ProActive Computer Services: Fingerprint Technology Acquisition Finalized
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26 February 2004, 12:26pm ET
HOUSTON, Feb. 26, 2004 (PRIMEZONE) -- ProActive Computer Services Inc. (Pink Sheets:PAVP) has finalized the acquisition of a privately held fingerprint technology identification business. Further details will be released after the deal receives clearance from both parties' legal departments. This process should be completed in a matter of days.
Due to the high demand for this technology from the investment community, PAVP intends to spin-off this firm into a separate public entity. A public shell has been purchased by the company for that purpose. PAVP shareholders of record as of a certain date (to be announced after expected closure of deal and spin-off) would receive a specific number of shares in the public fingerprint company for each share of PAVP that they own.
Mentioned Last Change
PAVP 0.005 0.0002dollars or (3.84%)
CEO Andrea Cortellazzi stated: "Biometric technology is an attractive and high-growth area to be in right now and with this acquisition PAVP is gaining a strong foothold in an industry expected to be a multi-billion dollar one by 2007."
The multi-million dollar investment in PAVP is in final negotiations stages with the major European Financial Institution and private investors. The specifics on the contract will be released early next week once legal documents are finalized.
Forward-Looking Statements
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. More information about potential factors that could affect the company's business and financial results may be obtained by contacting the company at by phone at 514-830-3348. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.
CONTACT:
ProActive Computer Services Inc.
Andrea Cortellazzi
514-830-3348
cortdev@sympatico.ca
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