ImageWare Systems Spins Off South Carolina Facility
SAN DIEGO, CA, June 23, 2003 - ImageWare Systems, Inc. (AMEX: IW)
today announced that it has entered into an agreement to spin off its Greenville, S.C. operation. ImageWare has worked cooperatively with the current management in Greenville to help them establish a new business entity that will become a value-added reseller of ImageWare Systems project software solutions. Bill Donohue, the current managing director of ImageWare’s Greenville operation, will head the newly formed company under the name of Goddard Technology Corporation. ImageWare will retain all intellectual property, and all current job functions and responsibilities within the Greenville operation will be consolidated into ImageWare’s San Diego and Ottawa offices.
“ImageWare is on an aggressive path toward profitability,” commented Jim Miller, ImageWare’s chairman and CEO. “This agreement will cut costs by more than $1 million annually and preserve the jobs for our employees in Greenville as they continue to sell ImageWare solutions. The savings will be generated by eliminating administrative redundancies and reducing the Company’s fixed costs. We are happy to support our colleagues in Greenville through this transition and are looking forward to a mutually beneficial relationship for a long time to come.”
“This is a win-win for both parties,” stated Donohue. “We will continue to operate and leverage our expertise of ImageWare products within the identification marketplace and ImageWare will benefit from a significant reduction in overhead. We look forward to the success of both parties.”
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.
