True Product ID Now In Process Of Raising Funding To Move Forward On Previously
The Organization is composed of approximately 5 million dues paying members. The agreement extends until April 12, 2012.
The Company had previously announced that it expected to begin the fulfillment phase of this agreement in April 2007, but announced it is now ready to move forward to fund this project in which the Organization is required to make minimum sales to its members of approximately (US) $100 million over the next 5 years. As previously stated, this $100 million figure represents the fees to be received from just 50,000 artists; just one percent of the Organization’s 5 million members. The members will pay a fee to utilize the Company’s technology to authenticate their works.
Company CEO and Chairman, William R. Dunavant, said: ”I am very pleased to take the steps to put together the funding to support Mr. Li and his entire staff and to enable the Company to then deliver on the agreements they have worked so hard to obtain.”
About True Product ID
True Product ID produces integrators for anti-counterfeiting and security surveillance applications and is a provider of integrated tracking devices. The Company delivers turnkey solutions for governments, armed forces, and industry, through its own proprietary technology and through aggregating the technology, products, and services of third parties via licensing agreements and or joint ventures. For more information about True Product ID, Inc., go to . For more information about True Product ID Technology (Beijing) Limited, go to .
SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that our products may not achieve customer acceptance or perform as intended, that we may be unable to obtain necessary financing to continue operations and development, and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
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