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BIO-key International, Inc. (OTCQB: BKYI) is a leading provider of biometric software and hardware authentication solutions for enterprises and consumers alike. Established in 1993, BIO-key has become a trusted name, servicing diverse sectors including Fortune 500 companies, government agencies, healthcare organizations, call centers, schools, retailers, and OEM partners.
BIO-key's product portfolio includes advanced fingerprint biometric identification and identity verification technologies, with popular offerings such as SideSwipe, SidePass, EcoID, and WEB-key. The company's innovative solutions ensure secure and seamless access management, making them a preferred choice for high-security requirements.
In 2016, BIO-key introduced a series of compact fingerprint readers designed for compatibility with Windows Hello. These readers are not only affordable but also easy to install and use, available through major retailers like Amazon, Microsoft, and Dell.com. The company further expanded its consumer reach by launching a series of biometric padlocks at the Consumer Electronics Show in 2017. Their product, TouchLock, received significant acclaim, being featured on over 30 morning television shows.
BIO-key continues to innovate with its 'Biometric of Things' (BoT) initiative, aiming to create a range of biometrically enabled, consumer-friendly products. The company’s focus on the power of a touch drives their mission to enhance security and user experience across various applications.
Financially, BIO-key generates revenue through services, license fees, and other streams. The company remains committed to partnerships and collaborations that expand their market presence and technological capabilities.
One notable partnership is with Humanity International Investments, under the chairmanship of His Highness, Sheikh Marwan bin Mohamed bin Rashid Al Maktoum. This strategic collaboration has led to the launch of the Humanity Protocol, a blockchain-based economic empowerment initiative. The project leverages BIO-key’s biometric palm scan technology to authenticate identities, enabling individuals, particularly in Africa, to claim their digital footprint through Non-Fungible Tokens (NFTs). With over 15,000 palm scans and plans to verify more users, the initiative marks a significant step forward in integrating biometric technology with blockchain for identity verification.
Overall, BIO-key International, Inc. is at the forefront of revolutionizing digital identity and access management, ensuring secure, user-friendly authentication solutions for millions worldwide.
BIO-key International, Inc. (NASDAQ: BKYI) announced it received a continued listing deficiency notice from Nasdaq due to its share price not meeting the $1.00 minimum requirement for 30 consecutive trading days. This notification, issued on January 13, 2023, does not immediately affect its Nasdaq listing. BIO-key has until July 11, 2023, to regain compliance by maintaining a share price above $1.00 for ten consecutive days. If unsuccessful, BIO-key may qualify for a further 180-day extension if it meets certain criteria. The company remains optimistic about its revenue growth and customer pipeline, as stated by CEO Mike DePasquale.
BIO-key International (NASDAQ: BKYI) announced that National Louis University has chosen its PortalGuard IDaaS platform to enhance security and user experience for accessing institutional applications. The implementation aims to replace a legacy system and improve cybersecurity compliance across multiple campuses, including remote access. The solution offers flexible multi-factor authentication to combat cyber threats. Mark Cochran, President of BIO-key, highlighted the importance of effective IAM solutions for higher education institutions facing increasing cyber vulnerabilities.
BIO-key International, Inc. (BKYI) has been selected by Orleans County, NY, for its PortalGuard IDaaS platform to enhance data security amidst rising ransomware threats. The county sought a cost-effective multi-factor authentication solution that avoids personal phone usage and high user costs. BIO-key's biometric solution will improve security for Microsoft Windows access and fulfill cyber insurance requirements. The platform offers features like Multi-Factor Authentication and Self-service Password Reset, ensuring a user-friendly experience while addressing security challenges.
BIO-key International, Inc. (NASDAQ: BKYI) announced key management appointments effective January 3, 2023, with Galen Rodgers as VP of Channels and Chad Carter as VP of North America Sales. These moves precede the planned retirement of Chief Revenue Officer Fred Corsentino. Rodgers brings over 20 years of experience in cybersecurity and channel sales, previously managing significant revenue at Ping Identity. Carter has over 25 years in security and networking, recently overseeing sales at Wallix. CEO Michael DePasquale emphasized the importance of these appointments in driving revenue growth in North America.
BIO-key International, Inc. (BKYI) announced a $2.2M secured promissory note with AJB Capital Investments LLC, bearing 10% interest for six months. The funding aims to bolster general working capital. CEO Michael DePasquale expressed confidence in the company’s outlook for 2023, highlighting anticipated SaaS revenues of $7M and a strong customer pipeline. The note includes provisions for a commitment fee paid in shares and a warrant for stock purchase. A registration statement for resale of shares will be filed within 180 days.
BIO-key International, Inc. (BKYI) announced a strategic partnership with Progreso Networks & Security Pte. Ltd. to deliver Identity and Access Management (IAM) solutions across Southeast Asia. This partnership leverages BIO-key's PortalGuard platform, which provides multi-factor authentication and identity-bound biometric solutions. Progreso, with strong expertise in cybersecurity, aims to replicate BIO-key's success in new markets. The collaboration comes at a time when there's a significant demand for cybersecurity solutions in the Asia-Pacific region, addressing the shortage of professionals in the field.
BIO-key International (NASDAQ: BKYI) has announced a strategic partnership with TD SYNNEX Public Sector to deliver its advanced identity and access management solutions, including PortalGuard, to government agencies across various levels. This collaboration aims to enhance cybersecurity measures amid increasing threats targeting government organizations. TD SYNNEX's extensive network of government resellers will facilitate the distribution of BIO-key's Identity-Bound Biometrics solutions, addressing the critical need for secure IAM solutions in the public sector.
BIO-key International (NASDAQ: BKYI) has been selected by Citrus and Sumter Counties in Florida to implement its PortalGuard platform, aimed at enhancing security and compliance for county elections. The increasing cybersecurity threats faced by public sectors necessitated this decision, with BIO-key's solutions offering robust identity and access management (IAM) capabilities. PortalGuard's multi-factor authentication combines convenience with stringent security protocols, positioning BIO-key as a key player in safeguarding important data.
BIO-key International, Inc. (Nasdaq: BKYI) reported a 6% revenue increase to $1.4M for Q3 2022 and a 26% year-to-date revenue rise to $5.3M, driven by software licenses and service fees. However, lower hardware sales impacted growth. The company expanded its global presence, securing customers in various sectors, while also launching the Mobile Authenticator App. Yet, they projected slower than expected sales, adjusting full-year revenue expectations to $7M-$9M. Operating expenses surged to $3.3M, leading to a net loss of $2.4M. Despite challenges, they remain optimistic about future growth and market opportunities.
BIO-key International (NASDAQ: BKYI) announced a conference call on November 15th, 2022, at 10 a.m. ET to review its Q3 results, which will be released on November 14th after market close. The call will feature key management members, including CEO Mike DePasquale and CFO Cecilia Welch. The company specializes in identity and access management (IAM) solutions, leveraging Identity-Bound Biometrics (IBB) technology for large-scale identity solutions. The updated audio replay code for the conference call is 8070313.
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