Identive Group Inc.

EANS-News: Identive Group Inc.
Identive Reiterates Commitment to Stockholders


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Stock Activity


SANTA ANA, Calif. and ISMANING, Germany, June 7, 2012 (euro adhoc) - Identive
Group, Inc. (NASDAQ: INVE; Frankfurt: INV), a provider of products and services
for the identification, security and RFID industries, today provided details on
a series of recently-disclosed cost reduction measures to bolster the Company's
cash position and support its long-term growth strategy. These measures are
expected to result in savings of $4 million to $5 million in the remainder of
2012 and include an 11% reduction in the Company's global workforce,
acceleration of the elimination of duplicate expenses at newly acquired
companies, reductions in other general and administrative expenses, the
consolidation of facilities, as well as temporary reductions of nearly $0.5
million in executive and management salaries and Board fees. The Company expects
to incur charges of $0.7 million to $0.9 million in 2012 in connection with the
cost reduction program. 

"We believe our cost reduction program will enable us to preserve cash and reset
our ongoing expense run rate to a more sustainable level," stated Ayman S.
Ashour, chairman and chief executive officer of Identive. "This will not impact
our ongoing investments in new NFC and cloud-based identity solutions or our
ability to address opportunities in these emerging, potential hyper-growth
markets."

David Wear, Identive's executive vice president Finance, stated, "Fully
implementing these cost reductions will take some time; however we expect to
finish our current quarter with adequate cash resources and without the need to
utilize our existing debt facility. We are working diligently to remove any
concerns over our liquidity and to reinforce the strength of our financial
base."

Ashour added, "Particularly in light of the recent pressure on our stock price,
we believe that Identive's shares are significantly undervalued. We have
confidence in our long-term strategy to grow revenues and profits by investing
in emerging opportunities within the secure identification market and in our
ability to demonstrate performance improvements as these markets begin to ramp.
Our commitment to the Company and to supporting long-term shareholder value is
reflected in the recent voluntary salary reductions of our executive team and
others within the company and by the significant number of shares purchased by
insiders in recent weeks."

About Identive 
Identive Group, Inc. (NASDAQ: INVE; Frankfurt: INV) is focused on building the
world's signature company in Secure ID. The company's products, software,
systems and services address the markets for identity management, physical and
logical access control, cashless payment, NFC solutions and a host of
RFID-enabled applications for customers in the government, enterprise, consumer,
education and healthcare sectors. Identive's mission is to build a lasting
business of scale and technology based on a combination of strong
technology-driven organic growth and disciplined acquisitive expansion. The
company delivers up-to-date information on its activity as well as industry
trends through its industry-leading social media initiatives and educational
resource, AskIdentive.com. For additional information, please visit
www.identive-group.com or follow on Twitter at @IdentiveGroup. 

Note Regarding Forward Looking Information: 
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements can be
identified by words such as "anticipates," "believes," "plans," "will,"
"intends," "expects," and similar references to the future. Examples of such
statements include, without limitation, statements we make regarding the
expected savings from our cost reduction program during 2012, the amount of
charges we expect to incur related to this program, our ability to preserve cash
and to reduce our ongoing expense run-rate to more sustainable levels, our
ability to grow revenues and profits by investing in emerging opportunities
within the secure identification market and our ability to demonstrate
performance improvements as these markets begin to ramp. Readers should not
unduly rely on these forward-looking statements, which are not a guarantee of
future performance and are subject to a number of risks and uncertainties, many
of which are outside our control, which could cause our actual business and
operating results to differ. Factors that could cause actual results to differ
materially from those in the forward-looking statements include our ability to
reduce expenses as much as anticipated; whether targeted reductions will be
sufficient to reduce our ongoing expenses to a sustainable level; whether the
markets in which we participate or target may grow, converge or standardize at
anticipated rates or at all, including the emerging markets that we are
targeting; our ability to successfully integrate acquired businesses; our
ability to successfully compete in the markets in which we participate or
target; and general global political and economic factors which are beyond our
control but may unduly impact our markets and our business. For a discussion of
further risks and uncertainties related to our business, please refer to our
public company reports, including our Annual Report on Form 10-K for the year
ended December 31, 2011 and subsequent reports filed with the U.S. Securities
and Exchange Commission. All forward-looking statements are based on information
available to us on the date hereof, and we assume no obligation to update such
statements. 
###


Further inquiry note:
Mr. Lennart Streibel
Tel.: +49 89 9595-5195
E-Mail: lstreibel@identive-group.com

end of announcement                               euro adhoc 
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company:     Identive Group Inc.
             Carnegie Ave., Bldg. B  1900 
             US-CA 92705  Santa Ana
phone:       +1 949 553 4280
FAX:         +49 89 9595-5555
mail:     investorrelations@identive-group.com
WWW:      http://www.identive-group.com
sector:      Computing & Information Technology
ISIN:        US45170X1063
indexes:     NASDAQ
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
             Nasdaq: New York, Open Market / Entry Standard: Frankfurt 
language:   English
 

 

 



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