XTec and Hyosung sign OEM agreement
XTec, Incorporated has signed an original equipment manufacturer (OEM) agreement with Nautilus Hyosung Inc. of South Korea.Nautilus Hyosung will distribute XTec physical access control readers with XTec's proprietary Mediametric© and Magnetic Fingerprint© technology exclusively in South Korea and non-exclusively throughout the rest of the Asia/Pacific region.
"The Asia/Pacific region can benefit greatly from the work XTec has performed for the U.S. Federal Government and private sector in the areas of authentication and credentialing," said Albert Fernandez, President and CEO of XTec. "We are proud to associate ourselves with Nautilus Hyosung, a leading provider of products and services to the financial, government, and private sectors in South Korea and around the world."
In addition to physical access control readers, XTec and Hyosung will examine other ventures where Mediametric© and Magnetic Fingerprint© technology can add value to the rapidly growing authentication and credentialing markets and infrastructure in the Asia/Pacific region.
Dr. Li, President and CEO of Nautilus Hyosung stated that "XTec's contributions in the standard-setting process led by the U.S. Federal Government to achieve inter-operability smart card world will prove valuable as we move forward to set standards for smart cards and other intelligent tokens in our region."
Hyosung's English-language website can be found at http://nautilus.hyosung.com/eng/index.html.
XTec, Incorporated, is an independent developer, producer, and licensor of security solutions for a wide range of government and commercial uses. Headquartered in Miami, Florida, the Company's premier breakthrough technology, Mediametric© and Magnetic Fingerprint© technologies
Mediametric© technology is a peerless, non-algorithm dependent technology founded on the premise that it will always be possible to measure a physical quantity more precisely than it can be duplicated. The Magnetic Fingerprint©, enables business and organizations in the public and private sectors to securely process, store, and manage proprietary information. Key areas of focus for XTec include electronic commerce, domain and key management, transaction and data processing, access control, communications, and information systems. XTec holds a number of patents related to electronic security.
NAUTILUS HYOSUNG INC. was founded in July 2002 as the result of the merger between HYOSUNG COMPUTER and HYOSUNG DATA SYSTEMS. LTD. HYOSUNG COMPUTER had focused its efforts on the development and sales of automatic banking systems for major banks and exporters, and HYOSUNG DATA SYSTEMS. LTD. had engaged mainly in the line of business including system integration, system management, software development, and network integration. With the synergy of those two companies, NAUTILUS HYOSUNG INC. has laid a firm foundation for further progress in the related fields.
While we have developed revolutionary solutions combining hardware and software to meet the need of the customers with our focus on the financial area at home and overseas, we have done our best under our management philosophy, "We grow along with customers," by creating business models and values.