RSSJuly 7, 2008, 5:00 AM
MobiClear Purchases Three Security Systems, Solidifying Its Product Line of Security Products
MANILA, Philippines and LAGUNA HILLS, Calif., July 7 /PRNewswire/ -- MobiClear, Inc. , (http://www.mobiclear.com), owner of the unique, patent pending Personal Identification Verification solutions system to help eliminate credit and debit card fraud, announced today that it is purchasing three state-of-the-art security products from Bastion Payment Systems (http://www.bastionpaymentsystems.com).
MobiClear also announced it has effected a 250 for 1 reverse stock split, effective 5 p.m. July 11th, 2008. The transaction with Bastion will be paid with five million reverse split shares of its common stock.
"The new products give MobiClear a significantly enhanced suite of security products, allowing it to provide security in numerous business environments, including Internet shopping, business-to-business transactions and retail shopping," said Stephen P. Cutler, CEO. "We are confident these new products, combined with our existing line of products, will lead to significant business and revenue opportunities."
The Bastion products, for institutions and commercial entities such as banks and Internet businesses, include an application firewall system, a dynamic DNS request system and an anti-DDOS system. A firewall is one of the fundamental tools of network security, screening all inbound and outbound traffic. The system developed and introduced by Bastion is both scalable on multiple hardware platforms yet sophisticated enough to examine packets at the application layer, ensuring a high-end security system.
The DNS request system allows for digital data that is managed and stored through servers to be more accessible to consumers by increasing the number of multiple IP addresses available. The anti-DDOS system significantly reduces the possibility of success of a Distributed Denial of Service attack on an on- line business.
MobiClear's own unique technology helps eliminate credit and debt card fraud by providing a Personal Identification Verification check via a mobile phone. Worldwide credit card fraud for online transactions cost businesses more than $60 billion annually, according to the research firm Financial Insights. A 10 percent reduction of this fraud using MobiClear products would save businesses more than $6 billion.
When using a credit card, the MobiClear customer will receive a prompt, to which they must respond with a four-digit pin code. Without that code, the card will not work, the transaction will fail. "This is a fail-safe method to ensure that no one else is using your credit or debit card," Mr. Cutler said.
ABOUT MOBICLEAR: MobiClear, Inc. , (http://www.mobiclear.com), headquartered in Manila, Philippines, offers a range of solutions to credit card and debit card fraud based on its patent- pending Personal Identification Verification system. It also offers products to ensure against fraud in all electronic transactions, including telephone and Internet transactions.
Note: Certain statements in this news release may contain "forward- looking" information within the meaning of rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. We use words such as "anticipate," "believe," "expect," "future," "intend," "plan," and similar expressions to identify forward-looking statements. These statements including those related to being in a large and growing market, exhibiting rapid growth characteristics, and having a growth strategy, are forward looking statements. These forward looking statements are only predictions and are subject to certain risks, uncertainties and assumptions. Some of the risks, uncertainties and assumptions that could cause actual results to differ materially from estimates or assumptions in this press release include the risk that we will not be able to grow our revenues and market share, the risk that our prices do not remain competitive and the risk that we will not achieve profitability. Additional risks are identified and described in the Company's public filings with the Securities and Exchange Commission, including our most recent Report on Form 10-KSB, and Reports on Form 10-Q and Form 8-K. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events, or circumstances after the date of such statement.
CONTACT: MobiClear, Inc. Paul Knopick E & E Communications (949) 707-5365 investorrelations@mobiclear.com pknopick@eandecommunications.com