Laserlock Buys Back 10% of Its Shares; Files a Patent Infringement Suit; Granted New Patent

Thu Oct 27, 2011 10:41am EDT

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Laserlock Buys Back 10% of Its Shares; Files a Patent Infringement Suit; Granted New Patent

PR Newswire

PHILADELPHIA, Oct. 27, 2011 /PRNewswire/ -- Laserlock Technologies, Inc. (PINK: LLTI) today announced that it has repurchased 17.9 million shares of its common stock, 10% of its shares outstanding, in a private transaction.

The announcement was made by Norman A. Gardner, Chairman & Chief Executive Officer.

The Company also announced that it has initiated a patent infringement suit in the US District Court for the Western District of Pennsylvania against WS Packaging Group Inc. of Green Bay, Wisconsin, one of the largest printing and label converting operations in North America. The lawsuit alleges that WS Packaging Group knowingly infringed a company patent covering counterfeiting detection methods in the manufacture of 1-billion promotional items for a major multinational corporation.

The lawsuit is one of the first cases to be assigned to the court's new "Patent Pilot Program" which was instituted by Congress earlier this year.

Finally, the Company announced that it has been granted patent protection by the US Patent and Trademark Office for its latest technological development. The technology forms the basis of the Company's efforts to expand its business model from solely being a provider to the worldwide casino industry to becoming a company that offers corporate and government customers secure technology protection from fraud and counterfeiting.

ABOUT THE COMPANY

Laserlock Technologies, Inc. based in Bala Cynwyd, PA is publicly traded on the OTC Pink Sheets under the ticker symbol "LLTI". The Company markets security technology to protect documents and branded products from counterfeiting, diversion and reproduction on a color copier or scanner. It also markets security related products to the worldwide casino gaming industry.

FORWARD LOOKING INFORMATION

This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 including, among others, statements reflecting the Company's planned efforts to expand and change its business model and regarding its filed patent infringement suit.  Forward-looking statements are based on the belief s of the Company's management as well as assumptions made by and information currently available to the Company's management as to future events and financial performance with respect to the Company's operations. Forward-looking statements speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect the events or circumstances arising after the date of which they were made. Actual  events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including without limitation, risks associated the conduct of litigation (including without limitation the costs of conducting litigation, the possibility of adverse results and potential exposure to counterclaims) and risks associated with developing new technologies and marketing both existing and new technologies (including without limitation the risk that the cost of implementing the Company's plan will exceed expectations; the risk that the expected benefits of these plans will not be realized; the risk that the implementation of these plans will interfere with and adversely affect the Company's operations, sales and financial performance; and risks related to general market and economic conditions). As a result of these factors, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, the Company.

SOURCE Laserlock Technologies, Inc.

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