Mitek Announces Full Exercise of Overallotment Option by Underwriters

Mitek Announces Full Exercise of Overallotment Option by Underwriters

SAN DIEGO, July 3, 2013 (GLOBE NEWSWIRE) -- Mitek Systems, Inc. (Nasdaq:MITK)
(www.miteksystems.com) today announced that the underwriter of its previously
announced public offering of common stock has exercised in full its
overallotment option to purchase an additional 428,571 shares of common stock
at the public offering price of $5.25 per share. The closing of the
overallotment option exercise occurred today, July 3, 2013, and resulted in
gross proceeds to Mitek of approximately $2,250,000, before deducting
underwriting discounts and other estimated offering expenses. Exercise of the
overallotment option increases the gross proceeds to Mitek from approximately
$15,000,000 to approximately $17,250,000, before deducting underwriting
discounts and other estimated offering expenses.

Mitek expects to use the net proceeds from the offering for general corporate
purposes, including working capital requirements.

In connection with the offering, William Blair & Company, L.L.C. served as the
sole underwriter.

A shelf registration statement relating to the shares of common stock to be
issued in the offering has been filed with the Securities and Exchange
Commission (SEC) and is effective. This press release does not constitute an
offer to sell, or the solicitation of an offer to buy, these securities, nor
will there be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale is not permitted.

A final prospectus supplement relating to the offering has been filed with the
SEC. Copies of the final prospectus supplement and accompanying prospectus
relating to the offering may be obtained by contacting William Blair &
Company, L.L.C. at 222 West Adams Street, Chicago, IL 60606, Attention:
Prospectus Department, by telephone at (800) 621-0687, or by email at
prospectus@williamblair.com. Electronic copies of the final prospectus
supplement and accompanying prospectus will also be available on the SEC
website at http://www.sec.gov.

About Mitek

Headquartered in San Diego, CA, Mitek is a mobile imaging software solutions
provider that allows users to remotely deposit checks, pay their bills, get
insurance quotes, and transfer credit card balances by snapping a picture with
their camera-equipped smartphones and tablets instead of using the device
keyboard. For more information about Mitek, please visit
http://www.miteksystems.com. MITK-F

Notice Regarding Forward-Looking Statements

This news release contains certain forward-looking statements that involve
risks and uncertainties, including, without limitation, Mitek's anticipated
use of proceeds from the offering. Actual results or developments may differ
materially from those projected or implied in these forward-looking
statements. Factors that may cause such a difference include, without
limitation, risks and uncertainties related to market conditions.

Additional risks and uncertainties faced by Mitek are contained from time to
time in the Company's filings with the SEC, including, but not limited to,
Mitek's Annual Report on Form 10-K for the fiscal year ended September 30,
2012 and its subsequent quarterly reports on Form 10-Q and current reports on
Form 8-K, which you may obtain for free on the SEC's website at
http://www.sec.gov. Collectively, these risks and uncertainties could cause
Mitek's actual results to differ materially from those projected in the
forward-looking statements contained herein and you are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the
date hereof. Mitek disclaims any intention or obligation to update, amend or
clarify these forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required under
applicable securities laws.

CONTACT: Press Contact:
         Ann Reichert
         858-309-1730
         pr@miteksystems.com
        
         Investor Information:
         858-309-1780
         ir@miteksystems.com

company logo
 
Press spacebar to pause and continue. Press esc to stop.