Structured Growth Capital and identiMetrics Partner to Provide School Districts Funding to Improve Operations and Save Money
identiMetrics Biometric Finger Scanning System Enables Schools to Participate in $7 Billion Federal Free and Reduced Lunch Program and More
PHILADEPHIA, PA and FLOURTOWN, PA January 19, 2009 -- Structured Growth Capital, Inc. (“SGC”), a leading provider of corporate financing, and identiMetrics, Inc., the leading provider of biometric finger scanning ID for schools, announced today that they are joining forces to provide school districts the necessary funding to install identiMetrics’ biometric finger scanning systems, as well as provide additional capital for other programs. SGC offers school districts and businesses an alternative funding approach for big ticket purchases ($5 million and up), with no out of pocket funds required and with flexible, customized payback terms tied to cost savings inherent to many projects such as energy efficiency retrofits, new facilities and updated infrastructure.
According to a recent eSchool News survey discussing the current economy's impact on schools, the credit crisis is affecting the ability of districts to borrow funds to pay for school projects. Superintendents nationwide are delaying technology purchases with more than two-thirds describing their districts as inadequately funded. identiMetrics’ partnership with SGC enables school districts to invest in identiMetrics products and other technologies for their schools, regardless of the budget cuts schools may face.
Anne Marie Dunphy, Chief Financial Officer of identiMetrics, said, “Schools are increasingly implementing our biometric finger scanning system in their cafeterias in order to meet the anticipated increased demand in the federal government's $7 billion free and reduced lunch program. identiMetrics’ solutions, currently installed in school districts nationwide, can be used in a variety of applications. Our solutions improve a school’s operations, increase its reimbursements, enhance security and save money, which is especially critical in these difficult financial times. ”
Dunphy continued, “Through our relationship with SGC, a school district can invest in an identiMetrics Biometric Student ID System, and anything else they need, including service and supply agreements, license agreements, energy savings installations, real estate and infrastructure investments, equipment purchases – even building a school.”
Gregg Garnick, Managing Partner at Structured Growth Capital, said, “When an eligible investment-rated school district opts to invest in one of identiMetrics’ systems, we are able to pay identiMetrics immediately upon the signing of an appropriate contract for the entire gross amount, and set up flexible payment terms for the schools to payback overtime: typically five, 10, 15, or 20-plus years. For certain school districts, our ability to tap deep reservoirs of capital offers a viable alternative to traditional funding channels, many of which have dried up. Our funding enables cash-strapped organizations, like school districts, to move forward without delay on important money savings and other infrastructure projects, while deferring payments over a period that allows the actual costs to be covered through the added efficiencies of that particular project. By investing in their needs today schools are able to fulfill their immediate infrastructure requirements sooner than later and ensure payback from actual savings over a long-term period.”
About identiMetrics Inc.
identiMetrics Inc. is the leader in the development and marketing of biometric finger scanning identification solutions in schools. identiMetrics' proprietary software, identiFi(TM), is a biometric finger scanning ID system that provides a cost-effective and accurate replacement for swipe-card readers, barcode readers, and PIN pads, allowing any organization to rapidly integrate and easily deploy biometrics. identiFi(TM) eliminates the problems and costs created by cards and PINS and quickly integrates with the applications schools already have in place. It provides irrefutable proof of identification with a single student enrollment. For more information, visit http://www.identimetrics.net.
About Structured Growth Capital, Inc.
Structured Growth Capital, Inc. (www.sgcfunding.com) is a leading financier in a highly specialized area of corporate finance. The company’s unparalleled ability to tap deep reservoirs of capital enables SGC to fund transactions for its clients efficiently, effectively and inexpensively. The company uniquely facilitates transactions in a broad array of industries and offers many significant structural advantages over traditional funding. Completed through an efficient streamlined private placement, SGC can provide funding of $5 million or more within 30 days. SGC offers one of the most competitive and comprehensive funding packages available to organizations of all sizes. SGC’s non-recourse, no equity, no fee, highly efficient and fast approach offers organizations an unparalleled alternative to conventional funding and borrowing.
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Contacts:
SGC Funding
Allison Tomek
215-885-4795
atomek@sgcfunding.com
identiMetrics
Eden Fulton
215-836-5640 x 100
efulton@identimetrics.net