FaceKey courts investors

SSN Staff  - 
Tuesday, April 1, 2008

SAN ANTONIO - FaceKey, a company that makes fingerprint- and facial-recognition-based access and time-and-attendance products here, is awaiting confirmation that it will trade in the Current Information category of the Pink Sheets exchange. This, said Annette Starkweather, FaceKey vice president of operations and business development, should make investors more comfortable buying FaceKey stock, “because it takes that red flag off our name. We’ve supplied the appropriate information and our Form 211 has been approved for other brokerage houses to work with us.”
The Over the Counter Bulletin Board, of which the Pink Sheets is a part, operates as a dealer system, so all securities being quoted on the OTCBB must be sponsored by “Market Maker,” a brokerage house, essentially, that registers the security with a Form 211. Once the 211 clears, NASDAQ, which operates the OTCBB, notifies the Market Maker that it has been registered in the security and may enter a quote for the security’s stock.
FaceKey now awaits that clearance, “and we can’t see why it wouldn’t clear,” said Starkweather.
So, why not just move to the NASDAQ exchange? Starkweather said it was too expensive for her small firm, whose stock was trading at $.02 on March 10, but has been as high as $.70 in the last year.