Mitek Completes $1.5 Million Investment From Harland
10 5월 2005 - 10:00PM
PR Newswire (US)
Mitek Completes $1.5 Million Investment From Harland POWAY, Calif.,
May 10 /PRNewswire-FirstCall/ -- Mitek Systems, Inc. (OTC:MITK)
(BULLETIN BOARD: MITK) (http://www.miteksystems.com/) today
announced that the Company and John H. Harland Company (NYSE:JH)
(http://www.harland.net/) closed the second and final round of a
sale of Mitek's common stock and warrants pursuant to the
previously-disclosed Securities Purchase Agreement entered into
between Mitek and Harland on February 22, 2005. In this second
round, Harland acquired 1,071,428 shares of Mitek's common stock
and 160,714 Mitek warrants for a purchase price of $750,000. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041117/LAW022LOGO) Mitek
completed the transaction based on the results of a special
stockholders meeting held on May 5, 2005. A majority of
shareholders approved to amend the Company's Certificate of
Incorporation to increase the authorized number of shares of its
common stock from 20 million to 40 million shares. "With the
completion of this investment and the previously-disclosed sale of
CheckQuest, we added $2.5 million in new cash to our balance sheet
in the last 80 days," Mitek's President and CEO, James B. DeBello
said. "These were major steps in our plans to continue the growth
of our next generation of sophisticated identity verification and
document recognition 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 identity verification 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. 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 identity
verification and document processing, used in the processing of
over 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's development
and marketing activities with Harland and the future growth
prospects of Mitek. Actual results could differ from such
forward-looking statements. There can be no assurance that Mitek
will on or achieve 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 Andrew
McCaskill Vice President, Marketing Media Contact for Mitek
858.513.4600 678.781.7210
http://www.newscom.com/cgi-bin/prnh/20041117/LAW022LOGO
http://photoarchive.ap.org/ DATASOURCE: Mitek Systems, Inc.
CONTACT: John R. Shaw of Vice President, Marketing of Mitek,
+1-858-513-4600, ; or Andrew McCaskill, +1-678-781-7210, for Mitek
Web site: http://www.harland.net/ Web site:
http://www.miteksystems.com/
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John J Harland (NYSE:JH)
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