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Bioscrypt Securityholders Approve Acquisition by L-1 Identity Solutions
Closing is anticipated for Wednesday March 5, 2008 Toronto, ON (March 3, 2008) – Bioscrypt Inc. (TSX: BYT), a leading provider of enterprise access control solutions, today announced that its securityholders overwhelmingly approved the previously announced plan of arrangement whereby L-1 Identity Solutions, Inc. (NYSE:ID) will acquire all outstanding Bioscrypt shares in a stock-for-stock transaction. The arrangement was approved at the special meeting of securityholders held on February 29, 2008 by over 96% of the votes cast by shareholders, 100% of the votes cast by warrantholders and over 99% of the votes cast by optionholders. Bioscrypt will apply for final approval of the plan of arrangement by the Ontario Superior Court on Tuesday, March 4, 2008 and the transaction is expected to close on Wednesday March 5, 2008. About Bioscrypt Inc.
Bioscrypt is an enterprise access control solution provider, enabling the unification of physical and logical access with its Door to Desktop® products. Bioscrypt’s hardware and software solutions deliver strong authentication processes to facilities, equipment, IT networks and computer applications and allow organizations to administer unified identities across the enterprise. Building on its proven expertise in biometric technology and its unique multi-factor authentication platform, Bioscrypt integrates all major secure authentication standards, transforming how organizations are bridging the gap between physical and logical access to create secure working environments. More information is available at www.bioscrypt.com. About L-1 Identity Solutions
L-1 Identity Solutions, Inc. (NYSE: ID), together with its portfolio of companies, offers a comprehensive set of products and solutions for protecting and securing personal identities and assets. Leveraging the industry's most advanced multi-modal biometric platform for finger, face and iris recognition, our solutions provide a circle of trust around all aspects of an identity and the credentials assigned to it -- including proofing, enrollment, issuance and usage. With the trust and confidence in individual identities provided by L-1 Identity Solutions, government entities, law enforcement and border management agencies, and commercial enterprises can better guard the public against global terrorism, crime and identity theft fostered by fraudulent identity. L-1 Identity Solutions is headquartered in Stamford, CT. For more information, visit www.L1ID.com. Forward-looking (safe harbour) statement
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes", "plans", "expects" or "intends" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. Bioscrypt and Door to Desktop® are registered trademarks and Veri-Series and VeriSoft are trademarks of Bioscrypt Inc. All other product and company names mentioned are the property of their respective owners and are mentioned for identification purposes only. For more information, contact:
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