John J Harland (NYSE:JH)
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Harland Makes Equity Investment in Mitek Systems
POWAY, Calif., Feb. 23 /PRNewswire-FirstCall/ -- Mitek Systems, Inc.
(OTC:MITK) (BULLETIN BOARD: MITK) today announced that it has entered into
agreements for John H. Harland Company (NYSE:JH) to purchase up to 2,142,856
shares of Mitek's authorized and unissued Common Stock for up to $1,500,000, or
$0.70 per share. In addition, Harland will receive up to 321,428 Warrants to
purchase Common Stock at an exercise price of $0.70.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041117/LAW022LOGO)
"We offer the most advanced software for detecting forgeries and counterfeits,"
Mitek's President and CEO, James B. DeBello said. "The investment from Harland
will accelerate our ability to introduce our next generation of sophisticated
forgery detection software."
Harland previously announced that it is partnering with Mitek to introduce
self-authenticating checks for preventing the most difficult-to-catch check
fraud -- the forgery of the maker's signature. Harland will validate the
authenticity of the maker's signature and the physical check document using
Mitek's sophisticated image processing, data encoding and encryption, and
validation software. Financial institutions, merchants and consumers lose
billions of dollars every year as a result of lost, stolen or counterfeit
checks cashed or presented by forgers.
"Our goal is to prevent fraud in all financial transactions," Mitek's Vice
President of Development, Murali Narayanan added. "We work closely with
industry leaders such as Harland to deploy our software across all types of
transactions."
The stock purchase is intended to occur in two stages. The initial sale of
1,071,428 shares of Common Stock for $750,000 occurred simultaneously with the
signing of the agreements. Harland received 160,714 Warrants in connection
with the sale. The second round for the additional Common Stock and Warrants
is expected to take place before August 31, 2005. That round is subject to
certain conditions, including Mitek amending its Certificate of Incorporation
to increase the authorized number of shares of its Common Stock. Mitek plans to
call a special stockholders meeting to seek approval for such an amendment to
its Certificate of Incorporation.
About Mitek Systems
Mitek Systems (OTC:MITK) (BULLETIN BOARD: MITK) (http://www.miteksystems.com/)
is a leading provider of advanced recognition software used by financial
institutions for forgery detection and document processing, used in the
processing of more than 8 billion transactions per year.
Forward-Looking Statement Disclosure
The matters discussed in this news release are forward-looking statements that
involve risks and uncertainty. Forward-looking statements include, but are not
limited to, statements relating to the future prospects of Mitek, the amendment
of Mitek's Certificate of Incorporation and the closing of the second round of
the transaction with Harland. Actual results could differ from such
forward-looking statements. There can be no assurance that Mitek will amend
its Certificate of Incorporation or achieve other results set forth herein.
Mitek and Mitek Systems are registered trademarks of Mitek Systems, Inc. All
other product or company names may be trademarks or registered trademarks of
their respective holders.
Contacts:
John R. Shaw Anna M. Stanley
Vice President, Marketing Media Contact for Mitek
Mitek Systems, Inc. 678.781.7214
858-513-4600
http://www.newscom.com/cgi-bin/prnh/20041117/LAW022LOGO
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DATASOURCE: Mitek Systems, Inc.
CONTACT: John R. Shaw, Vice President, Marketing of Mitek Systems, Inc.,
+1-858-513-4600, ; or Media, Anna M. Stanley,
+1-678-781-7214, for Mitek
Web site: http://www.miteksystems.com/