Providential Holdings has signed a definitive agreement to acquire a 51 percent equity stake in Real ID Technology, a Republic of Korea corporation in exchange for a combination of cash and short-term notes.
Founded in 1998, Real ID Technology now markets bio-encryption and bio-authentication products to banks, governments and institutions that need access control, time-attendance control, secure perimeters and homeland security compliance requirements. Real ID provides complete hardware, software and training solutions for its customers worldwide.
Some of Real ID's major accomplishments include an ongoing contract to provide $100 million worth of biometric products to AFEC (Arabian Factory for Electronic Circuits) in Saudi Arabia until 2005 and Woori Bank's adoption of the Company's biometric applications for all its in-branch and online transaction authentication and security control. Woori Bank is the second largest banking institution in South Korea and has branches in Los Angeles and New York City. Other past and present contractual partners include: Diners Club, SamsungCard and BCCard.
Providential Holdings is a diversified service and manufacturing company. It focuses on selective technologies, financial services, international markets and special situations. Products and services include liquid crystal displays (LCD's), mobile entertainment systems, information technology, identification technology, telecommunications, and computer hardware and software. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
