Harland Makes Equity Investment in Mitek Systems
February 23 2005 - 2:58PM
PR Newswire (US)
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
http://photoarchive.ap.org/ 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/
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