IQ Biometrix announced that it has tendered a letter of intent for the acquisition of Network Storage Solutions (NSS), a leading developer and supplier of network storage solutions. NSS is based in Chantilly Virginia, just outside of the Washington DC Beltway. The transaction, which is expected to close this quarter, is subject to approval by regulatory agencies, IQ Biometrix shareholders, and other closing conditions. For accounting purposes, the acquisition is intended to be treated as a pooling of interests.
"The acquisition will expand the company's geographic presence and leverage its technology into new markets", comments Bill Scigliano, Chariman and CEO of Biometrix, "This acquisition combines the strength of the Network Storage Solutions brand, the breadth of our product line and our global reach with NSS's technical excellence, distribution capability and time to market."
"As the two companies combine technologies, we will provide the law enforcement and security industries with increased digital storage capabilities that will further enhance IQ Biometix's offering. Customers will have the ability to identify, communicate, store and distribute information, seamlessly," said Tom Makmann, President and CEO, Network Storage Solutions. "The current market of network storage, is estimated at over $12B with the mid-range considered the largest growth sector. The NSS product offerings, with our SPANStor software as the foundation, are positioned for increased growth based on its functionality, flexibility, and performance. The technology supports multiple industry requirements in addition to the IT sector such as the security market of IQ Biometrix," concluded Makmann.
"This acquisition is expected to deliver several long-term benefits, continued growth in diversified markets, and represent outstanding sharholder value for the stakeholders of IQ Biometrix. The transaction is also expected to be accretive in fiscal 2003," said Scigliano. "We expect to enter into other agreements in the near term that will further expand our NAS business with the same type of high returns for the company and its shareholders.
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