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News

Shareholders Approve UPEK Merger

AuthenTec : 22 December, 2010  (Company News)
Merger between biometric companies AuthenTec and UPEK has been approved by the majority of shareholders of AuthenTec
AuthenTec has announced that its shareholders approved the issuance of shares of AuthenTec common stock pursuant to its merger with UPEK.

Following the recommendation of AuthenTec's Board of Directors and management team, an overwhelming majority of AuthenTec stockholders approved the issuance of 7,984,281 shares of AuthenTec stock to fully satisfy the principal balance of the promissory note issued at the time of the UPEK transaction, which was announced on September 7, 2010. Votes were tabulated and announced at a Special Meeting of Shareholders held on Friday, December 17, at AuthenTec's headquarters in Melbourne, Fla.

"We thank our shareholders for supporting the Board of Directors' recommendation that the Company issue shares of stock to complete our transaction with UPEK," said AuthenTec Chairman Bill Washecka. "Our board and management strongly believe that this decision allows AuthenTec to maintain its strong cash position and continue to execute on its strategic objectives."

"With this milestone we have completed our transaction with UPEK and taken another important step in the evolution of our company," said AuthenTec CEO Larry Ciaccia. "I'm pleased with the continuing progress of our integration and the steps we have made to achieve annualized synergies of $10 million in 2011. The addition of UPEK provides AuthenTec greater scale as well as customer and market diversity, enabling us to build on our leadership position in security and identity management."
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