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Intelli-Check Signs Definitive Agreement with Mobilisa

This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-11-22
WOODBURY, N.Y.--(BUSINESS WIRE)--Intelli-Check, Inc. (AMEX: - ), announced that it has signed a definitive agreement to combine with Mobilisa, Inc. The two companies intend to proceed on the basis of a merger of equals. In return for all assets, liabilities and equity of Mobilisa, Intelli-Check will be giving Mobilisas shareholders a number of shares equal to those held by Intelli-Check stockholders and Mobilisas option holders replacement options for those they now hold. The consummation of the transaction is subject to the approval of the stockholders of Intelli-Check approving the transaction and an amendment to Intelli-Checks certificate of incorporation to increase the number of authorized shares of Intelli-Checks common stock.

Upon merging, Dr. Nelson Ludlow will become the Chief Executive Officer of Intelli-Check Mobilisa, Inc. while Mr. Peter Mundy will remain the Chief Financial Officer and Mr. Russ Embry will remain the Chief Technical Officer. The board of directors will be composed of four members named by Mobilisa and four members named by Intelli-Check. Intelli-Check will also name the Board Chairman while Mobilisa will select the Vice Chairman and the Audit Committee Chairman. As a means to transition, Intelli-Check will be retaining Dr. Ludlow to manage day-to-day operations at Intelli-Check pending the closing of the merger and his formal designation as CEO. Mr. Jeff Levy will retain the role and responsibility of interim CEO and Chairman pending the completion of the merger while delegating authority to Dr. Ludlow to lead the revenue generating activities of the company.

A merger prospectus is expected to be filed with the SEC as soon as practicable and, after allowing the minimum required period for review by the SEC and consideration by the parties respective security holders, Intelli-Check will schedule a stockholder meeting to approve and then consummate the merger.

Jeff Levy, Interim CEO, stated, On behalf of the entire Intelli-Check team, I am very pleased to report the signing of our definitive agreement. The Intelli-Check board of directors is extremely pleased to make this announcement and we are very excited about our future prospects with Dr. Ludlow at the helm of the combined company.

Dr. Ludlow said The synergistic benefits of combining our two companies personnel, products and technologies will make us a stronger company. The merger will allow us to achieve our goal of providing a total product offering, while we will continue to emphasize customer service and technology innovation. This is a win for our two companies and a win for our customers.

About the Companies

Intelli-Check, Inc. is the acknowledged leader in technology that helps assure the authenticity of driver licenses, state issued non-driver and military identification cards used as proof of identity. Our patented ID-CHECK technology instantly reads, analyzes, and verifies the encoded data in magnetic stripes and barcodes on government-issue IDs from approximately 60 jurisdictions in the U.S. and Canada to determine if the content and format is valid. For more information, please visit .

Mobilisa, Inc. is a leading high tech research and development company specializing in wireless technology and software applications for mobile and handheld wireless devices for the government and military. Mobilisas product line, Defense ID, is an advanced ID card access control product and is currently protecting over 50 military and federal locations. For more information about Mobilisa, visit .

Intelli-Check Safe Harbor Statement

Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. When used in this press release, words such as "will," "believe," "expect," "anticipate," "encouraged" and similar expressions, as they relate to the company or its management, as well as assumptions made by and information currently available to the company's management identify forward-looking statements. Our actual results may differ materially from the information presented here. There is no assurance that the use of ID-CHECK technology by our potential customers and partners, or government efforts to enhance security or curtail the sale of age-restricted products to underage buyers will lead to additional sales of ID-CHECK technology. Additional information concerning forward looking statements is contained under the heading of risk factors listed from time to time in the company's filings with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information.

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