SOUTH BURLINGTON, Vt., Sept. 28, 2011 /PRNewswire/ -- As previously announced on June 29th, delSECUR CORPORATION is in the final stage of dissolving itself and issuing a liquidating dividend, in the form of QTech shares, to its shareholders on a pro-rata basis. Meanwhile the company wishes to report on the activities of its only asset, QTech Systems Inc., a private Ontario, Canada Corporation.
QTech has recently added to its Board of Directors, Ian Clifford, who replaces Nelson Leite, who resigned from the board to focus and give all of his attention to the technology and not to board matters. Mr. Leite will continue his role as an Officer of the Company in the capacity of Chief Technology Officer. In addition Tal Bevan and Gregory Gooch were appointed to the board at the last annual shareholders' meeting. The shareholders had provided for a total of five board members.
The board is now represented by John F. Johnston, CEO, Randall McCormick, President, Gregory Gooch, Tal Bevan, and Ian Clifford. Therefore the board is now comprised of two management Directors and three independent Directors. "We are very pleased to have such a skilled and diverse board," said Mr. McCormick. "Greg, Tal, and Ian bring to the Company a vast amount of knowledge and experience in a broad range of business and public company environments."
On the subject of the technology, we are pleased to report that the prototype for the authentication system has been successfully tested. Our engineering team, under the leadership of Nelson Leite, CTO, has successfully performed over 1 million simulated tests and a significant number of real tests with a "Zero False Acceptances" result. Mr. Leite stated, "I am very pleased with the test results and how quickly they have been achieved. Our next step is to develop an independent "stand alone" unit to be utilized for strategic market demonstrations."
Mr. McCormick, President of QTech, who was also one of the founders of delSECUR CORP, and its current CEO, stressed that, "the technology has undergone such a major advancement over that achieved by its predecessor that we are in the process of completing our application for a new patent to protect this unique intellectual property we have developed. This is a result of today's new available technology and market readiness and acceptance for an authentication / verification system of a person's identity." Mr. Leite further noted that "the timing couldn't be better for our current state of development, as the market has never been more ready for the security and privacy solution being developed by QTech. Whether the biometric data is derived from a finger scan, facial recognition, iris or retina scan, our system will adapt accordingly and create a secure environment for identity recognition wherever there is a need to assure that the claimed identity is the true identity, and we can do this without compromising privacy."
Mr. McCormick further commented that, "We do not intend to be in the manufacturing business. Our intention is to develop a process which will be readily adaptable to any given identity system or product. Our focus is on providing an individual identity with an authentication and verification system that can be applied in virtually every industry where secure authentication is a requirement. Our intention is to license out our software / firmware to applicable entities."
In other news QTech has during the course of the year received funding through Private Placement Convertible Debentures in Ontario. "This funding has contributed to the continued development of our prototype," stated Mr. McCormick. The company is continuing to seek funding through equity and debenture subscriptions in Ontario in the Private Sector from Accredited Investors."
delSECUR CORPORATION, a public company (Pink Sheets: DLSC) with its head office in S. Burlington, VT has been involved in the development of a unique authentication process based on abstract images of biological data of fingerprint minutiae. This technology was sold, under the terms of an Asset Purchase Agreement in October 2009 to QTech Systems Inc., an Ontario, Canada private Company, in exchange for 49% of the shares of QTech. delSECUR is now in the process of being dissolved and will distribute its QTech shareholdings to delSECUR shareholders.
This Press Release may contain forward-looking statements. These forward looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and other similar statements. Statements that are not historical facts, including statements relating to anticipated future earnings, margins, and other operating results, future growth, construction plans and anticipated capacities, production schedules and entry into expanded markets are forward-looking statements and are subject to the risks normally associated with the completion of a corporate transaction. The information set forth herein should be read in light of such risks. We assume no obligation to update the information contained in this press release, except as required under applicable law.
SOURCE delSECUR CORPORATION