Leading Government Defense Ministry Triples Scale of BIO-key Biometric Deployment
08 Agosto 2023 - 9:01AM
BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider
of workforce and customer identity and access management (IAM)
solutions featuring Identity-Bound Biometrics (IBB), announced that
the cybersecurity group of one of the world’s most respected
government defense ministries has significantly expanded its
BIO-key deployment to secure access to information systems.
The most recent purchase order, valued at approximately $340K,
marks the beginning of an expanded deployment of BIO-key technology
into new programs, allowing a total of 22,000 users to experience
convenient and strong authentication for defense ministry IT
systems. This expansion should lead to additional orders as the
solution is more broadly deployed. To date, BIO-key has recognized
over $1.7 million in revenue from this relationship since 2018.
Revenue from the latest order is expected to be recognized in the
Company’s fiscal 2023 third quarter.
BIO-key’s secure biometric authentication platform has been
integrated with the ministry’s virtual desktop (VDI) capabilities
to allow secure VDI-optimized biometric authentication without
phones or tokens. BIO-key worked closely with the ministry’s
cybersecurity team to integrate its state-of-the-art, cloud-enabled
biometric authentication with the ministry’s their authentication
federation platform to deliver more secure, biometric access to
systems and applications across organizational boundaries.
Jim Sullivan, BIO-key’s SVP Strategy and Chief Legal Officer,
said, “The scale of BIO-key’s deployment has grown three-fold over
the last five years, and this expansion is a testament to the
reliability and long-term value delivered by BIO-key’s server-based
biometric solutions. This customer is widely respected for its
cybersecurity expertise and could use any authentication technology
they wanted, so we are honored that they chose BIO-key and continue
to expand the use of our software."
About BIO-key International,
Inc. (www.BIO-key.com)BIO-key is revolutionizing
authentication and cybersecurity with biometric-centric,
multi-factor identity and access management (IAM) software managing
millions of users. Its cloud-based PortalGuard IAM solution
provides cost-effective, easy-to-deploy, convenient, and secure
access to devices, information, applications, and high-value
transactions. BIO-key's patented software and hardware solutions,
with industry-leading Identity-Bound Biometric (IBB) capabilities,
enable large-scale Identity-as-a-Service (IDaaS) solutions, as well
as customized on-premises solutions.
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
Swivel Secure into our business; fluctuations in foreign currency
exchange rates; 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 "Risk Factors" in our
Annual Report on Form 10-K for the year ended December 31, 2022 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, we undertake 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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https://www.linkedin.com/company/bio-key-international |
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Investor Contacts:William Jones, David
CollinsCatalyst IRBKYI@catalyst-ir.com212-924-9800
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