James of Sterling Communications, Inc.,
+1-206-388-5758, , for Saflink Corporation; or Investors, Tony
Schor of Investor Awareness, Inc., +1-847-945-2222, , for Saflink
Corporation Web site: http://www.saflink.com/
Copyright