Business
ComnetiX(TM) continues progress in Southeast United States
ComnetiX(TM) continues progress in Southeast United States.
About this update from Currency Exchange International, Corp.
[{"type":"text","content":"\n\n\n\n\nGeorgia Bureau of Investigation Approves Electronic Transmissions from\nIIE(TM) Suite of Products\n\nTORONTO, Aug. 14 /CNW/ - ComnetiX(TM) Inc (TSX:CXI), a leading provider\nof integrated biometric identification and authentication solutions, announced\ncontinued progress in the Southeastern United States. The Georgia Bureau of\nInvestigation has approved several of the Company's Intelligent Identification\nEnvironment (IIE(TM)) suite of software solutions to send images and data and\nto receive responses from the Georgia Bureau of Investigations automated\nfingerprint identification system (AFIS). The approved products include\nIntelliScreen(TM), IntelliBook(TM), and IntelliServ(TM).\nThe acquisition of Paragon Total Solutions Inc. in August 2005 provided\nComnetiX with an immediate operation and sales force that was well known and\nrespected in the southeastern US and this business unit is broadly tracking to\nits FY2006 plans. ComnetiX plans to continue to expand its product offerings\nin the region. The above certifications represent an important milestone\ntowards the complete integration of ComnetiX and Paragon. The Carrollton\nGeorgia offices, formerly of Paragon, will now house the US corporate head\noffices for ComnetiX.\nAs provided for under the Paragon acquisition agreements, ComnetiX has\nnow finalized the calculation of the purchase price for the acquisition of\nParagon following the first anniversary of the transaction. Under relevant\ngenerally accepted accounting principles only a portion of the 650,218\nComnetiX shares originally placed in escrow were treated as issued and\noutstanding and as anticipated there has been a charge back against such\nescrow. 552,478 ComnetiX shares held in escrow have been released to the\ntreasury of ComnetiX for cancellation. 68,418 ComnetiX shares will continue to\nbe held in escrow and 29,322 ComnetiX shares are to be released from escrow.\nComnetiX will also receive US $25,000 in cash. These final calculations will\nresult in expense reversals of approximately CDN $350,000 in the fourth\nquarter of 2006 and following these adjustments ComnetiX will have 14,124,792\nshares issued and outstanding.\n\"We are pleased with the success we have enjoyed in the Southeast United\nStates as a result of our acquisition of Paragon,\" said Bernard Crotty, Chief\nExecutive Officer ...