Samsung is not buying a fingerprint scanning company, 'completely false' release distributed (updated)
Between the iPhone 5s and the forthcoming HTC One Max, it looks as if biometric security will be the next big mobile battleground. Not to be done, of course, Samsung has just splashed out $650 million on Swedish firm Fingerprint Cards AB. The company has already crafted a swipe sensor that works on mobile devices like the Galaxy S 4, and has similar technology working with Windows 8.1 devices. The unit will be turned into a separate division of the Korean behemoth, and the re-named Samsung Fingerprint Cards Division will be run by AB's current CEO, Johan Carlström.
Update: Investor relations site Cision tells the Financial Times the press release it sent out confirming the sale was "completely false" and that it's investigating. We've checked with Samsung who confirmed that the report was not true, and that it was not aware of where the news came from. The initial press release as well as a new one from Fingerprint Cards AB can be found after the break.
Update 2: Fingerprint Cards added that "what has happened will be reported to the police and to the Swedish Financial Supervisory Authority." There's definitely something fishy going on here.
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To the stakeholders of FingerPrint Cards AB
11 October, 2013
At 10:30 AM a press release from FingerPrint Cards AB with the headline "Samsung Electronics to acquire Fingerprint Cards AB"" was distributed by Cision. The press release was incorrect. Cision apologizes to Fingerprint Cards AB and other stake holders for this error.
Best regards,
Helén Rigamonti
Director Customer Operations, Cision
Telephone: +46 8 507 418 19
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Samsung Electronics to acquire Fingerprint Cards AB
GOTHENBURG, Sweden--(BUSINESS WIRE)--
Regulatory News:
Fingerprint Cards AB and Samsung Electronics today announced that they have entered into a definitive agreement under which Samsung will acquire Fingerprint Cards, the leading fingerprint verification company, for $650 million in cash. The agreement has been approved by the boards of directors of both Fingerprint Cards and Samsung. The acquisition will increase the accessibility of swipe sensor technology. The combination will extend Fingerprint Cards world class technology.
Swipe sensor technology is phenomenal in every way and are going to be loved by millions of people around the world," said Samsung CEO Kwon Oh-hyun. "Together we will create the future.
Fingerprint Cards will become a new business division within Samsung, and Fingerprint Cards CEO Johan Carlström will assume the title of president of the Samsung Fingerprint Cards Division, reporting directly to Kwon Oh-hyun.
Fingerprints Cards and Samsung share the vision of bringing products to our customers," said Johan Carlström. "Together, we will be able to accelerate Samsung's plans," Johan Carlström said.
About Fingerprint Cards AB (publ)
Fingerprint Cards AB (FPC) markets, develops and produces biometric components and technologies that through the analysis and matching of an individual's unique fingerprint verify the person's identity. The technology consists of biometric sensors, processors, algorithms and modules that can be used separately or in combination with each other. The competitive advantages offered by the FPC's technology include unique image quality, extreme robustness, low power consumption and complete biometric systems. With these advantages and the ability to achieve extremely low manufacturing costs, the technology can be implemented in volume products such as smart cards and mobile phones, where extremely rigorous demands are placed on such characteristics. The company's technology can also be used in IT and Internet security, access control, etc.
Fingerprint Cards AB (publ) discloses this information pursuant to the Swedish Securities Market Act (2007:528) and the Swedish Financial Instruments Trading Act (1991:980). The information was issued for publication on October 11, 2013 at 10.00 CET.
Important information Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the constituent information in accordance with the rules and regulations prevailing in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any of the company's securities in any jurisdiction.
This information was brought to you by Cision http://news.cision.com
