TORONTO, Dec. 15, 2005 (PRIMEZONE) -- American Associates Group, Inc. (Pink Sheets:AASG) announces that after a period of intense negotiations and discussions, signs an agreement to acquire 100% of all the assets of C.I.T. Technology Group, Inc. The company is very pleased with the new prospects with the addition of C.I.T. to its company. C.I.T. Technology Group, Inc. is a secured document manufacturing company which utilizes their own technology to produce highly secured documents such as personalized ID, digital passports, airline boarding passes, certificates and checks.
C.I.T. Technology Group, Inc. was formed in Canada in 1998 with offices in Washington, D.C. and Marbella, Spain. The founder and CEO of C.I.T. is Mr. Abraham Adizes who has dedicated his entire life to the field of creating document security technology.
C.I.T. Technology has developed proprietary technology that combines high-end imaging, data compression and biometric encryption and authentication in order to develop a counterfeit-proof security document manufacturing solution. The company has also created a system for issuing smart card based Biometric ID Entry Cards for use in government buildings, high security facilities and office buildings where the need to verify authorized personal only. Adding biometric data to passports will drastically improve the security of validating an individual at every point of entry, from passport control to the boarding gate.
Integrated Biometric eID Document Issuing System is a main infrastructure element for establishing of citizen digital identity, both internal (within the country) and international. Focusing on innovative and highly reliable solutions and developments in smart chip card technology, that approach practically eliminates ID document forging, and at the same time, by implementing world class IT and security technology, makes all identification and verification procedures more efficient and reliable. Electronic identity is a convenient and secure way to have access to the government provided information and services.
The Biometric eID issuing process encompasses complete solution of personal identification data acquisition and digitalization (alphanumeric and biometric -- face imaging, fingerprints, iris scan, etc.) appropriate data processing, integration of processed data into databases, forming new databases and mass-personalization of electronic identification and travel documents. Based on digitally signed biometric and alphanumeric personal data on the eID, stand-alone and mobile inspection systems are implemented that provide high reliability and high secure identity checking.
The concept of new eID and other documents fully corresponds to widely accepted world standards, recommendations and guidelines. The issuance of electronic travel documents also fully respects 9303 ICAO and ISO/IEC 14443 and 15693 standards, including wireless chip and biometric data. The newest ICAO recommendations related to the ePassports LDS (Logical Data Structures) and a specialized ICAO PKI scheme are implemented. Complete working process and documentation protection is designed in accordance to all international recommendations, i.e. protection during document personalization process, protection of materials for document production, as well as protection of information entities.
The competent team of experts and specialists composed from many reputable international companies and local partners of C.I.T., added necessary know-how and created a system that implements the latest international standards and resolves one of the most complex problems the state administration and national security are faced with today.
The document security industry supplies a vast and omnipresent market due to its obvious importance as well as new unilateral security regulations established around the world. The secure transaction products and services industry is a multi-billion dollar global business. Counterfeiting of products and documents (currency, passports and visas) is one of the fastest-growing problems in today's global economy.
The tragic events of 9/11 have served to heighten security consciousness on a global scale to unprecedented levels. Focus on security at all levels, from access security in schools, universities and corporations; through to forgery of driver's licenses, counterfeiting of visas and alteration of stolen documents is now recognized as a very real and a serious threat to the civilized world. It is into this world of intense security awareness that American Associates Group, Inc. plans to market its new products derived through this acquisition agreement.
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Such forward-looking statements by definition involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. In particular, there is no assurance that production, pricing levels or other factors pertaining to the manufacturing and retail operations will be sustained at the expected rates or levels over time. Discussions of factors, which may affect future results, are contained in the Company's most recent SEC filings.