BIO-key Launches ‘BIO-key Africa’ Subsidiary to Pursue Large, High-Growth Biometric Security Opportunity Across the Conti...
November 19 2019 - 1:58AM
BIO-key International, Inc. (Nasdaq: BKYI), an innovative provider
of biometric identity, authentication and security solutions, today
announced the launch of BIO-key Africa, its new African subsidiary
based in Nigeria. Dr. Maduawuchi “Steve” Uwazie, a veteran
software and technology executive known and respected across
Africa, has been named Managing Director to lead the subsidiary.
BIO-key Africa will manage marketing and sales, government
relations, and new product development for the African market,
including products specifically tailored for the market’s needs.
Biometric Opportunities Across AfricaAfrica
continues to see broadening engagement and activity in the area of
biometrics and digital ID across the continent. Areas of
opportunity include pensioner benefits, national identity and
border security, SIM card registrations, as well as banking and
mobile payment solutions. One recent example of the size and
potential for biometric solutions in Africa is The World Bank’s
recent approval of $433M (USD) in funding for a Nigerian biometric
national ID registration program.
BIO-key CEO Michael DePasquale commented, “In our view, Africa
represents one of the greatest opportunities for biometric security
solutions in the world today. Though we have conducted business in
Africa for years, BIO-key Africa serves as a local platform for
pursuing opportunities across this vast continent. To lead this
effort, we are proud to announce the appointment of Dr. Steve
Uwazie as Managing Director of BIO-key Africa. Steve brings decades
of relevant experience and has already been extremely valuable in
building our footprint of relationships and opportunities in
Africa, including the signing of Technology Transfer Institute
(TTI) of Africa as a Channel Alliance Partner. Steve has also
helped to develop a number of other significant opportunities, some
of which we hope to have more to say about over the next few
months.”
Dr. Uwazie noted, “BIO-key is a leader in the field of biometric
security and authentication with powerful, proven algorithms,
software and hardware technology, a growing base of customers and
partners and decades of experience. It is both an honor and
extremely exciting to lead their efforts in Africa. Biometric
solutions can address some of the most pressing, large scale
security and authentication challenges faced by both government and
enterprise across Africa, and do so on a very efficient and cost
effective basis. I am grateful that BIO-key is expanding their
commitment to the African market and will hire and train local
talent to specialize in this critical technology.
“Our main goal is to provide new innovative solutions and the
latest biometric technology to meet the standards required by
government and private corporations alike. BIO-key Africa will
offer best-in-class after-sales support, as well as application and
data management support for customers. With planned investment in a
local sales and service organization, as well as our drive to
advance biometric solutions, we aspire to be a contributing force
to streamlined, efficient and effective public strategies and
top-grade corporate security solutions."
Africa is Open for BusinessAfrica has a GDP of
$3.2T (USD) and a population of 1.2 billion. Earlier this year
Nigeria formally joined the African Continental Free Trade Area
(CFTA), the largest free trade area in the world, comprised of 54
of 55 African Union nations. The CFTA seeks to spur intra-African
trade through cooperation and new policies, such as plans to cut
tariffs on goods from member countries. The CFTA is expected to
boost intra-African trade within the bloc as much as 60% by 2022
according to the African Union.
Background on Dr. UwazieDr. Uwazie brings
extensive experience in building and managing software and
technology businesses in Africa, having started his career at IBM
in New York in 1984. He returned to Africa and in the mid-to-late
1990s he managed a team that redesigned the human resources system
for IBM South Africa, opened and managed a regional IBM office in
Nairobi, Kenya and managed the launch of IBM West Africa and an IBM
distribution center in Lagos, Nigeria. In 2001, Dr. Uwazie
founded an IT services company, Net Solutions Limited, to sell,
source and implement Internet solutions for enterprise clients
across all sectors. There he forged business partnerships with
Cisco, HP, IBM, Microsoft and Oracle and opened and managed
branches in Lagos, Abuja and Port Harcourt. Dr. Uwazie graduated
from Fordham University and Pratt Institute, both in New York
City.
About BIO-key International, Inc.
(www.bio-key.com)BIO-key
is revolutionizing authentication [and identity access management]
with biometric solutions that enable convenient
and secure access to information and high-stakes transactions. We
offer software-based alternatives to passwords, PINs, tokens, and
cards to make it easy for enterprises and consumers to secure their
devices as well as information in the cloud. Our premium
finger scanning devices offer market-leading
quality, performance and price – providing more ways to BIO-key
your world!
BIO-key Safe Harbor StatementAll 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,
without limitation, our history of losses and limited revenue; our
ability to protect our intellectual property; changes in business
conditions; changes in our sales strategy and product development
plans; changes in the marketplace; continued services of our
executive management team; competition in the biometric technology
industry; market acceptance of biometric products generally and our
products under development; our ability to expand into Asia, Africa
and other foreign markets; delays in the development of products
and statements of assumption underlying any of the foregoing as
well as other factors set forth under the caption see "Risk
Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2018 and 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 whether as a result of new information, future events,
or otherwise.
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Investor & Media ContactsWilliam Jones,
David CollinsCatalyst IR212-924-9800bkyi@catalyst-ir.com
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