ImageWare Systems, Inc. Announces Completion of Goddard Technology Corporation Acquisition
SAN DIEGO, CA, October 10, 2000 - ImageWare Systems, Inc. (AMEX:IW) today announced that it has completed the acquisition of Goddard Technology Corporation based in Greenville, S.C. This transaction will be accounted for as an asset purchase. Goddard supplies software for the creation of ID cards and specializes in identification at schools, universities, airports and private sector business.
Goddard, which had 1999 revenues of approximately $1.5 M and was profitable, will become part of ImageWare Systems' wholly owned subsidiary, Imaging Technology Corporation ("ITC"). ITC had 1999 revenues of approximately $3.1 million and posted an operating profit.
About ImageWare Systems, Inc.
ImageWare Systems, Inc. (AMEX:IW), is a leading developer and provider of identity management solutions, providing biometric, secure credential, law enforcement and digital imaging technologies. Scalable for worldwide deployment, the Company's biometric product line includes a multi-biometric engine that is hardware and algorithm independent, enabling the enrollment and management of unlimited population sizes. ImageWare's identification products are used to manage and issue secure credentials including national IDs, passports, driver licenses, smart cards and access control credentials. ImageWare's digital booking products provide law enforcement with integrated mug shot, fingerprint Livescan and investigative capabilities. The Company also provides comprehensive digital workflow solutions for the professional photography industry. ImageWare is headquartered in San Diego, with offices in Washington DC and Canada. For more information visit www.iwsinc.com.
Safe Harbor Statement
This news release may contain forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. While these statements are meant to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. While management believes such representation to be true and accurate based on the information available to the company, actual results may differ materially from those described. The company's operations and business prospects are always subject to risks and uncertainties. Important facts that may cause actual results to differ are set forth in the company’s periodic filings with the U.S. Securities and Exchange Commission.
