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PRVH - - Press ReleaseSource: Providential Holdings, Inc.
Korean FSS's Public Endorsement to Spur Strong Demand and Revenue Growth for Providential Acquiree Real ID Technology
Monday April 7, 7:08 am ET
Company starts a major marketing push to dominate the Korean banking security market
FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--April 7, 2003-- Providential Holdings, Inc. (OTCBB:PRVH - News; Berlin Stock Exchange:PR7, WKN 935160) (www.phiglobal.com) today reported that the Financial Supervisory Service, a government agency overseeing all the financial institutions in the Republic of Korea ("FSS"), had recommended the use of fingerprint recognition devices for Internet banking and endorsed the bio-banking system designed by Real ID Technology with embedded biometric chips originally developed by Lucent Technologies/Bell Labs (NYSE:LU - News), for financial transactions to ensure security and prevent fraudulent abuses and crimes.
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These fingerprint recognition sensors can only be activated with a live fingerprint. The device can match a user's fingerprint with his registered fingerprint when he places a live finger on the unit which looks like a PC mouse. For different levels of protection, the user needs to input one fingerprint for inquiry of account balance and two different fingerprints for transfer of funds. Woori Bank, the second largest bank in South Korea, is currently using Real ID's fingerprint recognition devices for its customers and affiliated companies.
FSS (http://english.fss.or.kr/en/englishIndex.jsp) is a government agency of the Republic of Korea which oversees all their financial institutions, including banks, financial companies, securities brokerage firms, and insurance companies. FSS expects banks and other financial institutions in Korea to supply their customers and affiliated companies with the device for free.
Providential Holdings' and Real ID's management believe this requirement by FSS will spur new demand for Real ID's fingerprint recognition sensor and its bio-banking system, thus generating significant revenues for the companies in the near future. Real ID Technology also plans to start a major marketing push to dominate the Korean banking security market.
Henry Fahman, Chairman and CEO of Providential Holdings, stated: "We are confident that other financial institutions will follow Woori Bank's example in applying Real ID's foolproof technology to ensure security for their clients' financial transactions." Fahman added: "In addition, we anticipate a favorable trend for a variety of applications of our technology and products worldwide."
About Real ID Technology:
Founded in 1998, Real ID Technology is a leading biometric authentication solution company that has successfully developed and deployed advanced biometric technologies for a wide array of applications, including access control, time attendance, high security peripherals, membership verification, internet banking, online trading, mobile authentication, PC security, public management and homeland security solutions.
Real ID also 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.
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 authentication and security control. URL: http://www.realiden.com