NEW YORK, September 21, 2022–(BUSINESS WIRE)–SmartMetric, Inc. (OTCQB: SMME): Goode Intelligence, a London based research company has listed the following companies as Biometric Smart card Vendors. Zwipe, CardLab, Card Tech, Feitian, Jinco, Linxens, Kona I, MeReal Biometrics, NXP and SmartMetric.
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The SmartMetric biometric card is protected by issued patents that in its view would prohibit other biometric card companies from entering, in particular, the United States market.
It is our understanding that SmartMetric is the only Biometric Smart Card designed for credit and debit cards that uses a separate secure encrypted processor for storing a person’s fingerprint inside the credit or debit card. Because SmartMetric does not use the smartcard chip, or what is referred to in the credit card industry as the EMV chip, for storing a person’s fingerprint, the SmartMetric biometric card has a number of distinct advantages over the others.
The SmartMetric biometric card allows for simple and frictionless fingerprint enrollment. Because it is not using the EMV/Smartcard chip to store the fingerprint it does not need a separate reader to capture the person’s fingerprint for storage inside the Biometric card. In the case of credit and debit cards, other companies’ biometric cards need the person to go into a bank branch to have their fingerprint captured and stored into the card using a special fingerprint reader. This is highly inconvenient for the public and of course impracticable in credit card markets such as the United States where the vast majority of new credit cards issued to customers are sent out via the mail.
Since SmartMetric uses a separate processor and fingerprint storage inside the card for users’ fingerprints, credit card and debit card customers do not need to go into, say, a bank branch to have their fingerprint enrolled and stored inside the biometric card. The SmartMetric solution allows for a simple enrollment of the fingerprint on the card much the same and as easy as one would store fingerprint biometrics onto a mobile phone – no special reader needed. Just like the mobile phone with its built-in fingerprint scanner, the SmartMetric biometric card itself is used for capturing and storing a persons fingerprint. A simple process of touching the sensor a few times, a solid green LED light indicates successful fingerprint enrollment and the new card holder’s fingerprint is forever stored inside the SmartMetric biometric card.
“We know of no other biometric card developed for use by banks and large-scale credit card issuers that has created such an easy and intuitive at-home fingerprint enrollment on the card as that developed by SmartMetric,” said today SmartMetric’s President and CEO Chaya Hendrick.
“We are excited about our now moving forward with our card in association with card issuing banks here in the United States. The company, being a USA based company, is concentrating its first product release in the United States in association with a significant credit card issuer that is now in discussions with SmartMetric for release and issuing to the public of its unique advanced biometric credit and debit card,” said Chaya Hendrick.
SmartMetric has been supported by private investing shareholders during its long product development stage. Over recent times the company received funding from a source via what is commonly referred to as convertible notes. The company has no idea how many shares may or may not have been converted under these prior notes.
Recently in the company’s filings it has been disclosed that the company has had four professional investment funds provide a round of funding while at the same time the company registered, via an S1, additional shares.
An agreement is in place to provide for up to $5 million in draw down funding via S1 registration with the largest of these funds.
The company is very thankful for the funding support it has received from its shareholders over the years and is very thankful for the funds who have now provided cash to allow the company to move rapidly forward with the execution of its biometric card business into the market.
“SmartMetric has no plans to do a stock split. We trust that the company will be valued accurately on the market as it moves forward with the execution of its business,” said Chaya Hendrick.
SmartMetric is the only USA based Biometric Credit Card company and has current manufacturing capacity to supply United States card issuing Banks with more than a million cards a month.
SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo reveal that by year end of 2020, 10.8 billion EMV® chip cards have been issued by financial institutions and were in global circulation – a massive increase of nearly 1 billion credit and debit EMV® cards compared to the previous twelve months.
Please Note: EMV is a registered trademark of EMVCo
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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