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| Subject: Bond-style ID cards a first | |
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Author: JAMES Bond-style technology is the centrepiece of the first float by an Australian biometrics firm. |
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Date Posted: Thursday, September 25, 08:37:08am Bond-style ID cards a first By Leila de Krester 25sep03 JAMES Bond-style technology is the centrepiece of the first float by an Australian biometrics firm. Biometrics Limited announced yesterday an initial public offering that seeks to raise $2.63 million. At the heart of the float is a worldwide technological first – the ability to fuse fingerprint, height and facial recognition biometrics on a smartcard to provide access security. The Biometric Access Control Solution (BACS) is the first to combine not one, not two, but three types of biometrics. "It's the sort of technology you've seen in James Bond films," inventor and director John Cross said. "It stems from post 9-11 and the need for greater security. The US has set the pace in dual biometrics. "But we are much more advanced. We have actually fused three – fingerprint, facial recognition and height characteristics. All of these things are combined into one requirement." Mr Cross said the system was virtually foolproof. He said the possibility of a forced entry was as low as .0001 per cent, unlike a single biometric such as a fingerprint which can be duplicated. "This can't happen with our product," he said. The Perth-based company will issue 12.5 million ordinary shares at 20c in the float, which has a minimum subscription of $2.25 million. Over-subscriptions to the value of $1 million have been allowed for under the offer, which opens on October 2 and closes on October 30. Chairman Ray Badnall said BACS, with patent pending, could have prevented recent Australian security breaches. "The installation of this technology can prevent repeats of the recent security breakdowns in New South Wales and the Australian Capital Territory which resulted in the theft of sensitive information from Sydney Airport's Customs Office and the Department of Transport in Canberra," Mr Badnall said. "Globally, the spate of terrorism, war and concerns over personal and commercial security have seen burgeoning demand for better security. "As a result, the world biometrics market is forecast to soar to more than $3 billion by 2006 from an estimated worth this year of $785-$933 million, and compared to just $141 million two years ago." He said Biometrics would used the capital raised by the IPO to build on global markets and continue research and development work on other fused security systems. Standards Australia, an organisation committed to ensuring Australian standards in technology meet international ones, said biometrics would continue to grow. "It's good to see a company like this in a position to float," director of business Mark Bezzina said. "Australia is a leader in facial recognition-type technology. It's fertile ground for Australian industry." Mr Cross said the BACS software would fit into existing systems in Australian businesses and overseas. "Access systems are in place in most companies. Our product can attach to any of those," he said. STORIES IN THIS SECTION OPEC oil cut surprise Telstra quits joint venture Wine man wants to crush rivals ANZ cool on Kiwi bid Westpac's jobs double take Fonterra's Foods vow AMP exec 'redrafted bid' Dow, Nasdaq tumble Yates accepts Orica bid AMP loses ground to rival MLC Backyard blitz by ATO Bond-style ID cards a first ASX self-regulation goes by the board Manufacturing exporters hit Theme park entrepreneur finds world's his oyster Fat cats get the cream Push for ports in ore rush [ Next Thread | Previous Thread | Next Message | Previous Message ] |