Here's more proof of Lorraine's success... maybe all these lawsuits is why her previous company bioMETRX is now defunct.
As of December 31, 2007, the Company has 6 full time employees and no part time employees. The Company expects that it will hire
at least 4 more key people over the next 6 months. We believe our employee relations are satisfactory.
ITEM 2. PROPERTIES
We operate our business in leased facilities. We occupy two offices with approximately 3,900 square feet in an office building in
Jericho, New York. Our rent for this space is $9,100, plus utilities, per month. The Company’s lease for this space expires on January 31, 2010.
The Company believes this space is adequate for its needs.
ITEM 3. LEGAL PROCEEDINGS
On November 16, 2006, the Company was the subject of a complaint filed in the Supreme Court of New York State, County of
Nassau (Index No. 019475-06) by Intellicon seeking final payment of $20,000 plus accrued interest for engineering design services performed
for the Company. The Company answered and counter-claimed on January 5, 2007 asserting damages of $25,000 incurred then and continuing
to incur to remedy design defects performed by Intellicon. The Company intends to vigorously defend its position in this claim.
On March 7, 2007, the Company’s subsidiary, bioMETRX Technologies Inc. became the subject of a complaint filed by Frank
Giannuzzi, the former Chief Financial Officer and Sante Santopadre, a former consultant with whom it had previously had severed its business
relationship. The complaint was filed in the Supreme Court of the State of New York, County of Nassau (Index No. 07-004088). The plaintiffs
allege damages arising from certain inducements which were relied upon to their detriment. The Company considers these allegations to be
baseless and without merit and will continue to vigorously pursue damages in the course of its defense of this complaint and other previous acts
of the plaintiffs and has initiated counterclaims for damages as a result of adverse actions by the individuals which have impaired the
Company’s operations.
On March 10, 2008, the Company became the subject of a complaint entitled Arrow Electronics, Inc. v. bioMETRX Technologies,
Inc. etal. The Complaint was filed in the Supreme Court of the State of New York County of Nassau (Index No. 08-4900). The complaint
alleges breach of contract and the plaintiff is seeking damages of $194,139.15. The Company has requested an extension to answer the
complaint. The Company intends to vigorously defend this action.
The Company is a defendant in a lawsuit entitled Worldwide Electronic Solutions, L.L.C. v. Biometrx, Inc. etal.. The action was filed
in the Superior Court of the State of Arizona for the County of Maricopa (Index No. CV2007-023760). The complaint alleged breach of
contract and sought damages of approximately $190,000, the Company did not answer the complaint in that it believes that the Court had no
jurisdiction. The Plaintiff obtained a default judgment and has filed an Application for Entry of Default, the Company intends on filing a
motion to vacate the Default Judgment and has been in negotiations with the Plaintiff to settle this matter.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Company’s Information Statement (the “Information Statement”) was mailed on or about January 30, 2008 to the holders of
record at the close of business on December 31, 2007, of the Common Stock of bioMETRX, Inc., a Delaware corporation (“bioMETRX” or the
“Company”), in connection with action by written consent in lieu of a meeting to authorize and approve an amendment to our Certificate of
Incorporation increasing the number of authorized shares of our Common Stock, from 25,000,000 to 100,000,000 shares
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