EXHIBIT 99
INTELLI-CHECK, INC.
THE WALL STREET GROUP, INC. COMPANY CONTACT: FRANK MANDELBAUM
32 EAST 57TH STREET CHAIRMAN
NEW YORK, NEW YORK 10022 (516) 992-1900
(212) 888-4848
INTELLI-CHECK EXTENDS EXPIRATION OF RIGHTS OFFERING TO APRIL 4, 2003
FOR IMMEDIATE RELEASE:
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WOODBURY, N.Y., October 1, 2002 INTELLI-CHECK, INC. (AMEX:IDN), a developer
of advanced document verification systems, announced today that it has extended
until April 4, 2003 all unexercised rights under its rights offering which are
due to expire on October 4, 2002. Each non-transferable right entitles the
stockholder to purchase one share of common stock at an exercise price of $8.50.
Under terms of the original offering, the Company declared a dividend
distribution of one non-transferable right to purchase one share of its common
stock for every 10 outstanding shares of common stock held of record on March
30, 2001, and continuously held until exercised at an exercise price of $8.50.
The Company currently has the right to redeem the outstanding rights for $0.01
per right upon 30 days notice to the holder.
As of September 30, 2002, of the original 970,076 rights issued, Intelli-Check
has received proceeds of $2,440,894 through the exercise of 287,164 rights.
Intelli-Check, Inc. (www.intellicheck.com) is a developer and marketer of an
advanced state-of-the-art document verification system for authenticating the
validity of driver licenses and ID cards used as proof of identity.
Intelli-Check's multi-purpose ID-CHECK units are fully capable of increasing
security and as a tool that can be used to deter terrorism at military
installations, high profile buildings, airports and other sites and are also an
effective tool against "identity theft," which often is supported by fake IDs
and is the fastest growing crime in the U.S. ID-CHECK units enable a user to
prevent economic loss from check-cashing, credit card and various other frauds
utilizing fake IDs and the ID-CHECK and IDentiScan units have the ability to
determine whether purchasers of age-restricted products such as alcohol and
tobacco meet minimum age requirements for their sale. ID-CHECK , with its
patented technology, analyzes and displays information encoded in magnetic
stripes and barcodes found on driver licenses, military identification and other
forms of state and government- issued identification from more than 50
jurisdictions.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of these securities in any State in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such State.
Certain statements in this press release constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995, as
amended. Additional information concerning forward looking statements is
contained under the heading of risk factors listed from time to time in the
company's filings with the Securities and Exchange Commission. We do not assume
any obligation to update the forward-looking information.