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.
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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