Document date: Fri 07 Jun 2002 Published: Fri 07 Jun 2002 13:17:40 Document No: 266093 Document part: A Market Flag: N Classification: Asset Acquisition , Other AUSTRALIAN OVERSEAS RESOURCES LIMITED 2002-06-07 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++ BIDS FOR LONDON-TRADED BANQUE-TECHNOLOGY SYSTEMS IDENTIFIES BIOMETRICS OPPORTUNITY
Australian Overseas Resources Limited (AOV) today announced a takeover offer for Banque-Technology Systems PLC(BTS), a developer and manufacturer of software, firmware and hardware for biometric smart card based systems that is quoted on the London OFEX market.
The offer for BTS signals a strategic change of direction for AOV, which upon completion of the transaction will fund further development and expand the marketing of BTS' technologies
"AOV believes the market for biometric and smart card reader technologies developed by BTS is growing rapidly because of the need for increased security and anti-terrorism measures - particularly since the terrorist attacks of September 11," says AOV chairman and chief executive Mr John Genner.
BTS, which has offices in Sydney, London and Los Angeles, recently produced a high security access reader known as a BT910 Biometrics reader, which scans fingerprints to confirm identity for access and identification purposes.
It enables a fingerprint to be memorised upon a microchip contained within a smart card, which can be identified by a BTS 'contactless' reader.
Mr Genner said "in conjunction with leading security companies BTS is currently tendering for a number of high profile security contracts in North America, UK, Middle East and Australia, to install security upgrades".
THE OFFER
AOV is offering BTS shareholders one AOV share for every one BTS share they hold. Full acceptance of the offer would result in the issue of 168.6 million new AOV shares, representing about 74.1 per cent of the enlarged issued capital of AOV.
Holders of BTS options and warrants are also being offered new AOV options as part of the takeover deal.
The directors of BTS consider the AOV offer to be fair and reasonable and have unanimously recommended that their shareholders accept the offer.
On completion of the offer AOV intends to invite BTS chairman Mr Ian Murray to join the AOV board as its new chairman. Mr Murray has extensive international business experience and holds a number of other directorships in Australia and the UK.
One of the co-founders of BTS, Mr Chris Burke will also be invited onto the AOV board. Mr Burke, an electrical engineer by profession, has extensive experience in mainframe installations and data security.
AOV shares have been suspended from trading since December 13, 2001 after shareholders approved the sale of its major asset - a 50 per cent stake in the Hunter Specialty Steels project in the Hunter Region - to Boulder Steel Limited.
Following the announcement of the BTS takeover offer AOV will be applying to the Australian Stock Exchange (ASX) for the suspension on its shares to be lifted. AOV will be required to obtain the approval of its shareholders for its proposed change of direction and a shareholders' meeting is planned to be called for July 17, 2002.
FINGERPRINT READING
BTS specialises in the design, research and development, technology integration and manufacture of smart card technology systems and biometric readers for high security applications.
Systems developed by BTS include access readers utilising smart card based and radio frequency contactless technology.
BTS' high security BT910 reader does not require a link back to a central computer, which avoids any privacy and other security problems as the whole process is handled electronically between the smart card and the reader.
The possible applications of biometric readers such as BT910 include building and perimeter access, security area access, payment systems, hospitality, education, gaming, computer logon and corporate identification.
EXISTING INVESTMENTS
AOV sold its stake in the Hunter Specialty Steels for a consideration of $3 million that is payable in five equal tranches of $600,000 over 12 months via the issues of shares or a combination of cash and shares in Boulder Steel. AOV currently holds 7.7 million Boulder shares.
AOV also owns 2.22 million shares in Virotec International, an environmental technology company listed on the ASX and London's Alternative Investment Market.
For further information contact:
Mr John Genner CHAIRMAN AND CHIEF EXECUTIVE Phone 61 2 9328 6277 Mobile 0418 464 885
Also information can be found on the Banque Tec web site www.banquetec.com