BIO-key International, Inc. - BKYI STOCK NEWS

On October 8, 2020, BIO-key International (BKYI) announced its selection by the U.S. Government Services Agency (GSA) to provide its PortalGuard identity and access management solution. This initiative aims to implement secure two-factor authentication for a public-facing communication application, enhancing security for Listserv users. PortalGuard offers various authentication methods, including biometrics and SMS. CEO Mike DePasquale emphasized the importance of stringent security compliance for government agencies.

BIO-key International (BKYI) has been selected by Partners in Health (PIH) to implement its PortalGuard Identity and Access Management (IAM) solution. This initiative aims to resolve PIH's difficulties with password resets and enhance secure access to critical applications for a global, often remote user base. The project initially focused on self-service password resets but expanded to include a single sign-on solution for various enterprise applications. Mark Cochran emphasized the importance of effective IAM in managing healthcare access swiftly and safely.

BIO-key International, Inc. (NASDAQ: BKYI) announced updates on its African business, focusing on Nigeria despite COVID-19 impacts. The company's Nigeria subsidiary is pursuing new revenue opportunities while leveraging existing contracts for secure identity solutions. BIO-key's technology will be deployed in externally funded programs, with ongoing collaborations with the Technology Transfer Institute and local partners. Executives express optimism about growth in the African biometric market, asserting a strong position to capitalize on upcoming projects.

BIO-key International, Inc. (NASDAQ: BKYI) announced that Eastern Florida State College has selected its PortalGuard identity and access management (IAM) solution to enhance security and user experience. The previous IAM system was inadequate, prompting the college to choose BIO-key for its expertise in the educational sector. PortalGuard will facilitate seamless Single Sign-On (SSO) for approximately 30,000 students and staff, allowing for improved password management. The deployment process aims to be completed within two weeks after the procurement decision.

BIO-key International (NASDAQ: BKYI) has announced that its long-time client ICU Medical is expanding the use of BIO-key biometric authentication within its new staff training program. This enhancement aims to streamline check-ins and automate FDA compliance recordkeeping. Since 2005, ICU Medical has utilized BIO-key solutions to improve operations, effectively managing user access without physical tokens. The integration into the iLearning platform is expected to facilitate faster training sign-ins and improve user experience.

BIO-key International, Inc. (NASDAQ: BKYI) issued a statement addressing an inaccurate third-party press release regarding one of its partners, which has been removed. The company warns investors against relying on unverified information and commits to protecting its reputation and interests. BIO-key emphasizes its innovative identity and access management solutions powered by biometrics, which secure access to various platforms. The company is dedicated to safeguarding its economic opportunities following this incident.

BIO-key International (NASDAQ: BKYI) has appointed Kimberly Johnson as the new Vice-President of Product Marketing. Johnson will oversee product marketing strategies and execution, aiming to enhance the growth of the BIO-key PortalGuard IAM solution. With previous experience at GlobalSign, Imprivata, and BitSight, Johnson's expertise in IAM marketing is expected to significantly benefit the company. CEO Michael DePasquale highlighted her role in leading growth efforts for their biometrics products as they explore new markets.

BIO-key International (NASDAQ: BKYI) announced partnerships with three educational institutions to implement their PortalGuard identity and access management solution integrated with Campus.app. This collaboration aims to provide students with secure single-sign-on (SSO) capabilities, password management, and an enhanced digital campus experience, addressing challenges posed by remote learning during the pandemic. The solution is designed for ease of use and administration, enhancing security while improving user accessibility for educational software and resources.

BIO-key International, Inc. (BKYI) reported Q2 2020 results, with revenues declining to $307,000 from $728,000 in Q2 2019, heavily impacted by COVID-19. The company completed a $2.5M acquisition of PistolStar and a $24.8M public offering, enhancing its financial position. Operating losses increased to $1.4M, while gross margin improved to 52% due to the elimination of certain expenses. Despite short-term challenges, BIO-key is optimistic about future opportunities in Africa, despite delays in contracts worth $75M.