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TWST: We would like to begin with a brief historical sketch of Intelli-
Check and a picture of the things you are doing at the present time.
Mr. Mandelbaum: Intelli-Check is the leader in document verification, by
which we mean that our patented technology has the ability to verify the
authenticity of the encoded formats on driver licenses, state and
provincial issued non-driver IDs and military IDs, In recognition of our
leadership position, the Company has been the national testing
laboratory for The American Association of Motor Vehicle Administrators
(AAMVA) which covers the US and Canada since 1999. We have been issued
multiple patents ' five in the US, two in Canada and one in the UK ' on
the process by which you verify the authenticity of these documents. We
are currently marketing our technology and our new software products to
multiple commercial market verticals, such as retail, financial,
security and access control and for age-verification, as well as to the
government sector for homeland security in the First Responder
initiative and for compliance with Homeland Security Presidential
Directive-12 (HSPD-12). TWST: How widely used are your products at this time?
Mr. Mandelbaum: They are currently used in all the markets mentioned
above. They are used to help prevent losses from economic frauds
involving identity theft whereby somebody uses a fake ID and purports to
be someone else. They are also used in the financial service market for
enrolling people into various credit card programs; we have signed up
some of the largest financial service companies in the world to utilize
our technology for that purpose. Not only do we verify the authenticity
of the encoded format, but we can then take that information and
populate fields on a particular application, whether for instant credit,
returns and exchanges or a myriad of other retail or banking
applications, thereby creating a phenomenal productivity enhancement
tool. This process has been proven to save between 45-60 seconds per
application which, when applied to an entire enterprise, can lead to
potentially millions of dollars per year in savings. It also eliminates
the errors associated with manual entry. We are seeing a great deal of
interest in that segment of the market. Of course, for those who are
familiar with Homeland Security Presidential Directive-12, which will
create a new interoperable ID for all government employees and
contractors and the requirements for compliance with the Directive,
called Federal Identity Processing Standard 201 (FIPS 201) you will see
that part of the requirement mandates the verification of the
authenticity of a breeder document being presented to get this new
government ID. Included in the list of approved breeder documents that
are most commonly used for this purpose are the driver license, state
issued non-driver ID and military ID, which are the documents that our
patented technology can verify. We are beginning to see utilization
across a broad spectrum of sectors, both for commercial needs and for
the government market, where we have partnered with large integrators
that have a presence in this space such as Anteon, which is now part of
General Dynamics, and Northrop Grumman. We have also partnered with
Intermec, a manufacturer of ruggedized hand held computers, and with
Viisage, a provider of biometric solutions and passport verification
technology to this market. Our technology is thus being utilized in
quite a few areas. Additionally, it's utilized in a market that we do
not believe has ever matured: age verification. We do get orders nearly
every day for our age verification technology to prevent the sale of age
restricted products, such as alcohol, tobacco, violent video games, or
sexually explicit material, to underage purchasers. However, we believe
that without uniform enforcement of the statutes and the applicable
fines and penalties arising from the sale of these products to underage
purchasers, this market will grow slowly.
Tickers included in this excerpt: IDN
For more information call (212) 952 7433. The
Wall Street Transcript does not endorse any of the comments made by interviewees, and does
not make stock recommendations.
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