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STAMFORD, Conn., Feb 03, 2010 (BUSINESS WIRE) -- L-1 Identity Solutions, Inc. (NYSE: ID), a leading supplier of identity solutions and services, today announced that it will be the exclusive provider for the program formerly known as Registered Traveler as a result of Alclear LLC winning the competitive bid for Verified Identity Pass Inc. assets. The competitive bidding process was conducted through procedures approved by the U.S. Bankruptcy Court, Southern District of New York.
In connection with Alclear's purchase of VIP's assets, L-1 is expected to receive a multi-year contract to serve as prime integrator for the program formerly known as Registered Traveler. In that role, L-1 is expected to be the exclusive provider for all of the program's systems integration, enrollment services and verification needs once the program is re-started. In recognition of its prior investments and contributions to the program, L-1 will also receive an equity investment in Alclear.
"We have a long standing relationship with Caryn Seidman Becker, the CEO of Alclear LLC, and we are excited at the opportunity to work together on this exciting program, one we believe will become an important vehicle in providing increased airport security and travel convenience across the United States once it is fully deployed," said Robert V. LaPenta, Chairman, President and CEO of L-1 Identity Solutions. "With our previous experience on this program, we are uniquely able to provide the services and technology necessary to stand up the program quickly and efficiently to the benefit of both our partners and frequent travelers."
About L-1 Identity Solutions
L-1 Identity Solutions, Inc. (NYSE: ID) protects and secures personal identities and assets. Its divisions include Biometrics, Secure Credentialing and Enterprise Access solutions, as well as Enrollment and Government Consulting services. With the trust and confidence in individual identities provided by L-1, international governments, federal and state agencies, law enforcement and commercial businesses can better guard the public against global terrorism, crime and identity theft fostered by fraudulent identity. L-1 Identity Solutions has more than 2,200 employees worldwide and is headquartered in Stamford, CT. For more information, visit www.L1ID.com.
Forward Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements in this press release and those made from time to time by L-1 Identity Solutions through its senior management are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's current views based on management's beliefs and assumptions and information currently available. Forward-looking statements concerning future plans or results are necessarily only estimates, and actual results could differ materially from expectations. Certain factors that could cause or contribute to such differences include, among other things, the ability to promptly close on the purchase of identified assets and successfully rebuild and grow the identified program, the unpredictable nature of working with federal, state and local government customers, as well as airports and municipalities, and global financial economic and political conditions. Additional risks and uncertainties are described in the Securities and Exchange Commission filings of L-1 Identity Solutions, including its Form 10-K for the year ended December 31, 2008 and its Form 10-Q for the quarter ended September 30, 2009. L-1 Identity Solutions expressly disclaims any intention or obligation to update any forward-looking statements
ID-F
SOURCE: L-1 Identity Solutions, Inc.
L-1 Identity Solutions
Doni Fordyce, 203-504-1109
dfordyce@L1ID.com
Copyright Business Wire 2010