Veridicom International temporarily reduced strike price on warrants issued in 2005

By Sheri Kasprzak

New York, April 18 - Veridicom International, Inc. reduced the strike price on series A and B warrants issued in private placements completed in April and May 2005, and took $336,000 in proceeds from the exercise of the warrants while the price was reduced.

The strike price of the five-year warrants was dropped to $0.04 from $3.00 for the series A warrants and from $5.00 for the series B warrants.

A total of 8.4 million warrants were issued while the strike price was reduced. The original strike prices returned on April 11.

On Feb. 25, 2005, the company issued $5.1 million of convertible notes to New Millennium Capital Partners II, LLC, AJW Qualified Partners, LLC, AJW Offshore, Ltd., Alpha Capital Enable Growth Partners, LP, Whalehaven Capital Fund Ltd., Meadowbrook Opportunity Fund LLC and TCMP3 Partners.

The investors received warrants for 13.6 million shares.

Based in Vancouver, B.C., Veridicom makes silicon-based biometric identification devices.

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