The MOU sets out the terms and conditions that will allow SIII to acquire up to a majority 80% interest in a private company that will be formed as Special Purpose Vehicle (the “SPV”), in return for funding up to USD $4 million of the SPV’s initial business development.
The SPV will acquire the exclusive worldwide intellectual property (IP) licensing rights, permitting it to design, manufacture (outsourced)
The security authorization system is a means for security data transfer without the need for user interaction. The technology uses RFiD components along with governing software incorporating rolling code, pseudo random number generation and time delay spatial envelops. This technology offers a level of security at optimum level and due to its fundamental structure will allow for competitive pricing structure for its multiple applications. There are many concerns currently with RFiD due to its lack of robust security i.e. suspect to oscillation, cloning and release of personal information, however, this patent technology is superior to existing systems and will dispel all these concerns.
This technology allows for protection of financial transaction, personnel information and guarantees user authentication, which forbids fraudulent cloning and oscillation.
The proposed credit card application technology provides a simple, extremely secure and cost effective method of automating wireless security authorization systems, which will ultimately fully secure credit cards, credit card readers or indeed any type of wireless-transaction method or hardware.
The unique RFiD chips associated with the system enable the cardholder to securely use their credit card, and prevent it from being misused if lost or stolen. The technology is also designed to prevent eavesdropping, whereby the unique secure wireless signals act as an automatic wireless security pin device for the genuine holder's ease of use, and whereupon the software of the system governs crucial dynamic data alteration upon each transmission. This technology also acts as a security protection system that genuinely protects credit card holder's transactions, and the credit card readers of prospective clients, from a broad range of fraudulent misuse (i.e. such as oscillation)
Global trends dictate that RFiD technology is one of the fastest growing sectors in the world today. Currently RFiD is found in many areas of business such as logistics and manufacturing, though a main concern regarding its use in the workplace, is with its lack of robust security. The goal is to correct this situation by providing a number of company products, which shall be both relatively easy to implement, and cost-effective. Another developing area of its use of course is in NFC payments, banking, electronic banking and IT finance, and these areas will feature heavily in the SPV’s future development. There are currently products on the market using RFiD technology to secure these areas, the SPV intends to introduce their patented technology to fully protect such systems, as well as producing their own products in these fields.
SIII management wishes to caution shareholders and investors that the MOU document, in and of itself, does not represent an enforceable legal contract. It is, by nature, a preliminary document and although binding, the business arrangement outlined requires that all Parties to the MOU complete more formal agreements containing the details of the business arrangement.
SIII intends to fund the SPV’s business development by securing funding by way of equity and or debt financing and cannot predict with any certainty that such funding efforts will be successful and therefore provides a cautionary statement that the success of the contemplated acquisition cannot be assured.
Details of the MOU can be viewed as an Appendix to this News Release and will be available on the Company’s website.
For further information contact:
Strategic Internet Investments, Inc.
Statements regarding financial matters in this press release other than historical facts are “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Some of the factors that could cause actual results to differ from expected or desired results are funding not being secured, agreements not being completed in a timely manner, political climates and other issues. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
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