Document Capture Technologies, Inc. (DCMT) is a world-wide leader in the design, development, manufacturing, and sale of USB powered mobile page-fed document capture solutions. DCT provides more than 20 different products across five distinct categories, which are distributed globally through private label solutions to leading Tier 1 OEMs, VAR's and other system integrators, such as CardScan, Visioneer, and Pentax. DCT has approximately 45 key accounts, predominantly in North America and an intellectual property (IP) portfolio that includes four key underlying patents with an additional patent pending. DCT maintains an aggressive IP strategy to defend its technology and market leadership position.
DCT, formerly Sysview Technology (SYVT), has been involved in the secure imaging market for over seven years. Since that time DCT has steadily grown its business (37% three-year organic CAGR) based on document capture-verification in the health care, law enforcement, insurance, financial, banking and compliance vertical markets. Its vertical integration and innovative proprietary system development kits allow for a broad range of applications, faster time-to-market and ease of integration for its customers.
DCT's commitment to R&D and product innovation has resulted in the ability to continue to provide demand-driven products on the forefront of the paper-to-digital revolution. With the proliferation of paper-to-digital green initiatives, high security demands, and accelerated financial transactions (a la Check 21) legislation), the demand for innovative ways to digitally capture, authenticate, store, share, and manage information is clear and DCT is well-positioned for continued future growth. DCT enjoys extensive product life cycles of 18-36 months, which management believes is a competitive advantage.
Sysview Technology, Inc. was founded in Silicon Valley in 1995 and has evolved from its core mobile image scanning business, which is both profitable on an EBITDA basis and is expected to continue growing in excess of 30 percent annually. This business designs and manufactures portable USB powered scanners for use in the corporate/enterprise and small office/home-office markets. The technology behind these scanning solutions is protected by a growing, patent-protected intellectual property portfolio.
As the market leader in mobile image scanning devices, the company distributes 20-plus products through a global network of OEMs, system integrators, and value-added resellers. Seven new products are expected to be introduced within the next year. For the past two and a half years the Company has leveraged its scanning technology and manufacturing acumen in the development of innovative solutions for the High Definition display market. The transition started with the recognition that the Company's experience in sequentially managing Red Green & Blue LED output to recreate color images could be beneficial to the LCD HDTV market. This led to the development of an LED backlighting solution for LCD panels which it expects to debut in late 2007.
During the pursuit of viable technologies to supply the ever increasing demand for low cost, high performance HDTV solutions, the company recognized the potential of Liquid Crystal On Silicon (LCOS) projection-microdisplays as a superior alternative to the competing technology, DLP. Having been around for several years, LCOS technology showed promise, but high costs reduced its viability as a consumer product. The Company recognized that the market push towards true 1080p resolution, along with the success of Sony's SXRD version of LCOS, could in fact be a new beginning for LCOS. Toward this objective, Sysview acquired Nanodisplay, Inc., a microdisplay imager company founded by Dr. Gehong Kim one of the pioneering engineers of LCOS imager technology. With Nanodisplay's proprietary high yield, low cost chip design and back-end process in hand, the company recognized the importance of a vertical business strategy that depends on the integration of the imager into a high performance, low manufacturing cost Optical Engine (OE) to project the image.
Current OE design is both complicated and costly to manufacture. To be successful, the strategy requires advancing the art in LCOS engines. Enter Next Wave Optics, Inc. founder George Mihalakis, developer of the current standard CQ3 engine design and more recently, a lower cost next generation OE. Sysview Technology Inc. entered into an exclusive licensing agreement with NWO, purchased its assets and hired its key talent, making Mr. Mihalakis Sysview’s CTO of HDTV. With vertical integration of the key proprietary LCOS components combined with the next generation approach, the Company expects to have pre-production unit’s available for late 2006 customer review. After a successful capital raise in June 2005, the company delivered on and greatly exceeded its projections for the core image scanning business over the following 12 months.
The scanning business is operating at full capacity and has met higher than forecast demand and required additional capital to meet a clearly accelerating market growth curve. These products generate in excess of 15% EBITDA, and it is this cash flow and generation that has been funding advancements and growth in the display business. This lead to an additional capital raise in August 2006 which serves two masters: directly benefiting the expanding scanning products which delivers operating profit to fund the HDTV display products. The Company will from time to time asses its capital requirements and may decide to seek additional capital in the future.
DocketPORT 487 - The Next Generation of Personal Productivity. Scans Full Size Documents on Both Sides Simultaneously
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PRESS - Mobile Scanning Technology
Long Island Business Journal (Laura Glasser)
In the race for new money, banks go mobile
Lisa Mirabile was fed up with her Washington Mutual business account.
The Internet banking service was 24 hours behind and checks over $20,000 were put on hold for up to 10 business days. The bank's branches were only open until 6 p.m., so Mirabile had to leave the Plainview office of her marketing firm Vertigo New York during the day to make deposits.
“As a small business it was totally killing us,” she said.
Without hesitation, Mirabile closed out her WaMu account last year and put all her funds into then Commerce Bank.
Now the 37-year-old is considering another move from what is now TD Bank, so her business can take advantage of remote deposit capture, which allows companies to deposit checks from their desks via an in-office scanner.
“It's a pain in the neck to switch, but my accounting department is researching other banks so we can do the wire transfer,” she said.
Mirabile is not alone. Like many in the under-40 crowd, she’s looking for the latest in technology, but won't put up with hassles or headaches from her bank.
And banks are finding it challenging to attract and keep this younger crowd, which will drop them at the first sign of a problem.
“They have no compunction about changing banks if they don't get what they want,” said Carmen Effron, president of bank consulting firm C.F. Effron & Co. in Connecticut. “Baby boomers will give you a few chances.”
Banks will find it a challenge to retain those in their 20s and 30s, as this group requires seamless Internet banking and bill-paying systems, she said.
Since these consumers rarely enters a branch, even when making deposits – which they most often do through an ATM – a bank’s Web site is their main point of contact with the bank, so it has to be top notch. That means no delays, glitches or anything that would hinder a quick transaction, Effron said.
Most banks have offered Internet banking for years, but given the younger set’s widespread use of personal digital assistants – iPhones, Blackberrys and other Internet-capable cell phones – banks are now switching online applications to phone-accessible sites.
While banking over a cell phone entices the technology generation, mobile banking is also beneficial for institutions, according to Kirk Kordeleski, chief executive of Bethpage Federal Credit Union.
The credit union has seen a 30 percent jump in the use of mobile banking services, and along with it, a dramatic drop in bounced checks, Kordeleski said.
“These people are accessing their accounts on a daily basis,” he added.
In addition to mobile banking, JPMorgan Chase has converted its online banking site for use on the iPhone and iPod Touch, in an attempt to draw young customers with the prospect of managing their money while listening to their favorite tunes, said Mike Fusco, a spokesperson for the bank.
Chase also offers account updates through text messages, a particular favorite of the young crowd, he said.
Apart from all things tech, young people want to get the most out of their money, and, thanks to the Internet, they know where to go to get the best interest rates on accounts, said Stuart Lubow, chief executive of Great Neck-based Community National Bank.
His bank offers Power Checking, a checking account that pays almost 3 percent interest, according to its Web site, to draw the younger set.
“People in that age group are not looking to buy certificates of deposit as much because they want liquidity and want the ability to tap that money,” Lubow said, adding high-interest checking accounts can get customers the rates of a CD with the liquidity of a checking account.
Rhode Island-based Citizens Bank, located in Stop & Shop supermarkets on Long Island, has a checking program called GreenSense, which pays customers when they pay bills online and use their debit card, two services used primarily by younger generations.
David Ciolfi, the bank’s regional manager for Long Island, said the account is also totally paperless, with e-mail statements and no paper checks, paying customers 10 cents for each debit card use and online bill payment.
Ciolfi added customers can get up to $120 per year in payments through the program.
Business banking behaves differently
But when it comes to business customers, banks don’t necessarily tailor business products to any particular age group.
Although local banks like State Bank of Long Island and Gold Coast Bank said their products and services are geared toward businesses in general, regardless of the owner’s age, one product that has taken hold with younger business owners is remote deposit capture. This technology allows employees to scan checks at their desks as opposed to going to the bank to make a deposit.
“Younger generation business owners just expect you to have these types of services available,” said Michael Carlton, chief technology officer for Herald National Bank, which has branches in Manhattan, Melville and Brooklyn.
Lubow said some baby boomer business owners have been resistant to use in-office check scanners because they’re so used to going to the bank to make deposits.
“It’s not necessarily age related, but there has to be some level of comfort with technology to use that,” he said.
Lubow added that as the new generation takes over the management of companies, remote deposit capture will eventually be universally used.
Effron said banks will have to work harder and more creatively to attract and retain the upcoming generation of customers, which is now below or at the age to begin banking.
Bethpage is trying to grab the next-generation customers before they even turn 18 years old, the normal age consumers can start opening bank accounts.
The credit union allows kids as young as 15 years old to open checking accounts and get debit cards without requiring any kind of parental oversight.
Kordeleski said the risks associated with 15 year olds are the same as 18 year olds, and it’s worth it to capture the younger market.
“Accessing young accounts is challenging, but it’s critical because they’re our potential members going forward,” he said.
The days of a free toaster with your checking account may be gone, but Effron said young people would appreciate cell phone minutes or iTunes gift certificates in exchange for opening an account.
“You could create a savings account that also has a blog associated with it where you go and enter a contest,” she said. “I think that’s something that would get their attention.”
Document Capture Technologies, Inc. (OTCBB:DCMT), an IP driven worldwide leader in the design, development, manufacture and sale of USB-powered mobile page-fed document scanners for OEM’s, VAR’s and system integrators, today announced the engagement of Hein & Associates LLP as the Company’s new independent accountants.
The Board of Directors unanimously approved the appointment. Hein & Associates is an accounting and consulting firm that assists clients with SEC regulatory filings, tax compliance, auditing, and accounting.
“With the anticipated growth of DCT, we believe that Hein & Associates is the best firm to assist us as we manage our corporate expansion,” said David Clark, Chief Executive Officer. “As regulatory and accounting requirements become more complex, we believe Hein & Associates exhibits the knowledge and expertise to assist the Company in key areas. We look forward to working with Hein and utilizing their valuable counsel for the benefit of the Company and our shareholders.”
Document Capture made impressive corporate progress in 2008; laying the groundwork for realizing outstanding growth in 2009. The Company expects to add significant OEM contract wins over the next year as well as expanding its product line and industry leading IP portfolio.
Document Capture Technologies (DCT) is a worldwide leader in the design, development, manufacturing, and sale of USB powered mobile page-fed document capture solutions. Its vertical integration and innovative proprietary system development kits allow for a broad range of applications, faster time-to-market and ease of integration for its customers.
DCT has more than 45 key accounts, predominantly in North America and a growing intellectual property (IP) portfolio that currently numbers more than 25 granted domestic and international patents as well as 3 pending. DCT maintains an aggressive IP strategy to defend its technology and market leadership position.
DCT provides more than 30 different products across five distinct categories, which are distributed globally through private label solutions to leading Tier 1 OEMs, VAR’s and other system integrators, including Qualcomm and Brother.
DCT has steadily grown its business (37% three-year organic CAGR) in the health care, security, financial and compliance vertical markets. The company and its licensees currently enjoy greater than a 70% share of the USB-powered mobile scanner market.