Additional terms of the agreement includes warrants to purchase 4 million shares of common stock at an exercise price of $5.50 per share, as well as the naming of L-1’s founder and CEO Robert V. LaPenta as chairman of the board at Viisage. LaPenta also has the right to appoint two additional members to the Viisage board, which is expected to approve that 85 percent of the $100 million investment will be used for acquisitions. The investment is expected to be completed by the end of 2005 and is subject to the approval by Viisage shareholders.
Viisage Picks Up Us100 Million For Biometric Development
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