MEMPHIS, Tenn., Sept. 8, 2005 (PRIMEZONE) -- Luminetx Corporation, a leading developer and marketer of bioscience technologies, including its patented infrared vein-imaging system, VeinViewer(TM), announced today that it has acquired the patent for biometric identification of individuals through the use of subcutaneous vein patterns.
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The acquisition of U.S. Patent No. 5,787,185, "Biometric Identification of Individuals by use of Subcutaneous Vein Patterns," further positions Luminetx technology in the rapidly expanding biometric identification markets and broadens its patent portfolio in this key technology area.
The patent addresses the use of subcutaneous vein patterns, unique to each individual, as a biometric for the registration and verification of individual identity. The patent contains broad claims covering the methods of using vein patterns for biometrics, is well-adapted for use with high-speed computing techniques and is accretive to the Luminetx stable of proprietary technology and patents.
"The need for effective, repeatable biometric technologies has increased during our war on terror and the recent plague of identity thefts," says Jim Phillips, CEO of Luminetx. "Vein pattern biometrics presents many advantages over outdated biometric methods." Phillips goes on to explain that fingerprint systems can leave residue that can be lifted with scotch tape; hand geometry systems require physical contact -- spreading bacteria and viruses between users; and iris scanning systems have been compromised by laser-printed images of a person's iris. "Vein-pattern biometric technologies require little physical contact, are unique to each user and are fast and easy to use," he says.
Brian Ruttenbur, Senior Analyst at Morgan Keegan, reports that the tracking and identification portion alone of homeland security spending is estimated to be a $4.8 billion market, growing to $10.7 billion by 2007.
"The future of our country's security is dependent upon companies like Luminetx who are on the cutting edge of identification technology," said Phil Trenary, CEO of Pinnacle Airlines, Inc. "Increased need has in turn created increased demand for high-tech IDs that can't be copied or forged. I'm personally very excited about what Luminetx is working on."
Luminetx also announced the formation of its subsidiary, VeinMatrix International, an organization focused on product development of biometric identification technologies utilizing the intellectual property of the Luminetx patent portfolio. The company will be engaged in the design, manufacture, development and marketing of biometric data capture solutions for security applications in access control, transportation, commerce ID, secure communications, banking and healthcare.
The mandate of Homeland Security Presidential Directive 12 and Federal Information Processing Standard 201 provides the Luminetx subsidiary an opportunity to capture significant revenues for its unique products in this multibillion dollar biometric market. Vascular biometric identification products, using Luminetx patented VCETM (Vein Contrast Enhancement), can provide secure identification and authentication methods for advanced identity systems, with potential to replace the need for physical air and rail tickets, driver's licenses, passports and bankcards.
"This patented technology complements the world-class vein imaging expertise we have at Luminetx," Phillips says, "and presents our scientists with opportunities for multiple-use technology development covering our core areas of medical imaging and biometrics. The new subsidiary, VeinMatrix International, will allow us to further focus our resources on the development of this key product line."
VeinMatrix International plans to offer future products including VeinVisa(TM), VeinCell(TM), VeinPass(TM), VeinKey(TM) and the VeinReader(TM), which will usher in a new generation of theft prevention, secured commerce, communication and travel. VascuTrack(TM) will provide an algorithmic method of vascular pattern recognition, insuring fast and accurate touch-free identification.
"The banking industry has been a pioneer in adopting advanced systems for security, privacy and customer service," said Susan Stephenson, co-chair and president of I-Bank. "To know that Luminetx is taking the lead on creating new technology solutions for bankers nationwide is very exciting."
About Luminetx Corporation
Headquartered in the biotech district of Memphis, Tenn., Luminetx Corporation discovers, develops and commercializes bioscience technologies in the digital imaging, SCM, nanotech, wireless, biometric identification and IP communications arenas. Luminetx consists of experienced scientific, technological and business leadership committed to their vision. President, CEO and Chairman of the Board James M. Phillips has enjoyed an outstanding career starting and guiding companies through successful IPOs and pioneering new technologies into major industry leading positions. Luminetx's premier product, VeinViewer, an infrared vein imaging system, was recognized by Time magazine as "one of the most amazing medical inventions of the year." For more information, please visit www.luminetx.com.
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Risks and Uncertainties
Certain of the statements contained in this press release are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Luminetx, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. To the extent possible, management implements strategies to reduce or mitigate the risks and uncertainties associated with the company's operations.
