bioscrypt shares rise on u.s. command trial deal
Bioscrypt shares rise on U.S. command trial deal September 14, 2004 11:45am ET (Reuters)
TORONTO, Sept 14 (Reuters) - Shares of Bioscrypt Inc. touched their best level in nearly a month on Tuesday after its fingerprint-reading technology was selected for trials by the U.S. Pacific Command Headquarters.
Bioscrypt shares rose 23 Canadian cents, or 14 percent, to C$1.83 on the Toronto Stock Exchange before retreating to C$1.78, or a gain of 11 percent.
With more than 175,000 shares changing hands before midday, the company was heading toward its busiest trading day since May.
The company, which did not disclose financial terms of a possible deal, said its technology is being used to provide access control to sensitive areas of the U.S. Pacific Command Headquarters, which oversees naval installations in the Hawaii region and throughout the Pacific.
Bioscrypt said the trials were going smoothly, but it was not able to offer a time frame for signing a deal.
"By allowing us to issue these releases, and by supporting the technology, they are pretty comfortable with how the trials are going and how we're performing," said Bioscrypt spokesman Matthew Bogart. "The immediate impact probably isn't huge."
Bogart said he expected the U.S. Pacific Command Headquarters would place orders for different areas at staggered times, as opposed to one blanket agreement
