T STAMP INC (‘Trust Stamp’ or ‘The Company’) Statement
Trust Stamp (Euronext Growth: AIID ID), announces that it has filed a Form 8-K with the Securities and Exchange Commission (“SEC”).
On July 15, 2022, the Company entered into a second amendment agreement (the “Second Amendment”) with U.S. Immigration and Customs Enforcement (“ICE”) to amend the terms of the Company’s modified contract with ICE, initially awarded to the Company on September 23, 2021 and modified on March 27, 2022 (the “ICE Contract”, originally filed as Exhibit 6.15 to the Company’s offering statement on Form 1-A filed with the Securities and Exchange Commission (the “SEC”) on November 22, 2021).
As previously reported in the Company’s Current Report on Form 8-K filed with the SEC on April 21, 2022, on April 15, 2022, the Company and ICE entered into amendment agreement (the “First Amendment”) to the ICE Contract which had the effect of implementing an up to 90 day cessation of performance of the Company’s and ICE’s obligations under the ICE Contract previously agreed to be performed between March 27, 2022 and September 26, 2022.
The Second Amendment had the effect of implementing an additional up to 60 day cessation of performance of the Company’s and ICE’s obligations under the ICE Contract previously agreed to be performed between March 27, 2022 and September 26, 2022.
The First Amendment was entered into due to a recent change in legislation (enacted through The Department of Homeland Security Appropriations Act, 2022) which requires a Congressional notification in order for ICE to award a contract or subcontract to a particular entity for any pilot or demonstration program that uses more than 5 full-time equivalents or costs in excess of $1,000,000. This change in legislation was retroactively applied to the March 27, 2022 modification to the ICE Contract. The up to 90 day cessation of the ICE Contract provided by the First Amendment was intended to allow ICE ample time to obtain a Congressional notification for the modification of the ICE Contract. However, as of July 15, 2022 (the end of the 90 day cessation period), ICE had not yet been able to obtain such a Congressional notification.
The Second Amendment is intended to provide ICE additional time to obtain such a Congressional notification, so that the Company can continue to provide services to ICE under the ICE Contract.
Trust Stamp Email: Shareholders@truststamp.ai
Gareth Genner, Chief Executive Officer
Davy (Euronext Growth Listing Sponsor) Tel: +353 1 679 6363
Investor Relations Tel: +1 212-671-1021
Crescendo Communications Email: email@example.com
About Trust Stamp
Trust Stamp, is a global provider of AI-powered identity services for use in multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.
Located in seven countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI) and Euronext Growth in Dublin (Euronext Growth: AIID ID). Founded in 2016 by Gareth Genner and Andrew Gowasack, the company now employs over 100 people.
All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events based on information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.
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