SACRAMENTO, Calif., March 25, 2002 (PRIMEZONE) -- Advanced Precision Technology, Inc. (Pink Sheets:APRE):
In a letter to all Advanced Precision Technology, Inc. shareholders dated December 14, 2001, the company situation was explained in detail. The number one priority was to raise funds to allow the company to effectively market the AprinT(r) One Touch fingerprint reader for access control systems and to redesign the HoloPass(r) fingerprint scanner so it could be marketed to OEM (Original Equipment Manufactures).
On March 1, 2002 the company completed a private placement to accredited individuals for $600,000. The company will use these funds to:
* Relocate the business from Livermore, California to Sacramento,
California;
* Bring the company into compliance with SEC and complete the
filings so as to become a fully reporting company, and be relisted
on the OTC BB;
* Complete the redesign of the HoloPass(r) Fingerprint Scanner;
* Complete the design of the AprinT(r) One Touch door access
fingerprint reader.
On March 11, 2002, the company relocated to:
4650 Northgate Blvd., Suite 160
Sacramento, CA 95834
Phone: 916-646-4444
Fax: 916-646-4445
On March 25, 2002, the company completed its filings with the State of Nevada and officially became -- Exact Identification Corporation (EIC).
About Exact Identification Corporation
Exact Identification Corporation developments, designs, manufactures, licenses and markets fingerprint identity products for one-to-many AFIS applications and one-to-one verification systems and access control. Our products are sold to authorized resellers and original equipment manufactures. The company holds seven U.S. Patents related to fingerprint technologies using holographic methods and continues to ship its rugged, high-end HoloPass(r) Fingerprint Scanner. More: www.AprinT.com
Safe Harbor Provision
This document may contain forward-looking statements relating to future events, such as the development of new products, the commencement of production, or the future financial performance of the Company. These statements fall within the meaning of forward-looking information as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, economic, competitive, governmental, and technological factors affecting the Company's markets and market growth rates, products and their rate of commercialization, services, prices and adequacy of financing, and other factors described in the Company's most recent annual report on Form 10-KSB filed with the Securities and Exchange Commission, which can be reviewed at http://www.sec.gov. The Company undertakes no obligation to update, amend or clarify forward-looking statements, whether because of new information, future events or otherwise.