Applied DNA Sciences, Inc. Signs Joint Development Agreement with Par Worldwide Group, Inc.
26 January, 2004
category: Biometrics
LOS ANGELES–(BUSINESS WIRE)–Jan. 26, 2004–Applied DNA Sciences, Inc. (OTCBB: APDN), a provider of proprietary, DNA-embedded security applications, announced today that a joint development agreement has been signed with Par Worldwide Group, Inc., a developer and distributor of Biometric and high technology security solutions. Applied DNA Sciences provides proprietary DNA-embedded biotechnology security applications using plant DNA, that verify authenticity and protect corporate and government agencies from counterfeiting, fraud, piracy, product diversion, identity theft and unauthorized intrusion. Par Worldwide provides a complete range of security products that include Biometrics (finger print), smart cards, security access systems and security management systems. Additionally, they offer full-service technical assistance in security information and supply chain management, and employ an engineering staff specializing in software/hardware solutions. The companies will jointly develop security solutions integrating the Applied DNA proprietary technology into government and corporate ID cards and smart card technologies.
Par Worldwide recognizes that Applied DNA Sciences has the appropriate intellectual property and expertise to participate in such a collaborative effort. They will initiate the agreement with an advance purchase of DNA-embedded product from Applied DNA Sciences in order to integrate with Par’s security products to prepare inventory for market. This integration will include placement of the DNA chip directly into smart card technologies and government issued ID cards. In addition, the DNA-embedded technology will be placed directly into ink for the development and printing of ID cards, among other security products. These newly developed security solutions will be sold and distributed by both companies.
“According to the Smart Card Alliance (July 18, 2002), the smart card industry is predicted to exceed $2.41 billion in 2004, a growth rate of 33.6 percent from 2002,” said Jerry Henderson, president and founder of Par Worldwide. “Par Worldwide is so confident in the potential of this joint venture with Applied DNA Sciences, we are planning to invest $7 to $10 million to penetrate this multi-billion dollar industry by developing these new, cutting-edge products.”
Par Worldwide, in the past 20 years, has assembled a team of dedicated and knowledgeable personnel, capable of addressing most security requirements. Their current proprietary software includes OneID – security badging and information management system, Biometric Software Developers Kit, and Biometric Time & Attendance (server version). Programs that are under development are: OneID Web – web-based badging and information management program, NextLock – facilitating data transfer over existing electrical infrastructure or 802.11 (RF) and NextLock Software – managing security systems.
“Our partnership with Par Worldwide will provide us with an experienced research, development, manufacturing and sales team in the Biometric and smart card arenas,” said Larry Lee, chief executive officer of Applied DNA Sciences, Inc. “The initial focus of this program will be to apply our DNA-embedded technology to conform to International ISO standards for immediate roll-out.”
The anti-counterfeit Applied DNA(TM) Chip will be utilized in ID and smart card applications. It is a state-of-the-art biotechnology product in which combinations of plant DNA are embedded into a non-silicon based microchip using a break-through proprietary technique. Applied DNA Sciences, Inc. believes that the polymorphism of DNA is significantly more complex than electronic signals, and better suited for security systems. Once the embedded DNA chip is sabotaged or removed the chip will cease functioning, thus preventing data on the chip from being decoded making it impossible to counterfeit. The Applied DNA Chip function is versatile, allowing it to be integrated into the form of a slot reader, slide through reader, or contact point reader for instant authentication. An authentic DNA chip will generate an analog signal and be received by the reader after the chip is stimulated. An LCD display screen provides immediate authentication by reading the unique DNA signals embedded in the chip. Recognition is 99.9999% accurate.
Applied DNA Sciences, Inc.’s proprietary anti-counterfeit Applied DNA(TM) Ink technology will be integrated in the Biometric applications. The DNA sequences within the ink are used as tools to differentiate and verify product authenticity. The proprietary overt ink technology allows for on-site, real time authentication, using a proprietary instant detection feature of the ink. Applied DNA(TM) Instant Detection Technology also contains a secondary covert DNA component. The uniquely stable and environmentally tolerant covert anti-counterfeit ink can be authenticated by laboratory DNA analysis to provide counterfeit identification.
The company’s proprietary technique of bonding and stabilizing the DNA sequence in all applications can retain the DNA identification qualities for more than 100 years.
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