News: Nemex Resources proceeds with acquisition of biometric company

Nemex Resources (ASX:NXR) has satisfactorily completed due diligence investigations and is now advancing documentation to complete the acquisition of Wavefront Biometric Technologies Pty Ltd in September.

Last month, the company signed a binding heads of agreement to acquire the remaining 60% interest in Wavefront.

The purchase consideration will be the issue of a number of NXR shares that will result in the vendors holding 49% of the company’s issued capital immediately following settlement.

Wavefront’s management remains focused on advancing its commercialisation strategy, continuing to improve and refine the performance and usability of its unique multi biometric system, and on developing new intellectual property to enhance the system’s competitive advantages.

Any commercialisation agreement with a large mobile device manufacturer would be a significant price catalyst.

Wavefront has developed and patented a biometric technology for reliable and secure authentication of a person’s identity, based on capturing data associated with the eye.