August 22, 2022: Trust Stamp (Nasdaq: IDAI, Euronext Growth: AIID ID) announces that it has filed a Form 8-K with the Securities and Exchange Commission ("SEC").
On August 17, 2022, T Stamp Inc. (the "Company”) received a letter from U.S. Immigration and Customs Enforcement ("ICE”) notifying the Company of ICE’s intent to fully terminate, for convenience, the Company’s modified contract with ICE, initially awarded to the Company on September 23, 2021 and modified on March 27, 2022 (the "ICE Contract,” originally filed as Exhibit 6.15 to the Company’s offering statement on Form 1-A filed with the Securities and Exchange Commission (the "SEC”) on November 22, 2021), effective immediately.
The ICE Contract contained multiple performance obligations on the part of the Company to be performed between March 27, 2022 and September 26, 2022, including software application development, phones, and services to assist ICE related to rapid enrolment in the ICE alternative to detention program, and had a total contract award value of $7,176,364, of which the Company has received $3,920,764 to date.
The Company was instructed by ICE to immediately stop all work under the ICE Contract. The Company will be paid a percentage of the compensation due under the ICE Contract reflecting the percentage of the work performed by the Company under the ICE Contract prior to receiving this notice of termination, plus reasonable charges that the Company incurred resulting from the termination.
Enquiries
Trust Stamp Email: Shareholders@truststamp.ai
Gareth Genner, Chief Executive Officer
Nisha Naik, Executive VP of Communications
Davy (Euronext Growth Advisor) Tel: +353 1 679 6363
Barry Murphy
Investor Relations Tel: +1 212-671-1021
Crescendo Communications Email: idai@crescendo-ir.com
About Trust Stamp
Trust Stamp, is a global provider of AI-powered identity services for use in multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.
Located in seven countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI) and Euronext Growth in Dublin (Euronext Growth: AIID ID). Founded in 2016 by Gareth Genner and Andrew Gowasack, the company now employs over 100 people.
LEGAL DISCLAIMER
All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events based on information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
