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IDN: Acquisition of Positive Access Corporation

Posted on: Tue, 01 Sep 2009 08:31:00 EDT

Symbols: IDN

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Ridgeland, MS, SEP 01, 2009 (EventX/Knobias.com via COMTEX) --
IDN | Quote | Chart | News | PowerRating -- By Fain Hughes, fhughes@knobias.com

Intellicheck Mobilisa, Inc. (IDN) has acquired Positive Access Corporation, the leading competitor to Intellicheck Mobilisa for developing drivers' license reading software, for a combination of stock and cash.

Positive Access Corporation is a Minnesota-based developer and marketer of drivers' license software developer kits. Its software is included in drivers' license scanning systems at hundreds of locations, adding two new Fortune 20 companies, bringing the combined company's customer list to a total of seven of the top twenty.

The total purchase price was $2.225 million. The terms include $625,000 in initial cash payment, and $800,000 of IDN stock, with remaining payments in stock and cash at twelve and twenty-four months from closing. As part of the agreement, the two principals of Positive Access, Fred Zimmerman, Chief Executive Officer and Co-Founder, and Charles Bacas, Chief of Market Development and Co-Founder, will remain as consultants for one year to aid in the acquisition and transition process.

Although the deal is accretive, Intellicheck Mobilisa expects to see modest initial increases of revenue directly from Positive Access Corporation, while the primary benefit will be the reduction of lost business opportunity.

KNOBIAS DISCLAIMER: All statements made in this article were made by the Company and do not in any way reflect the opinions of Knobias. Knobias is not a registered broker-dealer, nor investment advisor, and does not endorse or recommend any securities mentioned. This story is provided for informational purposes only and is not intended for trading purposes. Knobias shall not be liable for any actions taken in reliance of any information provided herein. Republication or redistribution of Knobias content is expressly prohibited without prior written consent of Knobias.com, LLC.

ABOUT KNOBIAS: Knobias is a premier financial information provider of trading and investing data covering all U.S. equities for investors and security professionals. Knobias is best described by its three major components: Real-time desktop applications providing quotes, charts, level 2, analysis etc.; Knobias RAiDAR providing thousands of real-time news stories, alerts and documents daily; Knobias fundamentals providing a comprehensive database of fundamental research information.

If your company wishes to participate in the EventX newswire, please contact Knobias: http://www.knobias.com

Knobias.com, LLC
601-978-3399
601-978-3675
info@knobias.com
www.knobias.com/cmtx

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