bioMETRX, Inc. Acquires Patent for Biometric Padlock
bioMETRX Inc., a leading provider of biometric based consumer products, recently announced that it has acquired a patent that covers the adaptation and use of biometrics to secure portable locks.
The
company believes that this patent is valuable in the portable lock
market. For many years, consumers have been using portable locks, such
as padlocks and combination locks, to secure personal belongings in
lockers and storage cabinets. These traditional locks have been
effective. This patent allows bioMETRX to exclusively improve current
mechanical padlocks and combination locks using biometrics, providing users the ability to open portable locks without the need to remember combination codes or carry metal keys.
"The
acquisition of this patent confirms the continued commitment of this
company to build our intellectual property portfolio as we identify and
develop new products for consumers and their busy lifestyles," noted
Mark Basile, Chief Executive Officer of bioMETRX, Inc. "Through our
growing Patent portfolio, we strengthen our ability to protect our
innovative products from competition as we continue to establish
smartTOUCH™ as the trusted brand in biometric products for the consumer".
The
size and scope of the padlock and combination lock market is massive,
with an estimated 40 million locks sold totaling in excess of $600
million in the United States alone. The Company expects to work with
its current partners to bring a version of a finger activated padlock
to market in 2008.
The company's first product, the
Master Lock® smartTOUCH garage door opener is scheduled to ship
to retailers in a few weeks.