EXHIBIT 99.1
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FOR IMMEDIATE RELEASE
CONTACT:
- --------
Doni Fordyce
L-1 Identity Solutions
203-504-1109
dfordyce@L1ID.com
L-1 IDENTITY SOLUTIONS INCREASES ALL-CASH OFFER FOR COMNETIX SHARES
COMNETIX BOARD UNANIMOUSLY APPROVES AMENDED AGREEMENT WITH L-1;
COMNETIX SHAREHOLDERS SET TO VOTE ON JANUARY 19, 2007
STAMFORD, CT - JANUARY 11, 2007 - L-1 Identity Solutions, Inc. (NYSE:ID) has
increased to US $1.05 per share the amount that L-1 will pay to the shareholders
of ComnetiX Inc. (TSX: CXI) for all of the issued and outstanding shares of
ComnetiX, for a total purchase price of approximately US $16.0 million. The
previous purchase price was US$ 0.82 per share. The revised purchase price from
L-1 reflects a premium of more than 100 percent over the price of ComnetiX
shares prior to the initial announcement of the L-1 offer from November 2006.
The Board of Directors of ComnetiX has unanimously approved the revised offer
from L-1 and continues to unanimously support the L-1 transaction.
In order to give effect to the increase in the purchase price offered to
ComnetiX shareholders, on January 9, 2007 L-1 and ComnetiX signed an amendment
to their existing agreement, which was originally entered into on November 15,
2006. The amendment also extended the date by which the transaction must be
completed to March 29, 2007, and made two other technical changes to the
agreement.
Under the amended agreement, ComnetiX shareholders will receive US $1.05 per
share (subject to adjustment), payable in cash for each share of ComnetiX common
stock, if the arrangement is approved by ComnetiX shareholders at the annual and
special meeting to be held in Toronto, Ontario on Friday, January 19, 2007 at
10:00 a.m., and if certain other conditions are met.
In the view of L-1, its all-cash transaction offers a superior, risk-free
outcome for ComnetiX shareholders, when compared to a purported share-for-share
tender offer for all of the common shares of ComnetiX announced by BIO-key
International Inc. on December 21, 2006. To date, ComnetiX has not received any
such offer from BIO-key, which trades on the Over-the-Counter Bulletin Board.
ComnetiX is a leading provider of biometric identification and authentication
technologies to private and public sector companies in Canada and the United
States.
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ABOUT L-1 IDENTITY SOLUTIONS
L-1 Identity Solutions, Inc. (NYSE: ID) consists of, among other businesses, the
historic operations of Viisage Technology, Inc. and Identix Incorporated, which
merged on August 29, 2006. L-1 Identity Solutions, together with its portfolio
of companies, offers a comprehensive set of products and solutions for
protecting and securing personal identities and assets. Leveraging the
industry's most advanced multi-modal biometric platform for finger, face and
iris recognition, our solutions provide a circle of trust around all aspects of
an identity and the credentials assigned to it -- including proofing,
enrollment, issuance and usage. With the trust and confidence in individual
identities provided by L-1 Identity Solutions, government entities, law
enforcement and border management agencies, and commercial enterprises can
better guard the public against global terrorism, crime and identity theft
fostered by fraudulent identity. L-1 Identity Solutions is headquartered in
Stamford, CT. For more information, visit www.L1ID.com.
ABOUT COMNETIX(TM) INC
ComnetiX(TM) Inc provides secure identification and authentication solutions to
both the public and private sectors throughout North America. ComnetiX offers
multimode biometric identification solutions for use in areas such as applicant
screening, financial services, health care, transportation, airlines and
airports, casinos and gaming, and energy and utilities. Clients include American
Airlines, Lehman Brothers, New York City Health and Hospital Corporation, New
York State Division of Criminal Justice Services, Toronto Police Service Board,
Boston Police Department and the Royal Canadian Mounted Police. ComnetiX is also
Canada's premier applicant fingerprinting services company, facilitating tens of
thousands of criminal background checks each year through its chain of ten
offices across Canada. In addition ComnetiX has established more than 40
applicant fingerprinting services locations throughout the United States.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements that involve risks and
uncertainties. Forward-looking statements in this press release and those made
from time to time by L-1 Identity Solutions through its senior management are
made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements reflect the Company's
current views based on management's beliefs and assumptions and information
currently available. Forward-looking statements concerning future plans or
results are necessarily only estimates, and actual results could differ
materially from expectations. Certain factors that could cause or contribute to
such differences include, among other things, the ability of L-1 to obtain
requisite ComnetiX shareholder approval of L-1's proposed acquisition of
ComnetiX and close the transaction on a timely basis, the size and timing of
federal contract awards, performance on existing and future contracts, general
economic and political conditions and other factors affecting spending by
customers, and the unpredictable nature of working with government agencies.
Additional risks and uncertainties are described in the Securities and Exchange
Commission filings of the L-1 Identity Solutions, including the Company's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2006. L-1
Identity Solutions expressly disclaims any intention or obligation to update any
forward-looking statements.