Sequiam Corporation Founder and CEO Acquires Sequiam's Lender Biometrics Investors LLC and Announces Accelerated Corporate Growth Plan
Thursday August 16, 1:12 pm ET
ORLANDO, FL--(MARKET WIRE)--Aug 16, 2007 -- Sequiam Corporation (OTC BB:SQUM.OB - News), a leading provider of innovative consumer lifestyle biometric technologies and services, announced today that its Founder, Chief Executive Officer and Chairman of the Board, Nick VandenBrekel, purchased 100% of Biometrics Investors LLC in accordance with the June 20, 2007 agreement between himself and Biometrics Investors LLC. The transaction closed on August 15, 2007. Subsequent to the purchase by Mr. VandenBrekel, he sold the interest to an unrelated third party.
As a result of this transaction the previously announced default called by Biometrics Investors LLC has been cured. After Mr. VandenBrekel's purchase of Biometrics Investors LLC, the loan agreement has been modified to make the loan interest free. The Term Loan 'A' has been fully funded.
Nick VandenBrekel, Chief Executive Officer of Sequiam, said, "I have enjoyed working with the previous owners of Biometrics Investors LLC and I am pleased that the purchase transaction has worked out to our mutual satisfaction. I wish them all the best and continued success." He continued: "Sequiam has arrived at a crossroads and is facing a very successful future, one that will require continued and dedicated focus. We have developed new partnerships, new products and increased our client base. In the next several weeks we shall announce a host of exciting new initiatives that include additions to our board of directors, new Sequiam team members in sales and marketing, management, engineering and new financial partnerships. I will be aggressively introducing Sequiam to the world through a host of national and international speaking engagements. Our subsidiary companies in South Africa and China will actively participate and support us with our growth opportunities."
VandenBrekel adds, "After many years of research and development that have resulted in such innovative products such as the Black and Decker, Kwikset SmartScan biometric deadbolt, currently carried by Home Depot, and the world's first Universal Biometric Interface, it is time for Sequiam to claim its place as the worlds leading innovator and developer of Consumer Lifestyle Biometrics(TM)."
About Sequiam
Headquartered in Orlando, Florida, Sequiam Corporation develops, markets, and supports a portfolio of highly robust proprietary biometrically enabled consumer lifestyle and commercial products and OEM solutions. In addition, Sequiam has invested heavily in research and development to develop unique products and solutions for the biometric industry worldwide. Sequiam's biometric solutions incorporate low-cost, high-volume manufacturing processes targeted at the consumer and commercial market. Sequiam is a global company with offices in Taiwan, China, and South Africa. For more information, please visit http://www.sequiam.com.
Safe Harbor Statement -- Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the company may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. Risk factors that may cause results to differ from projections include, without limitation, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining prices, and other economic factors. The company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions. Additional factors can be found in our annual report on form 10-KSB for the fiscal year ended December 31, 2006, and our other filings with the SEC which are available at the SEC's Internet site (www.sec.gov). Forward-looking statements in this press release speak only as of the date of this press release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ.
Contact:
Contact:
Sequiam Corporation
Nick VandenBrekel
407-541-0773
info@sequiam.com
Source: Sequiam Biometrics, Inc.
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