Intellicheck Receives CARES Act Funds
April 20 2020 - 8:13AM
Business Wire
Intellicheck, Inc. (Nasdaq: IDN) has received $796,100 in funds
from the CARES Act Paycheck Protection Program for small businesses
passed by Congress in response to the coronavirus pandemic.
The funds come in the form of loans pursuant to the Paycheck
Protection Program under the Coronavirus Aid, Relief, and Economic
Security Act (the “CARES Act”) that are aimed at supporting small
businesses in addressing the ongoing costs of doing business as the
pandemic continues. A key provision of the CARES Act is that the
loans become grants and do not have to be repaid if businesses
maintain their current staffing level.
Intellicheck CEO Bryan Lewis said the Company remains on solid
footing at this time and sees these funds as an added benefit going
forward. “Applying for and receiving these funds makes good
business sense. With our growing online business, the continuing
revenue flow from existing contracts, and the continued pace of
implementations with new clients, we believe we remain
well-positioned as we continue to monitor developments from the
impact of the coronavirus.”
Lewis noted that fraud is not going away. “The coronavirus is
making an already bad situation worse. Identity theft and fraud is
skyrocketing. In addition to the personally identifiable data
fraudsters have stockpiled from the record-setting pace of data
breaches, bad actors are using coronavirus-related scams to inflict
more damage. We believe that there is a continued need for our
advanced technology solutions in markets ranging from banks and
credit card issuers to retailers and healthcare organizations,”
said Lewis.
About Intellicheck
Intellicheck (Nasdaq: IDN) is a trusted industry leader in
technology solutions that stop identity theft and fraud with
real-time identification authentication and age verification. We
make it possible for our clients to increase revenues, improve
customer service, and increase operational efficiencies. The
company is focused on partnering with banks, credit card issuers
and retailers to prevent fraud. Intellicheck also serves law
enforcement agencies, national defense clients and diverse state
and federal government agencies. For more information on
Intellicheck, visit us on the web and follow us on LinkedIn,
Twitter, Facebook, and YouTube.
Safe Harbor Statement
Statements in this news release about Intellicheck’s future
expectations, including: the advantages of our products, future
demand for Intellicheck’s existing and future products, whether
revenue and other financial metrics will improve in future periods,
whether Intellicheck will be able to execute its turn-around plan
or whether successful execution of the plan will result in
increased revenues, whether sales of our products will continue at
historic levels or increase, whether brand value and market
awareness will grow, whether the Company can leverage existing
partnerships or enter into new ones, whether there will be any
impact on sales and revenues due to an epidemic, pandemic or other
public health issue and all other statements in this release, other
than historical facts, are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995
(PSLRA). These statements, which express management’s current views
concerning future events, trends, contingencies or results, appear
at various places in this release and use words like “believe,”
“and similar terms, and future or conditional tense verbs like
“could,” “may,” “might,” “should,” “will” and “would” are
forward-looking statements within the meaning of the PSLRA. This
statement is included for the express purpose of availing
Intellicheck, Inc. of the protections of the safe harbor provisions
of the PSLRA. It is important to note that actual results and
ultimate corporate actions could differ materially from those in
such forward-looking statements based on such factors as: market
acceptance of our products and the presently anticipated growth in
the commercial adoption of our products and services; our ability
to successfully transition pilot programs into formal commercial
scale programs; continued adoption of our SaaS product offerings;
changing levels of demand for our current and future products; our
ability to reduce or maintain expenses while increasing sales; our
ability to successfully expand the sales of our products and
services into new areas including health care and auto dealerships;
customer results achieved using our products in both the short and
long term; success of future research and development activities;
uncertainties around the duration and severity of the COVID-19
outbreak and its ultimate impact on our business and results of
operations; our ability to successfully market and sell our
products, any delays or difficulties in our supply chain coupled
with the typically long sales and implementation cycle for our
products; our ability to enforce our intellectual property rights;
changes in laws and regulations applicable to the our products; our
continued ability to access government-provided data; the risks
inherent in doing business with the government including audits and
contract cancellations; liability resulting from any security
breaches or product failure, together with other risks detailed
from time to time in our reports filed with the SEC. We do not
assume any obligation to update the forward-looking
information.
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Investor Relations: Gar Jackson (949) 873-2789 Media and Public
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