August 28, 2006 12:17 ET

BICO Inc. Raises Capital for International Expansion of MobiClear Products

DOVE CANYON, CA -- (MARKET WIRE) -- August 28, 2006 -- BICO, Inc. (OTCBB: BICN) announced today that the company has completed its initial capital raise of more than US$500,000 for the international expansion of MobiClear products. BICO trades on the NASD Over the Counter Bulletin Board under the ticker symbol, BICN.OB.

Lim Wong, newly appointed CEO and President of BICO Inc., stated, "We are pleased to raise our first capital from institutional investors after closing the merger between BICO and MobiClear. This allows us to move forward setting up our international operations to execute our sales strategy. There is an enormous global potential for MobiClear products and services. Our initial focus will be financial services targeting the global banks.

"Credit/debit card fraud on the Internet and in stores is increasing at an enormous rate. The estimated figure comes to USD 20 billion annually. In the US alone, the Credit/debit card fraud on the Internet and in stores is estimated to be USD 4 billion.

"MobiClear's answer to the problem is a security and user-friendly identity solution that works right across the globe. And in addition MobiClear's identification service ensures safe and secure trade over the Internet, which in its turn creates a boom in both e-trade and invoice payment online," ends Lim Wong CEO of MobiClear Ltd.

About Lim Wong

Mr. Wong, previously CEO of MobiClear and one of the founders of MobiClear, is a pioneer and an inventor who holds several patents. He has over 18 years experience in the IT and Telecom sector within management, consultancy, research, development, programming and system analysis, this includes 10 years with Ericsson. Following his period with Ericsson, he invented and developed a number of patented applications within internet and e-commerce, including solutions for electronic payment and electronic invoicing.

Mr. Wong is the technical inventor and developer behind public companies such as Paynova AB, which offers secure payment services on the Internet by providing an electronic wallet that can handle multi-currency payments and Docteq AB, a company focused upon the development of technical solutions, all with the intention of simplifying communication between the computer systems of different operators. This company's main product is unique software that works with all available invoicing programs.

About MobiClear

MobiClear specializes in electronic Personal Identification Verification (PIV) solutions in connection with credit/debit card transactions. MobiClear's multi-gateway solution (U.S. patent pending) offers proactive security in all forms of electronic business environments including internet shopping, business-to-business procurement transactions and retail shopping with credit/debit cards.

MobiClear, a company incorporated pursuant to the laws of the United Kingdom, offers solutions and services that, MobiClear believes, virtually eliminate credit/debit card and electronic transaction fraud, completely securing these transactions. A unique feature of MobiClear's solutions are that end-users and customers do not need to learn any new behaviors or master new techniques. MobiClear's solutions utilize technologies that customers are already familiar and comfortable with, while giving real-time user control of card transactions. The transaction is simply confirmed by the legitimate user entering a unique MobiClear PIN code matched with the mobile phone number. MobiClear delivers instant and total control over card usage.

For more information: Please write to MobiClear at or visit MobiClear's website at

This news release includes comments that may be deemed forward-looking within the meaning of the safe harbor provisions of the U.S. Federal Securities Laws. These include, among other things, statements about expectations of future transactions or events, revenues, sales of products and performance. Forward-looking statements are subject to risks and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to complete the transactions, which remains subject to a due diligence review by both parties, obtaining any regulatory approvals, having necessary financing in time to meet contractual obligations, developing appropriate strategic alliances, raising working capital, successfully developing and implementing technology, acceptance of the company's products and services, building a functional infrastructure, and other such risks as the company may identify and discuss from time to time. Accordingly, there is no certainty that the company's plans will be achieved.

Contact Information