bioMETRX, Inc. Acquires Patent for Biometric Padlock
JERICHO, N.Y., - bioMETRX, Inc. a leading provider of biometric based consumer products, today announced that it has acquired a patent that covers the adaptation and use of biometrics to secure portable locks.
The company believes that this patent is valuable in the portable lock market. For many years, consumers have been using portable locks, such as padlocks and combination locks, to secure personal belongings in lockers and storage cabinets. These traditional locks have been effective. This patent allows bioMETRX to exclusively improve current mechanical padlocks and combination locks using biometrics, providing users the ability to open portable locks without the need to remember combination codes or carry metal keys.
"The acquisition of this patent confirms the continued commitment of this company to build our intellectual property portfolio as we identify and develop new products for consumers and their busy lifestyles," noted Mark Basile, Chief Executive Officer of bioMETRX, Inc. "Through our growing Patent portfolio, we strengthen our ability to protect our innovative products from competition as we continue to establish smartTOUCH(TM) as the trusted brand in biometric products for the consumer".
The size and scope of the padlock and combination lock market is massive, with an estimated 40 million locks sold totaling in excess of $600 million in the United States alone. The Company expects to work with its current partners to bring a version of a finger activated padlock to market in 2008.
The company's first product, the Master Lock(R) smartTOUCH(TM) garage door opener is scheduled to ship to retailers in a few weeks.
About bioMETRX, Inc.
bioMETRX, Inc. designs, develops and markets biometrics-based products to the consumer market under the common brand name - smartTOUCH(TM); bioMETRX Technologies, Inc. designs and engineers biometrics-based products for the home security and consumer electronics markets; smartTOUCH Consumer Products, Inc. tests and markets the company's biometrically secured products
For more information on bioMETRX and/or the company's smartTOUCH line of products including the Master Lock(R) smartTOUCH(TM) Garage Door Opener, visit the Company website at http://www.biometrx.net
Safe Harbor Statement:
This release may contain certain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward- looking statements in this release with respect to bioMETRX's business, financial condition or results of operations, as well as matters of timing and the prospective terms of any transaction described are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond bioMETRX's control with respect to market acceptance of their technology and/or products, whether financing will be available, the effect of the application of acquisition accounting policies as well as certain other risk factors which are and may be detailed from time to time in bioMETRX's filings with the Securities and Exchange Commission.
September 05, 2007
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September 05, 2007
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