BIO-key Secures more than $10M in Orders for its Biometric Security Software
November 15 2018 - 8:01AM
BIO-key International, Inc. (Nasdaq: BKYI), an
innovative provider of biometric software and hardware solutions
for strong and convenient user authentication, announced today that
it has secured in excess of $10 million in orders for its biometric
authentication platform from two Hong Kong based companies focused
on the technology and financial services industries in Asia.
The solution based on BIO-key’s WEB-key biometric security
platform will allow users to consummate secure transactions on
mobile devices and employees to securely access company
information. The orders take advantage of mobile security
technology previously licensed. BIO-key expects to record
approximately $5M in license revenue in the current quarter ending
December 31st, 2018, and the balance in the next 12 months.
BIO-key’s secure, flexible authentication
platform allows customers to choose between securely managing
biometric credentials centrally or on-device, enabling a portable
biometric user experience. BIO-key’s unique interoperable software
supports over 40 different scanners, including most integrated
fingerprint scanners found in enterprise laptops and tablets. If
legacy devices lack a scanner, customers can utilize BIO-key’s
high-quality, value-priced, USB fingerprint scanner products widely
available via Microsoft, Amazon, Dell.com and BIO-key’s
International distribution partners and retailers. Also, with
the addition of its licensed mobile “plug in” BIO-key is providing
a multi-factor security solution that can be used on a mobile
device with Windows, Android or Apple iOS.
“Since starting operations in the Asia Pacific
Region in 2016 we are pleased to have closed the first orders that
will utilize our software for multi-factor authentication,” stated
Mike DePasquale, Chairman & CEO of BIO-key. “It has
been our goal and objective to open the Asian markets through our
operations in Hong Kong and China and this is the first step in
addressing enterprise and consumer security in one of the fastest
growing regions of the world”.
About BIO-key International, Inc.
(www.bio-key.com) BIO-key is
revolutionizing authentication with biometric solutions that enable
convenient and secure access to devices, information, applications
and high-value transactions. BIO-key’s software and hardware finger
scanning solutions offer secure, user-friendly and attractively
priced alternatives to passwords, PINs, tokens and security cards,
enabling enterprises and consumers to secure their networks and
devices as well as their information in the cloud.
Now BIO-key’s TouchLock line of
fingerprint and Bluetooth-enabled padlocks brings the security and
ease of use of biometric technology to your home, office, school,
gym or pastimes. Available at a growing base of retail and e-tail
outlets and via www.shopbio-key.com, these
innovative padlocks provide even more ways to “BIO-key your
world.”
BIO-key Safe Harbor Statement
All statements contained in this press release
other than statements of historical facts are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995 (the "Act"). The words "estimate," "project,"
"intends," "expects," "anticipates," "believes" and similar
expressions are intended to identify forward-looking statements.
Such forward-looking statements are made based on management's
beliefs, as well as assumptions made by, and information currently
available to, management pursuant to the "safe-harbor" provisions
of the Act. These statements are not guarantees of future
performance or events and are subject to risks and uncertainties
that may cause actual results to differ materially from those
included within or implied by such forward-looking statements.
These risks and uncertainties include, our history of losses and
limited revenue, our ability to raise additional capital, our
ability to protect our intellectual property, market acceptance of
biometric products generally and our products under development,
our ability to market our consumer products changes in business
conditions, changes in our sales strategy and product development
plans, changes in the marketplace, continued services of our
executive management team, security breaches, competition between
us and other companies in the biometric technology industry, delays
in the development of products and statements of assumption
underlying any of the foregoing. . For a more complete
description of these and other risk factors that may affect the
future performance of BIO-key International, Inc., please see the
section entitled "Risk Factors" in the Company's Annual Report on
Form 10-K for the year ended December 31, 2017 and its other
filings with the Securities and Exchange Commission. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date made. Except as
required by law, the Company undertakes no obligation to disclose
any revision to these forward-looking statements.
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Investor & Media
ContactsWilliam Jones, Tanya KamatuCatalyst
Global212-924-9800bkyi@catalyst-ir.com
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