| Ticker: VISG | 531 Main Street | |
| Exchange: NASDAQ-National Market | Acton, Massachusetts 01720 | |
| Industry: High-Tech | (508) 263-8365 |
| Type of Shares: | Common Shares | Filing Date: | 8/23/96 | |
| U.S. Shares: | 2,500,000 | Offer Date: | 11/8/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $10.00 - $12.00 | |
| Primary Shares: | 2,000,000 | Offer Price: | $10.50 | |
| Secondary Shares: | 500,000 | Gross Spread: | $0.74 | |
| Offering Amount: | $27,500,000 | Selling: | $0.43 | |
| Expenses: | $825,000 | Reallowance: | $0.10 | |
| Shares Out After: | 7,680,000 |
| Manager | Tier | Phone |
| Cowen & Company | Lead Manager | (212) 495-6000 |
| Needham & Company | Co-manager | (212) 371-8300 |
| Auditor: Arthur Andersen | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 6/30/96 | 7/2/95 | 6/30/96 | ||
| Revenue: | $11.22 | $11.87 | $5.40 | Assets: | $14.96 |
| Net Income: | -$2.95 | $0.07 | -$1.25 | Liabilities: | $10.20 |
| EPS: | -$0.47 | $0.01 | -$0.20 | Equity: | $4.76 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company designs, sells and implements turnkey, cost-effective digital identification systems intended to deter fraud and to reduce customers' identification program costs. These systems capture facial images, demographic information and other biological identifiers, produce identification cards, and create relational databases containing this information. Using its software design and systems integrated capabilities, the company is able to combine its proprietary software and hardware products with commercially available components and customers' existing systems, creating a complete customized solution. In addition the company is developing proprietary facial recognition software designed to identify individuals in a large database of faces on a real-time basis. The company offers a range of identification card delivery systems to address a customer's specific needs. The company provides "instant issue" systems which produce identification cards on location that can be delivered to recipients in minutes. Alternatively, the company offers central processing systems, which electronically receive information from the point of data capture and produce cards at a secure off-site processing location for later mailing. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay certain debt, working capital and for general corporate purposes. |
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