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Advanced ID Corp. Completes Repayment of La Jolla Cove Funding

^{Published on 2009-11-23 03:49:09 - Market Wire}
 

CALGARY, AB--(Marketwire - November 23, 2009) - Advanced ID Corporation (OTCBB: [ AIDO ]) a leading developer of RFID solutions for supply chain applications, fleet operations, animal tracking and tire management announces today that it has fulfilled the terms of the September 3, 2009 settlement agreement with La Jolla Cove that terminated the convertible debenture funding agreement between the two companies.

Dan Finch, Advanced ID's President, notes that, "The settlement agreement provided for payment during the 4th quarter of 2009 and that all financial commitments outlined in the settlement agreement have been met. The company wishes to thank La Jolla Cove management for a smooth transition and Advanced ID's investors for their support in achieving this milestone. Advanced ID will now concentrate on the development of its revenue plan for 2010 and beyond."

Advanced ID announces also that the company has filed its quarterly 10Q for the period ended September 30, 2009 on a timely basis.

About Advanced ID Corporation: Advanced ID Corporation (OTCBB: [ AIDO ]) ([ www.advancedidcorp.com ]) provides global RFID solutions. Areas of focus include the industrial supply chain using the Company's proprietary technology for RFID tags and readers, which have been developed in cooperation with its Advanced ID Asia Engineering development partner in Chiang Mai, Thailand.

Safe Harbor Statement: Statements in this press release other than statements of historical fact, including statements regarding the Company's plans, beliefs and estimate as to projections are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the Company's SEC filings, and actual results could differ materially from expected results. These forward-looking statements represent the Company's judgment as of the date of this release. Advanced ID Corporation does not undertake to update, revise or correct any forward-looking statements.