Liska Biometry Comments on Galton Biometrics Takeover Bid19 January 2005
Liska Biometry (OTC BB:LSKA - News) a biometrics solutions provider, today announced that it has commented on the takeover offer by Galton Biometrics.
On January 12, 2005, the Board of Directors of Liska Biometry, Inc. was notified by Galton Biometrics Inc. of Geneva, Switzerland of its intent to make an unsolicited offer to purchase all of the Company's issued and outstanding shares. Galton concurrently issued a press release announcing its intent. We are unable to determine if Galton made the necessary filing with the SEC prior to making the public announcement of its intent to make the offer
Galton's associated company, European Launch Pad ("ELP"), recently defaulted on the first payment due under its contractual obligations to Liska. As a result of ELP's default, the license agreement will terminate on February 15, 2005. It also appears that Galton relies heavily on Liska's proprietary technology, operating under a sub-license agreement with ELP, which the sub-license agreement will become null and void upon the termination date of the license agreement.
Galton's unsolicited offer appears to be a means to avoid meeting the group's obligations to Liska under the agreement. Liska has very little confidence that either ELP or Galton will have the financial or technical skills or client base to advance Liska's business goals. Liska's Board of Directors firmly believes that Liska's finances and managerial team are more than sufficient and fully capable to meet the requirements of its projects currently under way.
Liska's Board of Directors has reviewed Galton's offer and has determined that acceptance of its offer is not in the best interest of Liska or its shareholders.
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. The words "estimate," "project," "intends," "expects," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbour" provisions of the Private Securities Litigation Reform Act of 1995. For a more complete description of these and other risk factors that may affect the future performance of Galton Biometrics, see "Risk Factors" in the Company's Annual Report on Form 10-KSB and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made and the Company undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events. Contacts Liska Biometry Christopher LeClerc, 603-742-8100 liskabiometry.com
Source: Business Wire
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