International Defense Ministry Continues Expansion of BIO-key Biometric Solutions with Multiple Six-Figure Orders
BIO-key International (BKYI) announced significant growth in product revenue, rising from $257K to nearly $1.4M. The company reported two follow-on orders totaling nearly $500K from a renowned international defense ministry, expanding their biometric authentication solutions. This deployment enhances security for Microsoft applications through biometric single sign-on, demonstrating the efficacy of BIO-key's technology. The ministry's repeated orders reflect their satisfaction with BIO-key's services, indicating a strong partnership and ongoing demand.
- Product revenue increased from $257K to nearly $1.4M.
- Follow-on orders from a leading defense ministry total nearly $500K.
- Deployment of biometric solutions enhances security for Microsoft applications.
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Initial Product Revenue of
WALL, N.J., March 31, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of biometric authentication and security solutions, today announced it has fulfilled a pair of significant follow-on orders from a leading international defense ministry as part of a major expansion of their BIO-key deployment, initially reported in January of 2018.
After originally being referred to BIO-key by Microsoft’s Windows Core Security and Identity Management Team, the ministry’s technology team evaluated and selected WEB-key, BIO-key’s core biometric software engine, to integrate for strong authentication with Microsoft Windows Active Directory Federation Services (ADFS), delivering biometric single sign-on access control to secure shared files, Microsoft Office applications and Outlook. After successful initial deployment and operation, the ministry has placed multiple follow-on orders, including two in the last 90 days totaling nearly half a million dollars, adding more BIO-key software and hardware to provide secure access by thousands of additional users at thousands more workstations.
“We take particular pride in follow-on orders from our customers because it means we are helping them with their mission as it evolves,” stated Jim Sullivan, BIO-key Senior Vice President, Strategy, Compliance and Chief Legal Officer. “This particular customer is globally recognized for its cutting-edge cyber-security expertise. We were delighted that such a capable and prestigious technology team determined that BIO-key met their security and scalability requirements and have now made several follow-on investments to grow their BIO-key user base. The true test of a product is whether it works for customers after the first deployment so they become repeat customers.” added Sullivan.
About BIO-key International, Inc. (www.bio-key.com)
BIO-key streamlines secure connections between people and the applications they use to get things done. BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions. Its PortalGuard IAM solution provides convenient and secure access to devices, information, applications, and authorization for high-value transactions. BIO-key's patented 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.
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, 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; 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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FAQ
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