LG ELECTRONICS AND Time Spot CONCLUDE VALUE ADDED RESELLER AGREEMENT
TEMPE, AZ, and JAMESBURG, NJ, Sept. 13, 2004 ?LG Electronics U.S.A., Inc. has selected Time Spot, Inc. (OTCBB: TMAM) to become a Value Added Reseller partner of its Iris Technology Division.
Under the terms of the agreement, Time Spot will remarket and resell the LG IrisAccess® 3000 system as an integral part of its suite of automated labor management solutions. The LG IrisAccess 3000 system, delivers unsurpassed accuracy in authenticating humans. Digital video imaging ? essentially pictures ? of the unique patterns found in the iris of the eye can provide high integrity biometric authentication of an employee without PIN numbers, passwords or ID cards.
The LG IrisAccess 3000 interfaces directly to Time Spot?s NETtime? and GENESIS? labor management applications, providing automated collection and transfer of this employee data. This integration will allow Time Spot customers to combine highly versatile time and workforce automation capabilities with the world?s best authentication technology.
?LG?s IrisAccess 3000 system provides an advanced level of biometric-based security to customer environments that require a higher level of safety and security of people and physical assets,? said Thomas Bednarik, president and CEO, Time Spot. ?The interface from LG?s iris recognition system to our labor management products enables us to provide a turnkey solution to our customers.?
LG?s iris recognition technology coupled Time Spot?s labor management applications helps organizations to drastically reduce labor costs by eliminating manual time tracking processes and better control schedule enforcement, buddy punching, and access control. The resulting offering will expand Time Spot?s solution functionality to include access control to restricted areas and will restrict late arrivals/early departures.
David B. Johnston, Vice President of Marketing at LG?s Iris Technology Division commented, ?Today?s challenge is about aligning technology spending to areas where definitive ROI can be achieved, and a key focus is on how to truly maximize performance of the human assets every company has. This partnership combining state of the art labor management automation solutions and the best biometric identity will yield powerful tools where ROI can be calculated across an organization, within a work unit, or even highlighted at the individual level.?
Targeted at small, mid-sized and enterprise level companies, Time Spot provides web-based, client-server and desktop time and attendance solutions that enable companies to better manage their payroll, human resources and administrative costs. These time and attendance solutions are currently used by over 20,000 companies, academic and legislative institutions worldwide including ARAMARK Corporation, John Deere, Mesa Air Group, Cornell University, Texas Legislative Council and the University of Southern California.
About Time Spot, Inc.
About LG Electronics
NETtime and GENESIS are registered trademarks of Time Spot Inc. IrisAccess is a registered trademark of LG Electronics. All other names are the property of their respective owners.
Forward Looking Statements
For Time Spot, Inc.
For LG Electronics USA Inc., IRIS Technology Division