Document:

EXHIBIT 10.3

                              INTELLI-CHECK, INC.

THE WALL STREET GROUP, INC.                   Company Contact:  Frank Mandelbaum
32 East 57th Street                                             Chairman
New York, New York 10022                                        (516) 992-1900
(212) 888-4848

FOR IMMEDIATE RELEASE:
---------------------

INTELLI-CHECK COMPLETES $3 MILLION PRIVATE PLACEMENT FINANCING

     Investment Affirms Potential of Company's  ID-CHECK  Technology in Multiple
Markets

WOODBURY,  N.Y.,  March  28,  2003  --  INTELLI-CHECK,   INC.  (AMEX:IDN),   the
acknowledged  leader in advanced  document and age verification  systems and the
developer of proprietary  ID-CHECK(r)  technology,  today  announced that it has
completed  a $3 million  private  placement  consisting  of 30,000  shares of 8%
Convertible  Preferred  Stock at $100 per  share to  Gryphon  Master  Fund LP of
Dallas, Texas.

Frank Mandelbaum,  Chairman and Chief Executive  Officer of Intelli-Check,  said
that the  financing  was  completed on  favorable  terms for the Company and its
shareholders,  with total potential  dilution of  approximately  6%.  "Gryphon's
investment  affirms  the  value  of our  intellectual  property  and the  growth
potential for our ID-CHECK  technology and we are pleased at the confidence that
it has shown in the  Company's  future,"  stated Mr.  Mandelbaum.  "The  funding
strengthens Intelli-Check's financial position at a time when there is a growing
need and  increased  interest  for  ID-CHECK  technology  in a variety of market
sectors," Mr. Mandelbaum added.

Under terms of the  private  placement  agreement,  each  Convertible  Preferred
Share, priced at $100 per share, will pay a dividend yield of 8% payable in cash
semiannually beginning at the six-month anniversary of the closing date. Each of
the  Preferred  Shares may be  converted at the option of the holder at any time
after the closing into approximately 15.15 shares of Common Stock of the Company
(at a conversion  price of $6.60 per share).  In addition,  for each Convertible
Preferred  Share held,  the holder will receive a five-year  warrant to purchase
approximately 3.79 shares of the Company's Common Stock, exercisable at any time
on or before the fifth  anniversary of the closing date, at an exercise price of
$6.78 per share.  The total amount of shares that may be issued upon  conversion
and the exercise of the warrants are 454,545 and 113,636, respectively.

The Company may redeem any or all of the Preferred  Shares at any time after one
year  from the  closing  date at a cash  redemption  price  of $100  per  share,
providing the volume  weighted  average price of the Company's  Common Stock for
any 20 out of 30 consecutive  trading days exceeds $13.20 per share. The Company
is  required  to redeem all  outstanding  Preferred  Shares  five years from the
closing date. The Company also is required to file a Registration  Statement for
the common stock underlying the Preferred Stock and warrants.

This press release shall not constitute an offer to sell or the  solicitation of
an offer to buy nor shall there be any sale of these  securities in any State in
which such offer,  solicitation  or sale would be unlawful prior to registration
or qualification under the securities laws of any such State.

About Intelli-Check, Inc.

Intelli-Check,  Inc.  (www.intellicheck.com)  is a developer  and marketer of an
advanced  state-of-the-art  document  verification system for authenticating the
validity of U.S. and Canadian driver licenses, state-issued identification cards
and military IDs that comply with accepted  standards used as proof of identity.

                                     (MORE)
<PAGE>

Intelli-Check's  multi-purpose ID-CHECK(r) units are fully capable of increasing
security  and  as a tool  that  can be  used  to  deter  terrorism  at  military
installations,   high   profile   buildings,   airports   and   other   critical
infrastructure  and are also an effective tool against  "identity  theft," which
often is  supported  by fake IDs and is the  fastest  growing  crime in the U.S.
ID-CHECK(r)  units enable a user to prevent  economic  loss from  check-cashing,
credit card and various other frauds  utilizing fake IDs and the ID-CHECK(r) and
IDentiScan   units  have  the  ability  to  determine   whether   purchasers  of
age-restricted   products   such  as  alcohol  and  tobacco   meet  minimum  age
requirements for their sale. ID-CHECK(r), with its patented technology, analyzes
and  displays  information  encoded in magnetic  stripes and  barcodes  found on
driver  licenses,   military   identification  and  other  forms  of  state  and
government-issued identification from more than 50 jurisdictions.

Certain statements in this press release constitute  forward-looking  statements
within the meaning of the Private  Securities  Litigation Reform Act of 1995, as
amended.  There is no assurance nor  representation  that this private placement
will lead to additional  sales of ID-CHECK  technology.  Additional  information
concerning  forward  looking  statements is contained  under the heading of risk
factors  listed from time to time in the company's  filings with the  Securities
and  Exchange  Commission.  We do  not  assume  any  obligation  to  update  the
forward-looking information.

                                     # # #

IDN-PPLACE

                                     - 2 -PWWT Contract No. 85502/65504/65505/65506/6507

                                  Ken Wolf [RE]
                                  Marketing & Trading
[LOGO PINNACLE WEST               P.O. Box 53999, M/S 9842
 CAPITAL CORPORATION]             Phoenix, Arizona 85072-399
                                  Telephone: (602) 250-4313
                                  Facsimile: (602) 250-3199

                                  September 4, 2002

CONFIDENTIAL

To: Southern California Water Company

The following terms and conditions shall govern this agreement on September 3,
2002, between David Kolk, on behalf of Southern California Water Company
("SCWC"), and Ken Wolf, on behalf of Pinnacle West Marketing & Trading ("PWMT"),
as follows:

<TABLE>
------------------------------------------------------------------------------------------------------
<S>                                                     <C>
Purchaser: Pinnacle West Capital Corporation            Seller:  Southern California Water Company
           400 N. 5th Street, M/S 9842                           630 E. Foothills Blvd.
           Phoenix, Arizona 55004                                San Dimas, CA 91773-9016

Confirm                                                 Confirm
Administrator:  Tricie Henry                            Administrator:  Raymond P. Juels
                (602) 250-2911 (phone)                                  (909) 394-3800 x 579 (phone)
                (602) 371-5256 (fax)                                    (909) 394-3758 (Fax)
------------------------------------------------------------------------------------------------------
Preschedule:    (602) 250-4371                          Preschedule:     (909) 280-9411
Real Time:      (602) 250-4470                          Real Time:       (909) 280-9411
------------------------------------------------------------------------------------------------------
Price (S/MWh):  $95.00/MWh                              Quantity (MWh):  547.920 MWh
Quantity (MWh): 15 Magawatts                            Type of energy:  CAISO Firm
Start date:     November 1, 2002                        End date:        December 31, 2006
Day(s) of week: Monday through Sunday                   Hours:           H.E. 0100-2400 Pacific
                including NERC holidays                                  Prevailing time ("PPT")

Price (S/MWh):  $48.00/MWh                              Quantity (MWh):  28.992 MWh
Quantity (MWh): 8 Magawatts                             Type of energy:  CAISO Firm
Start date:     November 1, 2002                        End date:        March 31, 2003
Day(s) of week: Monday through Sunday                   Hours:           H.E. 0100-2400 Pacific
                including NERC holidays                                  Prevailing time ("PPT")
Price (S/MWh):  $36.00/MWh                              Quantity (MWh):  28.184 MWh
Quantity (MWh): 8 Magawatts                             Type of energy:  CAISO Firm
Start date:     November 1, 2003                        End date:        March 31, 2004
Day(s) of week: Monday through Sunday                   Hours:           H.E. 0100-2400 Pacific
                including NERC holidays                                  Prevailing time ("PPT")
------------------------------------------------------------------------------------------------------
Delivery Point:    SP15 (Inter SC Trade)
Transmission Contingencies:  None               Generation Contingencies:  None
------------------------------------------------------------------------------------------------------
</TABLE>

                                  Page 1 of 4
<PAGE>

And

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
<S>                                                     <C>
Seller:    Pinnacle West Capital Corporation            Purchaser: Southern California Water Company
           400 N. 5th Street, M/S 9842                             630 E. Foothills Blvd.
           Phoenix, Arizona 55004                                  San Dimas, CA 91773-9016

Confirm                                                 Confirm
Administrator:  Tricie Henry                            Administrator:  Raymond P. Juels
                (602) 250-2911 (phone)                                  (909) 394-3800 x 579 (phone)
                (602) 371-5256 (fax)                                    (909) 394-3758 (Fax)
------------------------------------------------------------------------------------------------------
Preschedule:    (602) 250-4371                          Preschedule:     (909) 280-9411
Real Time:      (602) 250-4470                          Real Time:       (909) 280-9411
------------------------------------------------------------------------------------------------------
Price (S/MWh):  $74.65/MWh                              Quantity (MWh):  811.080 MWh
Quantity (MWh): 15 Magawatts                            Type of energy:  CAISO Firm
Start date:     November 1, 2002                        End date:        December 31, 2006
Day(s) of week: Monday through Sunday                   Hours:           H.E. 0100-2400 Pacific
                including NERC holidays                                  Prevailing time ("PPT")

Quantity (MWh): 8 Magawatts                             Type of energy:  CAISO Firm
Start date:     November 1, 2002                        End date:        December 31, 2008
                Winter Periods                                           Winter Periods
                --------------                                           --------------
                Period 1 - November 1, 2002                              March 31, 2003
                Period 2 - November 1, 2003                              March 31, 2004
                Period 3 - November 1, 2004                              March 31, 2005
                Period 4 - November 1, 2005                              March 31, 2006
                Period 5 - November 1, 2006                              March 31, 2007
                Period 6 - November 1, 2007                              March 31, 2008
                Period 7 - November 1, 2008                              December 31, 2008

Day(s) of week: Monday through Sunday                   Hours:           H.E. 0100-2400 Pacific
                including NERC holidays                                  Prevailing time ("PPT")

------------------------------------------------------------------------------------------------------
Delivery Point:    SP15 (Inter SC Trade)
Transmission Contingencies:  None               Generation Contingencies:  None
------------------------------------------------------------------------------------------------------
</TABLE>

PWMT end SCWC enter mm this Confirmation Agreement (hereinafter the
"Confirmation") pursuant to and in accordance with the Western Systems Power
Pool Agreement, effective as of July 27, 1991 and as further amended on
September 1, 2002 (hereinafter the "Agreement"), to which Pinnacle West Capital
Corporation and Southern California Water Company are Parties, Terms used but
not defined herein shall have the meanings set forth in the Agreement.

In consideration of the premises and the agreements contained herein, the
Parties agree as follows:

1.    PWMT shall supply firm energy in accordance with Service Schedule C of the
      Agreement utilizing available generation or purchased power resources at
      the point of delivery. If, in order to maintain firm energy deliveries.
      PWMT is required to obtain additional generation or transmission
      resources, PWMT shall absorb all additions costs incurred, Including any
      charges for generation, transmission or ancillary services.

                                   Page 2 of 4

<PAGE>

2.    Section C-3M (c) of Service Schedule C is deleted in its entirety and
      replaced with the following:

            "where applicable, to meet Seller's or its Affiliate's public
            utility or statutory obligations to its customers"

            "Affiliate" means, with respect to Seller, any other entity that,
            directly or indirectly, through one or more intermediaries,
            controls, or is controlled by, or is under common control with such
            entity. For this purpose, "control" means the dir3ct or indirect
            ownership of fifty percent (50%) or more of the outstanding capital
            stock or other equity interests having ordinary voting power.

3.    Deliveries will be mad except during interruptions or reductions which are
      due to uncontrollable forces as defined in Section 10 of the Agreement, in
      which case the obligations of both Parties will be reduced for the
      duraiton of the interruption or reduction.

4.    Preschedules shall be exchanged for all deliveries of energy, including
      indentifications of receiving and generating control areas under this
      Confirmation by 11:00 a.m. Pacific prevailing Time on the last work day
      observed by both Parties prior to the scheduled date of delivery.
      Interchange scheduling shall be conducted in accordance with WSPP
      Operating Procedure No. 1.

5.    Neither Party shall transfer or assign all or any part of the Agreement or
      its rights or obligations hereunder or otherwise dispose of any right,
      title or interest herein without the prior written consent of the other
      Party, which consent shall not be unreasonably withheld or delayed.
      Notwithstanding the foregoing, either Party may, without the need for
      consent from the other Party, (a) transfer, pledge, or assign the
      Agreement as security for any financing, (b) transfer, assign or delegate
      the Agreement to any person or entity succeeding to all or substantially
      all of the assets of such party;p provided, however, that any such
      assignee shall agree to be bound by the terms and conditions hereof and,
      provided further, that any transfer, assignment or delegation that does
      not require consent hereunder shall not, in any way, release the assignor
      from liability for full performance of any obligations (and only those
      obligations) arising under the Agreement prior to the effective date of
      the transfer, assignment or delegation. To the extent a transfer does not
      required consent, the transferring Party shall provide prompt notice to
      the other Party of the transfer and the effect date thereof. Any transfer
      in violation of this section shall be deemed null and void. "Affiliate"
      means, with respect to a party, any other entity that, directly or
      indirectly, through one or more intermediaries, controls, or is controlled
      by, or is under common control with such entity. For this purpose,
      "control" means the direct or indirect ownership of fifty percent (50%) or
      more of the outstanding capital stock or other equity interests having
      ordinary voting power.

6.    "CAISO" Firm Energy" means with respect to a Transaction, a product under
      which the Seller shall sell and the PUrchaser shall purchase a quantity of
      energy equal to the hourly quantity without Ancillary Services (as defined
      in the Tariff) that is or will be scheduled as a schedule coordinator to
      schedule coordinator transaction pursuant to the applicable tariff and
      protocol provisions of the California Independent System Operator
      ("CAISO") (as amended from time to time, the "Tariff") for which the only
      excuse for failure to deliver or receive is an "Uncontrollable Force". A
      CAISO "Schedule Adjustment" (defined as a schedule change implement by the
      CAISO that is neither caused by, or within the control of, either Party)
      shall not constitute an Uncommtrollable Force.

If the above accurately reflects the terms and conditions of the agreement
between PWMT and SCWC on September 3, 2002, please sign a copy of this
Confirmation and return it via fax to (602) 371-5256 the PWMT Confirm
Administrator listed above.

                                  Page 3 of 4
<PAGE>

Counterparty's failure to notify PWMT of any exception to these terms or, the
failure to return an executed Confirmation within five (5) business days of
receipt of this Confirmation will constitute Counterparty's agreement to the
terms set forth herein.

PINNACLEWEST CAPITAL CORPORATION          SOUTHERN CALIFORNIA WATER COMPANY

Signature:  /s/ Steven McAdams            Signature:  /s/ Joel A. Dickson
          ----------------------------              ----------------------------
Print Name:     Steven McAdams            Print Name:     Joel A. Dickson
           ---------------------------               ---------------------------
Title:          Contracts Manager         Title:          Vice President
      --------------------------------          --------------------------------
Date:  9/6/02                             Date:  9/11/02
     ---------------------------------         ---------------------------------

                                      WM&T
                                   Contracts
                                   Department
                             By: [ILLEGIBLE] 9/5/02
                                --------------------

                                   Page 4 of 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}]]