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L-1 Identity Solutions Provides an Update on the Strategic Alternative Process

^{Published on 2010-08-19 05:15:58 - Market Wire}
 

STAMFORD, Conn.--([ BUSINESS WIRE ])--L-1 Identity Solutions, Inc. (NYSE: ID), a leading supplier of identity solutions and services, today provided an update on its strategic alternative process.

The Company is in the final stages of the process and has received bids from several interested parties, both domestic and foreign. L-1 and its financial advisors continue to evaluate the various proposals and expect to announce the results in the coming weeks.

L-1 remains in compliance with existing bank covenants. In the event that a definitive agreement for a strategic alternative is not executed on or prior to August 31, 2010, the Company expects to amend its credit agreement to allow it to remain in compliance with bank covenants.

About L-1 Identity Solutions

L-1 Identity Solutions, Inc. (NYSE: ID) protects and secures personal identities and assets. Its divisions include Biometrics / Enterprise Access and Secure Credentialing solutions, as well as Enrollment and Government Consulting services. With the trust and confidence in individual identities provided by L-1, international governments, federal and state agencies, law enforcement and commercial businesses can better guard the public against global terrorism, crime and identity theft fostered by fraudulent identity. L-1 Identity Solutions has more than 2,200 employees worldwide and is headquartered in Stamford, CT. For more information, visit [ www.L1ID.com ].

Forward Looking Statements

This news release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect the Company's current views based on management's beliefs and assumptions and information currently available. Forward-looking statements concerning future plans or results are necessarily only estimates, and actual results could differ materially from expectations. Certain factors that could cause or contribute to such differences include, among other things,the abilityof the Company to successfully execute a definitive agreement for a strategic alternative and conclude the strategic alternative process on a timely basis,the ability of the Company to successfully amend its credit agreement on a timely basis if required, and additional risks and uncertainties described in the Securities and Exchange Commission filings of L-1 Identity Solutions, including its Form 10-K for the year ended December 31, 2009 and the Company's Form 10-Q for the quarter ended June 30, 2010. L-1 Identity Solutions expressly disclaims any intention or obligation to update any forward-looking statements.

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