TORONTO, Jan. 10, 2006 (PRIMEZONE) -- C.I.T. Technology Group, which recently signed an acquisition agreement with American Associates Group, Inc. (Pink Sheets:AASG) (see press release Dec. 14, 2005), commences work on Phase two of the work contracted with Ravenpack International. Phase one was completed last month and Secugraphics, the division of C.I.T. Technology which did the work on this contract, will receive US$391,000. Work on Phase Two of the contract will start this week and the value of this contract is US$474,000. The company is working on the implementation of a demonstration identification documents system for Spain. Secugraphics, a division of C.I.T. Technology Group, will develop and implement the new biometric identity card and passport system within the province of Andalusia utilizing the company's Biometric eID issuing process.
"The opening of the demonstration facility in Spain will now create a destination in Europe for companies and government officials to come and see first hand our company's products. They will be able to see the biometric identity cards and also see how our products can be tailored for their individual use. This facility is the culmination of the company's many years of research and development in the field of biometric security measures and was only possible with our team and through our many partnerships and alliances we have created over the years," commented Abraham Adizes the President and CEO of C.I.T. Technology Group. He also stated, "We are currently executing and poised on an aggressive path to getting our technology recognized worldwide."
The aim of this identity document demonstration is the creation of a biometric center for the manufacture of identification documents including counterfeit-proof printing techniques and advanced biometric identification systems. For this effort, Secugraphics is providing its SDIS (Security Document Issuing System) solution set for issuing MRTD (Machine Readable Travel Documents) and National ID card.
About American Associates Group
American Associates Group, Inc. is a publicly listed corporation (Pink Sheets:AASG) which specializes in manufacture of secured documents and developing software and technology incorporating biometric security features on personalized identification cards, digital passports and biometric ID smart card keys.
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. C.I.T. Technology Group, Inc. was formed in Canada in 1998 with offices in Washington, D.C. and Marbella, Spain. It operates two divisions within the company Secugraphics and Varigraphics. It markets it products to governments and private corporations. Its products include biometric personalized ID (drivers license, government issued health cards, corporate identification cards), digital passports, airline boarding passes, certificates and checks.
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.