LONG BEACH, New York, February 7, 2017 /PRNewswire/ --
Ipsidy Inc. (www.ipsidy.com),
Effective January 31, 2017, Philip D. Beck was appointed Chairman of the Board of Directors, CEO and President. An experienced payment industry professional and public company executive, Mr. Beck has been working with the Company for nearly a year. Douglas Solomon, the former Chairman remains a director and has been appointed Executive Director, Government Relations and Enterprise Security. Thomas Szoke, the former CEO & President also remains a director and takes up the new position as Chief Technology Officer.
"I am delighted to be joining the Board and taking up the reins as CEO and President," said Philip Beck, Chairman, CEO & President of Ipsidy. "The need to secure transactions in an increasingly connected world is paramount. We believe that identity management in all its forms is the key to achieving that goal. The new mobile paradigm alleviates the need for expensive hardware to authenticate transactions and this creates access to new opportunities and services for people previously underserved."
Mr. Beck, has extensive experience in building and operating multi-national, technology platforms and technology services companies. In 1999, Philip founded Planet Payment, Inc., was its first Chairman & CEO until 2014, and was Chairman of the Board until 2015. A NASDAQ listed provider of international payment and transaction processing services, Planet Payment now operates in more than 23 countries. In 2015 he co-founded Bridgeworks LLC, which provides office facilities to emerging companies. As a public and private company board director, Mr. Beck has managed all aspects of raising investment and investor relations. Previously, Mr. Beck practiced for almost 20 years as an international banking and corporate lawyer working with a range of businesses, from start-ups to multi-national corporations. Mr. Beck graduated from London University's Queen Mary College with a degree in law and is admitted to practice law in England & Wales, the BVI and New York.
Also on January 31, 2017, Stuart Stoller became the Chief Financial Officer of Ipsidy. Mr. Stoller has over 35 years of experience in strategy, finance, accounting, capital markets, systems and operations. Prior to joining Ipsidy, Stuart was the Chief Financial Officer and Director for Test America Laboratories, the largest environmental testing company in North America, Associated Food Store, a specialty distributor of grocery products, and Chief Financial and Chief Administrative Officer of Sleep Innovations, Inc., a leading consumer-driven foam products company. Additionally, he served as Senior Vice President of Strategic Initiatives and Implementation at The New York Times Company and Senior Vice President, Chief Accounting Officer and Corporate Controller at Macy's, Inc. Mr. Stoller began his career as an auditor in the Deloitte New York audit practice. He is a Certified Public Accountant and has served as a Board Member and advisor for both commercial and non-profit entities.
Doug Solomon will now be focused on promoting Ipsidy's identity management and security products to Governments, as well as managing the sales strategy for the group's security services and solutions and closed loop card products to corporate customers in North America and Africa. Tom Szoke will be leading product innovation for Ipsidy's Identity Management and Security Hardware and Software Solutions and driving the business cases in providing those solutions.
"The Board of Directors and Senior Management of Ipsidy are very pleased that Philip Beck accepted our offer to join the Company in an executive role," said Thomas Szoke, Director and CTO of Ipsidy. "His advice and counsel over the last year have been invaluable and we are looking forward to continuing to work together in order to achieve sustainable growth and attain the Company's goals."
In conjunction with these significant management changes, on January 31, 2017, the Company secured additional debt financing of $3,000,000 from the Theodore Stern Revocable Trust (the "Stern Trust") pursuant to which the Stern Trust invested an aggregate of $3 million into the Company in consideration of a Promissory Note (the "Note") and 4.5 million shares of common stock. The Note is payable two years from the date of issuance and bears interest at the rate of 10% per annum.
On the same date, the Company entered into conversion agreements with several investors who agreed to convert substantially all of their debt and unpaid interest to equity, in addition to eliminating certain anti-dilution provisions in the outstanding common stock warrants. As a result, the aggregate amount of $5,534,000 of debt plus accrued interest under the terms of the various financing agreements was converted into 83,102,005 shares of Company common stock at $0.10 per share. (Note: Certain Investors that had a conversion price less than $0.10 converted at the lower conversion price.)
"The investment by the Stern Trust and the conversion of $5.5 million of debt, is a significant statement of support and confidence in the direction in which the Company is now headed", added Philip Beck. "The additional funding and strengthening of Ipsidy's balance sheet will significantly assist the Company in moving forward and executing its growth strategy."
On January 31, 2017, as previously announced Mr. Vago and Mr. Jones resigned as directors of the Company, although they remain as significant stockholders. The Company thanks them for their service and support during a time of substantial change and transition for the Company.
In order to reflect the Company's focus on the importance of identity to secure transactions in a globally connected world, the corporate name has been changed to Ipsidy, which comes from the Latin "ipse" meaning individual identity. The Company's trading symbol will also shortly be changed in order to conform to the new name. The Company's headquarters has now been moved to New York, where the CEO and CFO are based, and it will operate from 780 Long Beach Boulevard, Long Beach New York 11561.
Ipsidy is a provider of secure, biometric identification, identity management and electronic transaction processing services. Founded to pioneer innovative digital identification management solutions, Ipsidy is focused on addressing the growing need for highly secure and convenient methods for identity management during a variety of electronic transactions. Ipsidy provides its biometric identification services to governments and commercial enterprises, seeking to verify and manage identities of citizens, employees and customers, including issuing identity cards, exercising rights such as voting in elections and authorizing access to physical or digital environments. We also operate an electronic transaction processing platform that offers secure multifunctional payment services to merchants and financial institutions, as well as a digital issuance and mobile wallet platform that leverages our core security and payment technologies to provide cost effective and secure means of financial inclusion for the un-banked and under banked population around the globe. Further information on Ipsidy can be found at www.ipsidy.com.
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
SOURCE Ipsidy Inc.
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