DUBAI, United Arab Emirates, March 9, 2010 (GLOBE NEWSWIRE) --
GrowthGate, the GCC-based specialist buyout firm, announced that it has
reached a final agreement to acquire 30% of IrisGuard, a world leader
in iris recognition technologies (IRT). The company offers IRT
solutions to national security organizations, law enforcement agencies,
polling, electoral processors, and banking institutions around the
world. In 2009, IrisGuard was presented with the prestigious Frost &
Sullivan Award warranted by the company's focus on R&D, design and
manufacture of exceptional IRT products. Strong technological and
product innovation have successfully positioned IrisGuard as a leading
specialist in IRT solutions worldwide. The company manufactures the
world's most accurate iris recognition camera systems, the IrisGuard
IG-H100(R) and IG-AD100(R), in addition to a portfolio of 4 additional
iris imagers under development. IrisGuard launched the world's first,
most searched, and largest iris recognition solution for Homeland
Security in the UAE in 2001. The UAE currently deploys over 250 iris
imagers in every Land, Sea and Air Ports-of-Entry in the country.
IrisGuard also made history in 2008, becoming the first to deploy
real-time card-free (no Pin or Card) iris recognition solutions for
banks via ATMs. Cairo Amman Bank was the first bank to deploy this
pristine solution with over 400 iris imagers deployed in Jordan and
Palestine. 2010 has witnessed the company's full entry into the U.S.
market via the provision of IRT-enabled systems and cameras to fifty
U.S. Law Enforcement agencies deployed throughout the USA, in addition
to U.S. System-Integrators, banks and financial institutions. IrisGuard
has been profitable since inception in 2000. IRT in particular has
entered a very exciting growth period and IrisGuard expects to generate
revenues in excess of $10 million and to realize an EBITDA in excess of
30% in 2010, consistently with its historical track record. Both
GrowthGate and IrisGuard being privately held, the value of the
transaction was not disclosed.

IrisGuard has offices in Jordan, the UK, Switzerland and UAE.

Mr. Imad Malhas, co-founder and CEO of IrisGuard, stated, "We are
extremely pleased with GrowthGate's investment which is a tribute to
IrisGuard's pioneering technological work and its commercial success."
Iris technology has the smallest outlier population (measurement error:
persons who cannot use or enroll in the system) of all biometric
technologies. Because of its speed of comparison, iris recognition is
the only biometric technology well suited for one-to-many (1:N
authentication) personal identification. A single enrollment can last a
lifetime. "We view this transaction as a firm commitment by an astute
partner who is set on maximizing value and accelerating performance
through intensive focus on R&D for next generation products and
expanding services worldwide," Mr. Malhas added.

GrowthGate -- managed by Keystone -- follows a 'buy and build'
investment strategy that partners with the management of
growth-orientated businesses led by visionary and pioneering
entrepreneurs, and together steering their courses into becoming
enduring, large-scale organizations. This deal marks the sixth direct
equity investment by GrowthGate since its capitalization in mid 2007,
and the first in the technology sector. GrowthGate's current portfolio
comprises: Able Logistics Group, Gama Aviation Holding, Roots Group;
Averda International; and Rubicon Holding.

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CONTACT:  Keystone Equity Partners
          Mr. Karim Souaid, Managing Director
          +971 4 3302220  
          Fax: +971 4 3301133
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          P.O. Box 36330
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