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Nemex Resources surges on biometric security technology progress

Nemex Resources surges on biometric security technology progress

Nemex Resources (ASX:NXR) shares have lifted 50% to $0.03 over the last few weeks, and almost 20% today, as interest grows in its unique biometric security technology.

Recent attention may be partially due to Wavefront Biometric Technologies, which Nemex is in the process of acquiring a controlling stake, being featured on the front page of The Financial Times.

In April, Nemex revealed its entry into the technology sector entry into the technology sector with a proposed 51% investment in Wavefront.

Wavefront has developed and patented a biometric security technology to authenticate a person's identity by using the pattern of light reflected from the contour of the tear film on the corneal surface in the eye.

Not only is an individual's corneal topography unique to each person, but the tear film differs slightly from one moment to the next.

This secondary feature effectively allows for the generation of a one-time-PIN, and is hence more secure than iris or fingerprint scanning, as these anatomical features remain static.

Wavefront is now focusing its efforts on developing a hand held platform to offer mobile identity authentication.

The technology has potential applications across numerous sectors, with initial plans for commercialisation in the mobile-online banking and data security sectors.

Nemex's investments in Wavefront will be funding the final stages of product development, and are to be made on a staged basis contingent upon success.

Given the possible broad applications of the technology, and Nemex's market valuation of just $4.2 million, the potential share price upside is uncapped.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Nemex Resources Timeline

Newswire
October 15 2015
Newswire
June 05 2015

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