e-Smart Technologies Receives $50 Million Commitment for Funding S. Korea and Worldwide Projects
19 May 2007 - 4:38AM
PR Newswire (US)
WASHINGTON, May 18 /PRNewswire-FirstCall/ -- e-Smart Technologies,
Inc., (Pink Sheets: ESMT); ("e-Smart" or the "Company") is pleased
to announce that further to the Agreement between e-Smart's parent
company, IVI Smart Technologies, Inc. ("IVI") and World
Developments Corporation ("WDC"), a guaranty has been obtained by
WDC from Growth Enterprise Fund SA ("GEF") for up to $50 million to
WDC and IVI for the implementation of e-Smart's contractual
obligations in South Korea and for projects undertaken and to be
undertaken in other countries. The funding will be subject to
certain terms and conditions, which will be detailed in agreements
that will be filed with the Company's next report on Form 10Q.
World Developments Corporation, WDC, is a privately-held U.S. group
based in Washington, D.C. providing services that span various
sectors, including development of fully-integrated construction and
civil engineering projects worldwide; installation and
implementation of large-scale corporate IT networks; internet
technology and corporate communications solutions, and the creation
and maintenance of healthcare informatics solutions for both public
health systems and the private healthcare sector. e-Smart
Technologies, Inc., is the exclusive supplier for Asia and the US
of the Biometric Verification Security System(TM) (BVS2)(TM), and
the Super Smart Card(TM) and related technologies, which e-Smart
believes to be the world's first smartcard of its kind with a
sensor and full on-card system for biometric ID verification
together with other unique technologies. These new generation
technologies permit governments, public and private institutions,
healthcare providers and insurers, companies large and small, their
citizens and customers, respectively, to stop ID and payment fraud,
including identity theft, in connection with both physical and
logical access and with financial and other data related
transactions all without compromising a person's right to privacy.
SAFE HARBOR STATEMENT Statements in this news release that relate
to future plans, financial results or projections, events or
performance are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended. While these
statements are made to convey to the public the Company's progress,
business opportunities and growth prospects, readers are cautioned
that such forward-looking statements represent the management's
opinion. While management believes such representations to be true
and accurate based on information available to the Company at this
time, actual results may differ materially from those described.
For more information about e-Smart Technologies, please visit
http://www.e-smart.com/ or contact Media Relations at 703-768-7477
or DATASOURCE: e-Smart Technologies, Inc. CONTACT: Media Relations
of e-Smart Technologies, Inc., +1-703-768-7477, Web site:
http://www.e-smart.com/
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