BIO-key Provides Update on African Business Opportunities
September 08 2020 - 7:57AM
BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider
of identity and access management (IAM) solutions powered by
biometrics, today provided an update on its Africa business and
pending opportunities.
Though the African continent, and particularly Nigeria, has been
hard-hit by the COVID-19 epidemic, BIO-key’s African subsidiary in
Nigeria is maximizing new and existing revenue opportunities while
aligning appropriate investments with expected returns. BIO-key’s
two largest African opportunities are externally funded programs
which will use BIO-key software and hardware technologies to secure
identities across the country. As reported on recent investor
conference calls, BIO-key remains prepared to provide its
technology through Technology Transfer Institute (TTI) and other
consortium partners as the country resumes commercial activity.
Anthea Arnasalam, Chairwoman of TTI, advised, “We are moving
forward as a collaborative partnership, including BIO-key as a
named party and provider of technology in our current contracts to
deliver secure identity solutions to the Nigerian market. We are
delighted to work with the innovative team at BIO-key and to pursue
this growing market together.”
Akintunde Carlton Jeje, BIO-key Managing Director - Africa
commented, “Given the significant impact of COVID-19 across Africa,
we are actively engaged with the consortium of contract partners to
confirm their plans, requirements and timeframes in light of the
economic conditions in the region. Discussions continue with the
partner network, as well as with government agencies to initiate
and deliver these mission-critical programs. As the country
reopens, we stand ready to begin delivering our technology in the
coming months.”
“The opportunity for secure identification including biometrics
in Africa remains significant. Through our Africa subsidiary,
growing partner network and strong balance sheet, we are
well-positioned to take advantage of those opportunities across the
continent,” stated Manny Alia, BIO-key Board of Directors
member.
Michael W. DePasquale, BIO-key Chairman and CEO, stated, ”We are
very excited to start our contracts in Africa and have staged
funding in Nigeria for BIO-key Africa to build the vital
infrastructure to support revenue opportunities with TTI and our
consortium partners.”
BIO-key will continue to update on our Africa initiatives as new
information is available.
About BIO-key International, Inc.
(www.bio-key.com)
BIO-key is revolutionizing authentication with biometric
centric, multi-factor identity and access management (IAM)
solutions, including its PortalGuard IAM solution, that provide
convenient and secure access to devices, information, applications
and high-value transactions. BIO-key’s proprietary software and
hardware solutions, with industry leading biometric capabilities,
enable large-scale on-premise and Identity-as-a-Service (IDaaS)
solutions as well as customized enterprise and cloud solutions.
About Technology Transfer Institute Inc.
Technology Transfer Institute believes in the power of locally
owned and operated startups to transform the way technology serves
people. We are a team of professionals, executives, entrepreneurs,
community and government leaders, working to increase financial and
entrepreneurial opportunities for citizens of all developing
countries and communities.
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 raise
additional capital; 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; security
breaches; competition in the biometric technology industry; market
acceptance of biometric products generally and our products under
development; our ability to execute and deliver on contracts in
Africa; our ability to expand into Asia, Africa and other foreign
markets; our ability to integrate the operations and personnel of
PistolStar into our business; the duration and severity of the
current coronavirus COVID-19 pandemic and its effect on our
business operations, sales cycles, personnel, and the geographic
markets in which we operate; 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, 2019 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. Additionally, there may be other factors of which the
Company is not currently aware that may affect matters discussed in
forward-looking statements and may also cause actual results to
differ materially from those discussed. In particular, the
consequences of the coronavirus outbreak to economic conditions and
the industry in general and the financial position and operating
results of our company in particular have been material, are
changing rapidly, and cannot be predicted.
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Investor & Media
ContactsWilliam Jones, David CollinsCatalyst
IR212-924-9800bkyi@catalyst-ir.com
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