crescent technology agrees $6m agreement with sene Monday April...

crescent technology agrees $6m agreement with sene Monday April 3, 4:40 PM
Crescent Technology Agrees $6M Agreement With Senetas
Edited Press Release

LONDON (Dow Jones)--Crescent Technology Ventures (CTV) announced Monday that it has entered into a $6,000,000 binding Heads of Terms agreement with Senetas Corporation Limited whereby CTV will acquire from Senetas the whole of the issued share capital of eCryp.

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As part of the Acquisition, Senetas said that it will offer CTV licenses that can utilize Senetas' high-speed network encryption technology in certain of the security technology applications deployed by companies associated with CTV.

eCryp said that it is developing a proprietary and highly secure remote authentication technology incorporating all forms of biometrics that provides unprecedented security of biometric data through a patented one-time authentication technology.

The proposed consideration will be satisfied by the issue of New Ordinary Shares in CTV, or at CTV's discretion a mixture of share and cash.

The company's said that the agreement is conditional upon the satisfactory completion of legal and financial due diligence on eCryp by CTV, CTV shareholder consent and CTV raising sufficient funds to meet any additional working capital requirements.

The Agreement calls for Mr Francis Galbally, chairman of Senetas, to join the CTV Board of Directors at completion.