SmartMetric, Inc. (OTCQB: SMME): The Corona-19 virus has made dramatic changes to the way we work and play. Not surprisingly it has also impacted how we pay.
The old and arguably very insecure PIN number used to verify the identity of a debit card user at the checkout or the need to use a pen for signatures that is used by countless numbers of different people during the day is causing a demand for a better, safer way to authenticate a card user. With the knowledge of users on how transmittal the Corona-19 virus is the aversion by consumers to use the touchpad or signature pen at the supermarket checkout is understandable.
Sales staff do not clean card-reader virus-transmitting touch points after every customer. Touching a pin pad or using the signature pen at a checkout has now become a game of Russian roulette when it comes to safely using your credit or debit card at checkout.
Credit and debit cards still account for more than 95% of instore transactions with consumers showing even a greater aversion to using cash. Cash is now seen as potential virus carrier and is the least preferred choice by consumers. This doesn’t mitigate the aversion consumers have regarding the need to touch card readers that are touched by everyone else going through the same checkout.
In talks with card issuers, SmartMetric has seen an increase of interest in its biometric contactless card solution that will allow consumers to have a completely no-touch experience at the checkout while providing a far greater level of transaction security than the old fashioned and weaker PIN and signature methods.
The SmartMetric biometric card solution users a super small fingerprint scanner embedded inside the credit/debit card. Instead of touching the card reader the card user simply touches a square sensor on the top to the card that then causes the internal scanner to read the card holder’s fingerprint in less than a second. A user safe and immediate card holder validation that causes the card to immediately be activated. On activation for the transaction the card’s internal RFID/NFC system allows the card to communicate, without physical contact with the reader. Safe, immediate, and no contact with the card reader required.
SmartMetric’s electronic credit card has an ARM Cortex processor, up to a Gigabyte and beyond memory, contact and contactless standard credit card interface for all credit card readers and ATMs, a stable rechargeable battery, rapid recharge power management system that recharges the card’s internal battery when used at standard card reader, all while still meeting ISO standard size and thickness for credit cards.
The Board and Shareholders of SmartMetric recently resolved to increase the authorized shares of the company. It has also resolved to allow for an increase of the size of its board along with allowing for a reverse split of its shares at some future point. All of these changes have been made to facilitate the up-listing of the company onto either NASDAQ or NYSE main boards at some future point. The SmartMetric Board will only advise moving to an up-list only and after a substantial increase in its share price from current levels. At this point in time the company is focused on bringing its biometric credit card product to market in order to move from a development stage company to a revenue earning company.
SmartMetric is a USA based company with sales and marketing partnerships in Latin America, Europe the United States. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company.
Safe Harbor Statement: Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Also such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, if we are unable to access the capital necessary to fund current operations or implement our plans for growth; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Investors and security holders are urged to carefully review and consider each of SmartMetric Inc. public filings with the SEC, including but not limited to, if applicable, Annual Reports on Form 10-K, proxy statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.
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