July 24, 2014 -
Nemex Resources announced it is preparing to provide an update on its investment in biometric security start-up Wavefront Biometric Technologies.
Reported previously in May, Nemex made an initial investment of $700,000 to acquire a 20% stake in Waterfront with an option to acquire up to 51%.
The Australian Securities Exchange (ASX) has granted Nemex a trading halt, while its shares have been placed in pre-open.
This trading halt will remain in place until the opening of trade on July 25, 2015, or earlier if an announcement is made to the market.
Wavefront provides a patented-biometric security solution to authenticate a person’s identity in a number of different sectors, but will initially be used in the form of a hand-held platform to offer the mobile-online banking, mobile transactions and data security sectors.
The technology uses the pattern of light reflected from the contour of the tear film on the person’s cornea as the biometric. This provides users with a one-time PIN for authentication since the corneal topography is unique to each individual and the tear film differs slightly from one second to the next.
Wavefront’s product development process is expected to take 8 months. As reported in May, Nemex’s investment would fund the final stages of this product development, and made on a staged basis depending on its success.