SOURCE: Nicaragua Rising Inc.

September 28, 2010 08:30 ET

Ceelox Positioned to Take Advantage of Market Consolidation

TAMPA, FL--(Marketwire - September 28, 2010) - Ceelox, Inc. believes that the recent acquisition announcements of biometric security companies over the last 30 days is a sign of the market potential and believes it is in great position for growth. Ceelox is a majority-owned operating subsidiary of Nicaragua Rising Inc. (OTCBB: NCRG) (the "Company" or "Nicaragua"). 

Over the last several weeks, Ceelox has announced Windows 7 development, Citrix Readiness, and expansion internationally with a European reseller's agreement. "With these advances, Ceelox continues to evolve our product set to meet changes in the industry," stated Gerry Euston, Ceelox CEO. He also stated, "The recent merger/acquisition announcements indicate that the biometric security marketplace is heating up. I believe these acquisitions are confirmation that previously accepted forms of authentication security, such as tokens and digital certificates are being called into question. And that a growing market is emerging for stronger forms of user authentication, such as Ceelox ID biometric authentication."

Euston referenced several announcements as strong indications of expectations for future growth:

  • French aerospace and defense group Safran that they have reached agreement to acquire L-1 Identity Solutions Inc for $1.1 billion.
  • 3M, and Cogent Inc. announced that they have entered into a definitive agreement for 3M's acquisition of Cogent Inc. for $10.50 per share. The proposed transaction has an aggregate value of approximately $943 million, or approximately $430 million net of cash acquired (nearly 4 times trailing twelve months revenue). 
  • Fingerprint scanner business UPEK Inc. has been sold to Florida's AuthenTec for 5.9 million shares of its common stock and a convertible promissory note for $21.6 million.

"These announcements are indicative of a continuing trend in our industry," Euston further added. "There are high growth projections around biometric security, and as a result, companies are acquiring or merging to better their competitive position. This industry activity is also, in part, due to an increased awareness and recognition for higher security protection for authentication, data encryption, and identity protection. We believe Ceelox, with our existing product set and intellectual property is well positioned to take advantage of the changes in the landscape."

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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