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Security Biometrics, Inc. to Integrate Penflow Into Datawitness Online Contract Exchange Solution
Nov-25-03
NEW YORK Security Biometrics, Inc. (OTCBB:SBTI), a leader in biometric signature authentication solutions powered by Penflow(TM), today announced the signing of a Heads of Agreement with Datawitness Online Ltd. Over the next 90 days the parties will formalize a strategic partnership agreement which will see the integration of the Penflow(TM) technology into the Datawitness(TM) Online Contract Exchange.
The Datawitness(TM) Online Contract Exchange is driven by a web based software application that permits subscribers to create, transmit, conclude and automatically archive contracts and other significant documentation via the Internet. The technology connects with a proprietary microfilm archiving system developed by the Eastman Kodak Company(R) to automatically capture an analog image of the document as it is both transmitted and returned.
Datawitness Online Ltd. and the Eastman Kodak Company(R) answer the requirements for secure, accountable online contracts through the Datawitness Online Contract Exchange. The Datawitness(TM) web-based application achieves faster contract conclusion at costs substantially lower than traditional contract delivery methods with the added benefits of date and time stamping, real-time status reporting, automatic microfilm archiving and immediate retrieval capability. The result is a defensible audit trail and an effective strategy for contract records management and disaster recovery.
Penflow(TM) is a communication infrastructure that allows any individual to be authenticated via a handwritten signature. Complying with Digital Signature Laws requirements, a signature can be appended to any digital data in a non-reversible way and considered legally binding. In the e-government market particularly and in the management of workflow, there is a worldwide need for an acceptable, reliable and efficient system for personal authentication that minimizes risks and maximizes financial and commercial activities. Penflow(TM) target users for the system, include law firms, insurance companies, accountants, car dealers, data base security and access providers, credit unions, S&L's, on-line mortgage, banking and loan institutions, pharmacies, purchasing and inventory control, and any time you need to verify a persons identity and certify it with a legally binding signature.
The integration of the Penflow (TM) technology will allow signatories to apply a biometric digital signature to Datawitness(TM) contracts to meet the highest standards in global digital signature requirements and will assist public companies to comply with regulations that require an authenticated signature. The integration also addresses a pressing need within the e-commerce, e-communication and e-contract administration arena for a secure method of providing validation of individuals and certified electronic signatures on legal documents and email.
Standards imposed by the Sarbannes Oxley Act create a compelling case for the co-joining of the two technologies. Each time a contract or other key corporate documentation is transmitted or responded to, it is microfilmed automatically with the reference-archived microfilm held, but not viewed, by Datawitness(TM) as a trusted third party. The result is a best business practice that assures contracting parties, shareholders and regulatory bodies that the data is available for review. Responsible use of the Datawitness(TM) system in concert with sound corporate policies can afford protection for Chief Executive Officers who are ultimately responsible for the management of all documents created in the course of business.
The secure, arm's length storage of the data within a trusted third party environment is the result of the cooperative efforts of Datawitness Online Ltd. of Vancouver, Canada, Fusepoint Managed Services Inc. of Toronto, Canada and the Commercial Imaging Division of the Eastman Kodak Company(R) of Rochester, New York.
The Datawitness(TM) process was developed as a strategy to address emerging problems associated with digital data storage, the defensibility of digital data in litigation, recovery of documents for evidentiary purposes and growing shareholder dissatisfaction respecting corporate records management.
Glynis Evans, President of Datawitness said, "With several trillion documents being exchanged throughout the world annually, security is of paramount importance. We see an ever increasing demand for secure, Internet based exchange of documents and with the addition of Penflow(TM) into our web based service, we see a potential for over greater than 12 million contract execution transactions per year representing in excess of $35M in annual revenue."
Michel Berty, Chairman and CEO of Security Biometrics added, "We anticipate that the integration of the Datawitness infrastructure with Penflow(TM) will play an important role in the expansion of our biometric signature authentication solutions, to major public and private corporations, financial institutions, insurance and to enhance e-Transaction security. We are also looking forward to the cross marketing opportunities to our customer base that would benefit from the usage of the combined technologies."
About Datawitness
Datawitness Online Ltd. is a privately owned Canadian company incorporated in the Province of British Columbia, Canada. The company was formed specifically for the purpose of creating an ethically based peer-to-peer technology for reducing dispute.
http://www.datawitness.net
About Security Biometrics
Security Biometrics, Inc. (http://www.sigbio.com) is a leader in biometric signature authentication solutions powered by Penflow(TM) the system is based on inherent proprietary patents that validate a signature in a quick, non-invasive and highly accurate manner. The Penflow(TM) authentication engine views the signing process as a series of movements performed in a continuous, consistent and sequential process. Security Biometrics, in conjunction with its strategic partner WonderNet Ltd., have developed new and unique algorithms that allows signature authentication by monitoring human hand movements instead of the final image.
Except for any historic information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, which are subject to section 27A of the Securities Act of 1933 and section 21E of the Exchange Act of 1934, and are subject to safe harbor created by these sections. Any statements that express or involve discussions with respect to predictions, beliefs, plans, projections, objectives, and goals, assumptions of future events or performances are not statements of historical fact and may be "forward looking statements". Forward looking statements in this release may be identified through the use of such words as "expects", "anticipates", "estimates", "believes", or statements indicating certain actions "may", "could", or "might" occur. Actual results, performance or achievements could differ materially form those anticipated in such forward-looking statements, which involve numerous risks and uncertainties, including the Company's ability to market its products and services in a competitive environment as well as other factors set forth in the Company's filings with the Securities and Exchange Commission