id-Confirm allegedly defaults on convertible debentures

By Sheri Kasprzak

New York, March 19 - id-Confirm, Inc. has allegedly defaulted on $143,286.90 in zero-coupon discounted convertible debentures issued in November 2005.

Portside Growth and Opportunity Fund alleges that id-Confirm is in default on its portion of the debentures, which were issued in principal of $3,664,380 for proceeds of $3,078,080.

Portside is demanding acceleration of the repayment of the two-year debentures.

Denver-based id-Confirm makes biometric devices used to prevent fraud and identify theft.

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