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Thursday February 3, 11:26 pm Eastern Time
Mytec stock soars on Smith & Wesson 'smart' guns
TORONTO, Feb 3 (Reuters) - Shares of Canadian biometric technology firm Mytec Technologies Inc. (Toronto:MYT.TO - news) soared on Thursday after the company said it had integrated its fingerprint scanning technology into ``smart'' guns made by Smith and Wesson Corp.
Mytec's shares shot up 76 percent, or C$2.21, on the Toronto Stock Exchange to close at C$5.10.
This establishes for investors the credibility of our technology because Smith & Wesson looked at other biometric encryption systems and ended up choosing Mytec's technology, said Mytec's Executive Vice-president Frank Chen.
The announcement coincides with a plethora of anti-gun lawsuits filed by 29 U.S. cities and counties against the gun industry, alleging they are partly to blame for inner-city violence.
Smith & Wesson, owned by the British conglomerate Tomkins PLC, holds about 25 percent of the U.S. handgun market and has invested about $5 million over the past four years to develop so-called smart-gun technology.
The U.S. government is pondering whether to give $10 million in federal grants to gun manufacturers to develop smart guns.
Chen said Mytec has been working with Smith & Wesson for the past nine months to develop a gun that can be fired only by the registered user.
``The gun will not fire until the fingerprint of the registered owner pulls the trigger. The trigger re-scans the fingerprint and in a millisecond will be able to tell if it's the registered owner,'' said Chen.
($1=$1.44 Canadian)
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Master Blaster
Mytec stock soars on Smith & Wesson 'smart' guns
TORONTO, Feb 3 (Reuters) - Shares of Canadian biometric technology firm Mytec Technologies Inc. (Toronto:MYT.TO - news) soared on Thursday after the company said it had integrated its fingerprint scanning technology into ``smart'' guns made by Smith and Wesson Corp.
Mytec's shares shot up 76 percent, or C$2.21, on the Toronto Stock Exchange to close at C$5.10.
This establishes for investors the credibility of our technology because Smith & Wesson looked at other biometric encryption systems and ended up choosing Mytec's technology, said Mytec's Executive Vice-president Frank Chen.
The announcement coincides with a plethora of anti-gun lawsuits filed by 29 U.S. cities and counties against the gun industry, alleging they are partly to blame for inner-city violence.
Smith & Wesson, owned by the British conglomerate Tomkins PLC, holds about 25 percent of the U.S. handgun market and has invested about $5 million over the past four years to develop so-called smart-gun technology.
The U.S. government is pondering whether to give $10 million in federal grants to gun manufacturers to develop smart guns.
Chen said Mytec has been working with Smith & Wesson for the past nine months to develop a gun that can be fired only by the registered user.
``The gun will not fire until the fingerprint of the registered owner pulls the trigger. The trigger re-scans the fingerprint and in a millisecond will be able to tell if it's the registered owner,'' said Chen.
($1=$1.44 Canadian)
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Master Blaster