PRVH - - Providential Acquires Biometric Technology Company to Become a Leading Solution Provider for Airport, Corporate and Homeland Security
FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--April 2, 2003--
-- Transaction Gives Full Access to Intellectual Properties and $100 Million Revenue Sharing
Providential Holdings, Inc. (OTCBB: PRVH) (Berlin Stock Exchange: PR7, WKN 935160) (www.phiglobal.com) today announced that it had signed a definitive agreement to acquire 51% equity stake in Real ID Technology ("Real ID"), a Republic of Korea corporation, (www.realiden.com) in exchange for a combination of cash and short-term notes.
Founded in 1998, Real ID Technology now markets bio-encryption and bio-authentication products to banks, governments and institutions that need access control, time attendance control, secure perimeters and homeland security compliance requirements. Real ID provides complete hardware, software and training solutions for its customers worldwide.
Some of Real ID's major accomplishments include an ongoing contract to provide $100 million worth of biometric products to A.F.E.C. (Arabian Factory for Electronic Circuits) in Saudi Arabia until 2005 and Woori Bank's adoption of the Company's biometric applications for all its in-branch and online transaction authentication and security control. Woori Bank is the second largest banking institution in South Korea and has branches in Los Angeles and New York City. Other past and present contractual partners include: Diners Club, SamsungCard and BCCard.
Real ID has ownership in Real ID Japan and Veridicom, Inc., USA, (www.veridicom.com), an industry leader in fingerprint technologies and services that was spun off from Lucent Technologies/Bell Labs. The Company currently holds ten domestic and international patents for its biometric inventions.
"Thanks to PHI's commitment, Real ID will be able to strengthen its financial position and continue to develop products as well as to open up new markets," said Gyung-Min Kim, CEO of Real ID Technology. "Not only is Real ID reaching an agreement for technical tie-up in the R&D area with ClearPass, Inc., a US-based subsidiary of PHI, but we are also going to fulfill our aggressive marketing to the US Homeland security market."
Henry Fahman, Chairman and CEO of Providential Holdings, commented: "Real ID brings multiple assets to Providential and its customers -- a broad portfolio of products and technologies and a group of talented and experienced management, sales and operational people." Fahman added: "In addition, Providential will be able to assist Real ID in fulfilling the $100 million contract with Saudi Arabia and expect to share a major portion of revenues from this and other projects that Real ID has been working on."
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