PRESS RELEASES
IQ
BIOMETRIX ANNOUNCES STOCKHOLDER APPROVAL OF
REVERSE STOCK SPLIT
FREMONT,
Calif., November 18, 2004 -- IQ Biometrix, Inc. (OTCBB:IQBM),
a worldwide provider of integrated law enforcement and security
solutions, announced today that its Board of Directors has
authorized a 1-for-4 reverse split of IQBM’s common
stock.
"This
approval is another milestone in our completion of the merger
between IQ Biometrix and Wherify Wireless," said William
Scigliano, CEO and President of IQBM. “In addition,
the Company hopes that by improving its capital structure
and stock price the Company can take the first step in helping
it to become listed for trading on an exchange or the Nasdaq
National Market, and help it gain access to the analyst
and institutional communities."
The
reverse stock split was approved by IQBM’s stockholders
in November 2004. In the reverse split, each four shares
of IQBM’s issued and outstanding common stock will
be combined into one share of common stock. No fractional
shares will be issued in connection with the reverse stock
split and holders of fractional shares will receive cash
in lieu of their fractional shares.
After
giving effect to the reverse split, the Company will have
approximately 6.7 million shares outstanding. The reverse
split will affect all shares of IQBM’s common stock,
including those shares underlying stock options, warrants
and convertible debentures outstanding immediately prior
to the effective date of the reverse split.
IQBM’s
transfer agent, American Stock Transfer and Trust Company,
will mail instructions to stockholders of record as of November
29, 2004 regarding the exchange of certificates for common
stock. The Company anticipates that its stock will begin
trading on a post-split basis within a few days thereafter.
About
IQ Biometrix, Inc.
IQ Biometrix,
Inc. (IQBM) provides law enforcement and security technology
solutions for government and private industry. IQ Biometrix,
an innovative California-based company is a leading provider
of facial composite technology for law enforcement agencies
in North America. FACES(TM) is currently used by thousands
of policing agencies worldwide, including the Central Intelligence
Agency and the Federal Bureau of Investigation. IQBM is
currently developing new applications based on this foundation
technology tailored to meet the needs of national, business
and personal security. Its solutions practice is focused
on integrating IQBM and partner technologies to provide
customized responses to client needs. Further information
about IQBM can be found at www.iqbiometrix.com.
About
Wherify Wireless, Inc.
Wherify
Wireless, Inc. is a privately-held developer of patented
wireless location products and services for child safety,
parental supervision, personal protection, Alzheimer and
memory loss, supervision, law enforcement, security, animal
identification, and property asset tracking. The company's
proprietary integration of the U.S. government's global
positioning system (GPS), Wherify patented back-end location
service engine, and wireless communication technologies
will enable customers to obtain real-time location information
on individuals and property directly through the Internet
or any phone. Founded in March 1998, Wherify Wireless is
located in Redwood Shores, Calif. For more information,
or to purchase Wherify products, visit the company's website
at www.wherify.com.
Statements
in this press release regarding IQBM’s future expectations,
beliefs, goals, plans or prospects with respect to becoming
listed for trading on an exchange or on The Nasdaq National
Market constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act
of 1995. Any statements that are not statements of historical
fact (including statements containing the words "believes,"
"plans," "anticipates," "expects,"
"estimates" and similar expressions) should also
be considered to be forward-looking statements. There are
a number of important factors that could cause actual results
or events to differ materially from those indicated by such
forward-looking statements, including the fact that that
the market price per new share of IQBM common stock after
the reverse split does not rise in proportion to the reduction
in the number of old shares of IQBM common stock outstanding
before the reverse split; the fact that the reverse split
may not result in a per share price that will enable IQBM
to become listed on an exchange or on The Nasdaq National
Market; and the fact that there are other requirements in
addition to share price that IQBM must meet in order to
be listed on an exchange or on The Nasdaq National Market
and there is no assurance that IQBM will be able to meet
the other listing requirements.
Contact:
IQ Biometrix,
Inc.
Mike Walsh, 888-321-5553
or
Liviakis Financial Communications
John Liviakis, 415-389-4670
Wherify
Wireless, Inc.
Steve Heninger, 650-551-5251
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