Release Details
17 September, 2015
Applied DNA Sciences, Inc. signed a five-year exclusivity agreement with Patronus Systems Ltd, a company based in West Sussex, UK, Under the terms of the agreement, Applied DNA Sciences will supply its SigNature® DNA for use with Patronus Systems’ new bonding agent for the Cash Handling Industry.
The bonding agent is very efficient and uses a relatively small amount of liquid per ATM cassette / cash container. Once activated, it bonds bank notes together, forming a solid block within seconds. Approximately 60 percent of the bank notes are bonded, allowing National Banks to count and give credit for any returned bonded bank notes. Patronus Systems will be adding SigNature DNA to every single ATM cassette / cash container to ensure recovered monies can be returned to owners and that law enforcement agencies have the forensic evidence to help them convict criminals
To date, the use of SigNature DNA in the Cash Handling Industry has allowed Applied DNA Sciences to facilitate the convictions of more than 100 criminals involved in Cash in Transit crime with new cases continuing to be added each month.
Duncan Grant, Director of Patronus Systems Ltd, said, “The use of SigNature DNA in combination with Patronus Systems’ unique bonding agent takes cash protection systems to a whole new level. I am relatively new to the cash handling industry and it struck me at a very early stage that for a theft deterrent system to be effective, one must first ‘remove the prize’ from the criminal, and secondly, be able to identify recovered cash so it may be returned to its legal owner. The use of our bonding agent, in combination with SigNature DNA, accomplishes both these things. Leading banks across Europe are working with us in adapting this new technology.”
UK-based Cennox Plc, represented by their subsidiary company Sterling Bank Services in the USA, have been awarded the sole global distribution rights for the bonding agent system for use in the ATM industry from Patronus Systems Limited.
Tony Benson, Managing Director for Applied DNA Sciences covering Europe, the Middle East and Africa, said, “The decision by Patronus Systems, to utilize SigNature DNA as a complement to its bonding agent, is a testament to the reputation of our product.”
James Hayward, Chairman and CEO of Applied DNA Sciences, commented, “We look forward to working with Partners Patronus Systems Ltd on yet another product which will make the world a safer place to live.”
About Applied DNA Sciences
We make life real and safe by providing botanical-DNA based security and authentication solutions and services that can help protect products, brands, entire supply chains, and intellectual property of companies, governments and consumers from theft, counterfeiting, fraud and diversion. SigNature® DNA describes the platform ingredient that is at the heart of all of our security and authentication solutions. SigNature DNA is at the core of a family of uncopiable products such as DNAnet® , our anti-theft product, SigNature® T and fiberTyping® , targeted toward textiles, and digitalDNA® , providing powerful track and trace. All provide a forensic chain of evidence and can be used to prosecute perpetrators. Applied DNA Sciences common stock is listed on NASDAQ under the symbol APDN, and its warrants are listed under the symbol APDNW.
Forward-Looking Statements
The statements made by APDN in this press release may be “forward-looking” in nature within the meaning of the Private Securities Litigation Act of 1995. Forward-looking statements describe APDN’s future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of APDN. Actual results could differ materially from those projected due to our short operating history, limited financial resources, limited market acceptance, market competition and various other factors detailed from time to time in APDN’s SEC reports and filings, including our Annual Report on Form 10-K filed on December 15, 2014, as amended on March 6, 2015, and our subsequent quarterly reports on Form 10-Q filed on February 9, 2015, May 11, 2015 and August 10, 2015, which are available at www.sec.gov. APDN undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events, unless otherwise required by law.
