LUND, Sweden, July 2, 2003 (PRIMEZONE) -- In June, Precise Biometrics AB (publ) (Other OTC:PBMTF) implemented a new share issue with preferential rights for the company's shareholders. The issue was oversubscribed which will lead to the company receiving SEK 40.4 million before issue expenses.The new share issue means that the number of Class A shares will increase by 23,740,200 and that after the issue the total number of shares will be 35,610,300.
The implemented issue, in combination with the cost reduction program that Precise Biometrics initiated during the spring which includes measures to reduce the company's operating costs, strengthens the company's standing for more rapidly attaining a positive cash flow. The issue is estimated to finance the company's operations until positive operating cash flow is reached.
In order to support the company's increased focus on the US market and in order to further optimize management of the company's active operations a new management group has been formed. The new management group is comprised of Christer Bergman, CEO, Bodil Rosengren, CFO, Ola Svedin, Vice President, Research and Development, and Carter Marantette, Vice President, US Sales.
For more information, please contact: Christer Bergman, President & CEO, Precise Biometrics Telephone: +1 703 405-8255. E-mail: christer.bergman@precisebiometrics.com
Precise Biometrics AB is an innovative security company that supplies world-leading systems for authentication using fingerprints. The solutions supplied by the company replace keys, PIN codes and passwords. The company's products are cost effective and provide security and comfort combined with top-class protection of personal integrity. The range of products includes systems for access control to computers and networks and for building into mobile and terminals, such as mobile phones and portable computers. The company headquarters are in Lund, Sweden. The company also has offices in Stockholm and a U.S. subsidiary in Washington, D.C. Precise Biometrics is listed on the O-list of the Stockholm Stock Exchange (symbol: PREC A). For more information about Precise Biometrics, visit http://www.precisebiometrics.com/