SOURCE: Nicaragua Rising Inc.

August 23, 2010 08:30 ET

Ceelox Update -- Online Thieves Can Be Stopped

TAMPA, FL--(Marketwire - August 23, 2010) -  Ceelox, Inc. (Nicaragua Rising Inc.) (OTCBB: NCRG) today announced that it recently completed a prototype application for its Ceelox ID Online™ product, which uses the Company's patented fingerprint-based biometric solution to provide "two factor" online identity authentication for Intranet, Internet, and Cloud Computing networks. This prototype has many potential commercial applications, including the ability to make online banking and access to personal bank accounts secure to the end user.

Online thievery is becoming a national crisis. According to a front page article published in USA Today on July 30, 2010, cyber attacks against individual online accounts have become so sophisticated and pervasive that the American Bankers Association (ABA) is now asking consumers to "partner" with banks to keep cyberrobbers in check.

What was considered strong security, including tokens and digital certificates, is now routinely and successfully targeted by cybercriminals. As reported by Computerworld earlier this year, "the unabated plundering of online bank accounts belonging to small and midsize businesses is raising significant questions about the authentication and fraud-detection mechanisms now used." According to Gerry Euston, Ceelox's chief executive, "Ceelox's two factor identity authentication utilizing biometrics will stop these cyber attacks in their tracks. We replace user name and password and other weak security log-on protocols with our real-time, live biometric access authentication and cyber theft using compromised credentials are denied."

Euston, went on to say, "With our Ceelox ID Online™ product we provide an additional layer of security that overlays a financial institution's existing security. With two-factor authentication, any financial institution significantly enhances the security of online banking, wire transfer and ACH applications."

The timing for this type of solution is critical given that cybercrime reported for 2009 was in excess of $559 million. This, coupled with the growth expected in the biometric industry to exceed $7 billion by end of year 2012, should provide a unique advantage to the company.

Over the last six months Ceelox has made substantial progress developing and advancing their solutions to fight cybercrime and secure core systems access in the enterprise. To date, this year Ceelox has:

  • Announced that its biometric unit software for identity authentication across a network utilizing the Windows Biometric Framework has earned the "Compatible with Windows 7" logo for Microsoft's new operating system. As a result, the company will have products working across all three Microsoft platforms: XP, Vista, and Windows 7. The company will work aggressively to take advantage of the Microsoft Partner Program and its 600,000 partners across the globe.
  • Ceelox's ID Server Edition has been recognized as Citrix Ready with a solution providing biometric authentication on a thin client or a PC to the virtual machine running in a Citrix server. The company will leverage this recognition to gain exposure to over 230,000 Citrix customers, and 8,000 Citrix Solutions Provider Partners world wide.
  • The Company completed its first significant Citrix deployment developing a manufacturing solution to utilize biometric authentication as a solution to stage controls within the production process significantly reducing cycle time and has recently been deployed its solution within the pharmaceutical industry. Ceelox expects to leverage the Citrix certification and the success with the manufacturing solution and is expecting further Ceelox ID Server Edition deployments in Citrix shops.

In addition, the company is working to finalize plans to expand into Europe through a reseller arrangement designed to quickly extend the Company's market footprint.

About Nicaragua Rising, Inc.
Ceelox is a majority-owned operating subsidiary of Nicaragua Rising Inc. (OTCBB: NCRG) (the "Company" or "Nicaragua"). Ceelox, Inc. is a developer of biometric security and encryption software solutions for financial institutions, healthcare companies, utilities, government agencies and other organizations for whom information access are key concerns. Its security and encryption tools are easy to deploy, simple to use, cost-effective and affordable for organizations of all sizes. 

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