March 2, 2004

News Release: Bank of China to use Bioscrypt ID technology in 1,000 branches

Bioscrypt Inc. (TSX: BYT), a leading provider of identity verification technology, today announced the Bank of China, a Fortune Global 500 company, is deploying Bioscrypt's V-Pass fingerprint reader in approximately 1,000 branches.

Organizations around the world are recognizing the increased importance of adding advanced security to protect their assets. As the leading provider of biometric products addressing Physical Access Control and Time & Attendance, Bioscrypt is being chosen to supply their highly-developed security technology to such leading organizations. 'The Bank of China considers the security of its people and assets a primary concern,'said Mr. Wang Yuan, Bank of China. 'After evaluating several biometric applications, we concluded that Bioscrypt provided the best verification technology on the market, and are very pleased with that decision.'

The fervent efforts of Sino Security Inc, China's largest access control distributor, have placed Bioscrypt as the leading biometric product provider in China. The partnership is firmly positioned to take full advantage of the regions biometric growth. Sino Security is a Bioscrypt distributor and will be providing the Bioscrypt product and technical support to the Bank of China.

'Bioscrypt's technology has changed the way Chinese banks view biometric products,'stated Ray Lau, President, Sino Security Inc. 'The huge success of the Bank of China project will certainly set the stage and tone for the rest of the banks in China.'

'Securing the world's largest and most renowned organizations has always been a part of our vision. We look forward to working with the Bank of China and extending our relationship with Sino Security,'said Pierre Donaldson, President and CEO, Bioscrypt. 'The past several years have been crucial for the development of our technology. The market is increasingly interested in our offerings. The demand for our products is definitely on the rise.'

About the Bank of China

Established in 1912, Bank of China is the oldest bank in China. It has been ranked one of the world's top banks in terms of core capital by The Banker magazine. For 90 years, Bank of China has played an important role in promoting China's economic and social progress through its active involvement in the country's international trade and financial activities. Since 1992 the bank has been awarded 'The Best Bank in China'nine times by Euromoney magazine, the latest being in 2002. Moreover, Bank of China has been included in the Fortune Global 500 for 13 consecutive years.

Bank of China is the first and the only Chinese bank that has presence in all major continents. At present the bank offers financial services through its global network of over 560 overseas offices in 25 countries and regions. For more information please visit www.bank-of-china.com/english/index.html.

About Sino Security Inc.

Sino Security Inc. is China largest access control distributor with offices in Beijing, Shanghai, Shenzhen, and Hong Kong. Its clienteles are among some of the finest clients in China. Currently, Sino Security Inc. is representing Bioscrypt, HID, PCSC, Adams Rite, Nortech, Nedap, SDC, Alvarado, AWID, and among others.

Sino Security Inc. is also the first company in China focusing on biometric products, and has successfully positioned itself as the biometric house in China. For more information, please visit www.ssi18.com.

About Bioscrypt Inc.

Bioscrypt Inc. is a leading provider of identity verification technology with over 70,000 fingerprint readers currently installed. The Company's solutions combine the convenience of touch with the high security of fingerprint-based biometrics for simple and secure access to facilities, equipment and information. Using the 'bioscrypt on board(TM)'brand, the Company offers packaged products, OEM components and software licensing to leading security solution manufacturers and integrators worldwide for physical, wireless and network security applications. Among the many leading edge companies and partners using Bioscrypt technology are the U.S. Army, NASA, American Express, the New York Police Department, Kronos, NATO, Continental Airlines, Intel, Atmel, HID Corporation, Honeywell and Northern Computers. Bioscrypt's patented technology is interoperable with leading fingerprint sensors and is both platform and operating system independent. Bioscrypt is traded on the Toronto Stock Exchange under the symbol BYT. For more information, visit the Bioscrypt Web site at www.bioscrypt.com.

Forward-looking (safe harbour) statement Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as 'believes', 'plans', 'expects'or 'intends'and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward- looking statements.
Bioscrypt Inc., Bioscrypt, Veri-Series, V-Smart, V-Pass, and bioscrypt on board are trademarks of Bioscrypt Inc. All other trademarks or registered trademarks referenced herein are properties of their respective owners.


SOURCE Bioscrypt Inc.

Matthew Bogart, Bioscrypt Inc., (905) 624-7717, This email address is being protected from spambots. You need JavaScript enabled to view it. (BYT.)

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