Exhibit 99.2
[GRAPHIC REMOVED HERE] News Release
FROM: Sarah Torres, AVP-Editorial Michelle Amoroso, Media Relations
Linda Decker, VP-Investor Relations Gray & Rice
Porter, LeVay & Rose, Inc. (617) 367-0100, X110
(212) 564-4700
COMPANY Tom Colatosti, President and CEO, Viisage Technology
CONTACT (978) 952-2200
FOR IMMEDIATE RELEASE
VIISAGE RAISES TOTAL OF $25 MILLION IN PRIVATE PLACEMENT
WITH INSTITUTIONAL INVESTORS
Company Increases Initial Financing in Response to Overwhelming Demand
LITTLETON, MA, Dec. 19, 2001 -- Viisage Technology, Inc. (NASDAQ: VISG),
the leader in face-recognition technology and identification systems and
solutions, announced today that it has raised an additional $6.5 million in a
private placement of common stock with several large institutional investors.
The additional funding, which increases the company's previously-announced $18.5
million placement to $25 million, was driven by a tremendous demand from the
investment community. Viisage sold a total of approximately 2.4 million shares
at $10.50 per share, representing a 5% discount to market from the $11.01
closing price on Friday, December 14th. The investors also received warrants to
purchase approximately 357,000 shares of common stock at 115% of the purchase
price.
Tom Colatosti, Viisage president and CEO, said, "We are thrilled to have
received such an overwhelming positive response from investors. We believe this
is a powerful endorsement of the company's plans and potential. This additional
financing confirms the investment community's belief in Viisage as well as the
power of biometric technology and the important role it will play in our
national security."
Colatosti added, "I am again grateful to our investment bankers at
Ladenburg Thalmann for completing a very effective financing transaction that
will enable us to make the necessary investments to achieve our long term
business plans."
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ABOUT VIISAGE TECHNOLOGY
Viisage Technology is the world leader in biometric face-recognition
technology and identification systems and solutions that enhance consumer
convenience, improve security and protect personal privacy. Originally developed
at MIT, Viisage's patented, accurate, non-intrusive and cost-effective
face-recognition technology is widely acknowledged for its unmatched performance
including speed in real-time applications, scalability for managing large image
databases, and systems integration for complete customer solutions.
Viisage delivers annually through 1,500 U.S. systems in 1,200 locations in
15 states, more than 25 million high-quality and high-security
digital-identification documents for government agencies responsible for issuing
drivers' licenses, social services cards and law enforcement credentials.
Viisage provides a full family of face recognition products.
FaceEXPLORER(TM) is a powerful and scalable image retrieval and analysis
database product, used to combat identity fraud -- it is implemented in the
world's largest face recognition system with more than eight million enrolled
images FaceFINDER(TM), acclaimed for its processing speed, is the industry's
most widely implemented surveillance and identification system -- it is
installed in more than 100 casinos worldwide and has been deployed to improve
security at premier sporting events. FacePASS(TM) (for PC, Mobile, & Internet)
provides secure authentication for PC, Internet and e-commerce connections.
FacePIN(TM) offers consumers convenient and private verification for
point-of-sale transactions such as ATMs. FacePASS(TM) (keyless entry/physical
access) is a practical security solution for keyless entry to secure facilities,
such as offices, dormitories and government facilities. FaceTOOLS(TM) is a
leadership Software Developers Kit that enables application providers the
ability to develop and customize unique customer and market applications.
This news release contains forward-looking statements that involve risks and
uncertainties. Forward-looking statements in this document and those made from
time to time by the Company through its senior management are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. 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, potential fluctuations in quarterly results, the
size and timing of award and performance on contracts, dependence on large
contracts and a limited number of customers, lengthy sales and implementation
cycles, changes in management estimates incident to accounting for contracts,
availability and cost of key components, market acceptance of new or enhanced
products and services, proprietary technology and changing competitive
conditions, system performance, management of growth, dependence on key
personnel, ability to obtain project financing, general economic and political
conditions and other factors affecting spending by customers and other risks,
uncertainties and factors including those described from time to time in the
company's filings with the Securities and Exchange Commission, including without
limitation, the company's Form 10K for the year ending December 31, 2000 and its
quarterly reports on Form 10Q.
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2001