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VUANCE to Acquire Credential Division of Disaster Management Solutions
Sep 10, 2007 (08:09 AM EDT)
QADIMA, Israel and MCLEAN, Va., Sept. 10 /PRNewswire-FirstCall/ -- Vuance Ltd. (formerly SuperCom Ltd.) , a leading provider of incident management and active RFID solutions to homeland security, public safety, commercial, institutional and governmental markets, today announced that it has entered into a definitive agreement (the "Agreement") to acquire, through its US subsidiary, Vuance Inc., the Credentialing Division of Disaster Management Solutions Inc., for approximately $100,000 in cash and up to $650,000 in royalties.
The acquisition will complement Vuance's incident management solutions business, add an advanced first responder credentialing system (RAPTOR) to the Incident Response Management System (IRMS) product portfolio, and bolster the Company's presence in a variety of strategically important markets.
Under the terms of the Agreement, Vuance will pay $100,000 in cash plus 10% of the net revenue on sales of the RAPTOR Advanced Authentication and Validation system over the 18 months following the acquisition. In addition, VUANCE will assume certain lease payments on office space and equipment.
The RAPTOR system is an advanced tool for First Responders. It allows for the compartmentalized storage and secure retrieval of trusted identity, training, skills and licensure data, for appropriate credentials issuance. Using a system of advanced registration through a web-based portal, RAPTOR authenticates the registrant's identity and verifies the provided information through primary sources. RAPTOR's data are stored and processed within a card's memory and/or microprocessor chip(s). It is a scalable solution that can serve as the primary repository of a public or private credentialing program and/or be integrated with additional databases to provide comprehensive functionality to agencies.
"RAPTOR is the perfect complement to our IRMS product line, which combines wireless communication, authentication, and database management; it enhances our existing products and they, in turn, will enhance its value," said Eyal Tuchman, Vuance's Chief Executive Officer. "Moreover, RAPTOR gives our customers a new tool to enable them to issue HSPD-12 compliant credentials to their personnel prior to a natural or man-made incident."
"Consistent with the credentialing goals of the newly enacted 'Improving America's Security Act of 2007 (H.R.1)', RAPTOR allows for true scene control, accountability, and force protection," stated Tom Connell, II, newly appointed Division Manager for Vuance's Incident Response Management Solutions (IRMS) and chief architect of the RAPTOR System. "It is the first system in the country that allows incident commanders to trust the credentials being presented to them by emergency responders, regardless of what jurisdiction they come from, because it has been verified through a trusted primary source. This allows the incident commanders to compare skills and qualifications to an established minimum standard, as required by the Improving Americas Security Act, and allows incident commanders to allocate those personnel resources effectively. This will result in faster, more secure and effective decision- making, which can translate into saving lives."
About Vuance Ltd.
Vuance Ltd. provides innovative incident management, RFID and credentialing solutions to public safety, commercial and government sectors. The Company's Incident Response Management System (IRMS) is the industry's most comprehensive mobile credentialing and access control system, as required by Homeland Security and other initiatives. With the recent acquisition of SHC (manufacturer and distributor of RFID, security management and forward- thinking access control systems and equipment) and this recent Agreement with DMS, Vuance expands its flexible multi-technology RFID devices to provide a complete, cost-effective solution for the credentialing, validation and continuous tracking of assets and individuals. For more information, visit the Company's website at www.vuance.com .
Vuance Ltd. is headquartered in Qadima, Israel and its U.S. subsidiary is based in McLean, Virginia. Vuance common stock is listed on the NASDAQ Capital Market and on the Euronext Exchange under the symbol "VUNC". For more information, visit www.vuance.com .
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded or followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. Forward-looking statements in this release also include statements about business and economic trends. Investors should also consider the areas of risk described under the heading "Forward Looking Statements" and those factors captioned as "Risk Factors" in the Company's periodic reports under the Securities Exchange Act of 1934, as amended, or in connection with any forward-looking statements that may be made by the Company.
The Company also disclaims any duty to comment upon or correct information that may be contained in reports published by the investment community.
Investor/Media Contacts North America Israel Jerry Cahn, Ph.D., J.D. Jerry Falkner, CFA Alex Somech Target 3 Communications RJ Falkner & Company Tel: +972-8-9799-000 Tel: 646-827-0009 Tel: 800-377-9893 Fax: +972-50-8961-570 Fax: 646-827-9009 Fax: 830-693-6600 Mobile: +972-54-4297-754 Jerry@target3.com
CONTACT: Jerry Cahn, Ph.D., J.D., Target 3 Communications, Jerry@target3.com+1-646-827-0009, ; Jerry Falkner, CFA, RJ Falkner &Company, 1-800-377-9893, , or Alex Somech,+972-8-9799-000,
Web site: http://www.vuance.com/