e-Smart Technologies, Inc. has announced that it has entered into a Cooperation Agreement with two Chinese corporations, one principally owned by entities controlled by the Chinese Ministry of Information Industry (MII) and another principally owned and controlled by Chinese persons involved in media and public relations in China.
e-Smart is the exclusive supplier for Asia and the USA of the Biometric Verification Security System (BVS2) platform, featuring the Super Smart Card, believed by e-Smart to be the world's only commercially available smart card with an on-card fingerprint sensor and a full on-card system for biometric ID verification that has both ISO 7816 contact and ISO 1443(B) wireless compatibility.
Pursuant to the Cooperation Agreement and Chinese law, the parties will establish a Sino-foreign cooperative joint venture in Beijing, and the purpose of the Joint Venture shall be to: 1.) operate a value-added network or networks that allow for the nationwide roaming and operation of e-Smart's biometrically powered multi-application, secure ID & payment smart cards (i.e., the Super Smart Card)(TM) in China, 2.) promote the system and technologies in the government and financial sector, 3.) maximize its usage in as many fields as possible.
The parties are currently applying for the necessary licenses, approvals and permits within China for the operation of the Joint Venture and the required export permission or exemption from the U.S. Preliminary indications from relevant agencies of both governments have been very positive and while there can be no assurances yet at this early stage, the Company anticipates both a timely and a positive result.