Imageware Board of Directors Engages Imperial Capital to Conduct Strategic Review
Imageware (OTCQB: IWSY) announced the retention of Imperial Capital for a strategic review aimed at maximizing shareholder value. This move follows a transformation process by the company to enhance its biometric identification products and strengthen its market position. The Chair and CEO, Kristin Taylor, highlighted increased interest in Imageware's services, including biometrics for government use and a blockchain identity management platform. The board sees significant growth opportunities but cautions that the review may not lead to any specific transactions.
- Retention of Imperial Capital for strategic review could lead to enhanced shareholder value.
- Company has undergone significant transformation, rebuilding key products.
- Increased interest in Imageware's biometric solutions from federal governments.
- Talented team driving innovation in biometric technologies.
- Uncertainty around outcomes of the strategic review, which may not result in transactions.
- Market competition in the biometric sector remains high.
SAN DIEGO, Aug. 16, 2021 /PRNewswire/ -- Imageware® (OTCQB: IWSY) ("Imageware" or "the Company"), a leader in biometric identification and authentication, today announced that its Board of Directors has retained Imperial Capital, a leading investment bank with significant expertise in the security sector, to initiate a review of available strategic alternatives to maximize shareholder value for the Company.
"Imageware has been undergoing a comprehensive transformation process, rebuilding and creating products that will drive the company's value and increase market share in enterprises as well as federal, state and local government," said Company Chair, President, and CEO Kristin Taylor. "We've received considerable inbound interest over the past few months relating to Imageware's three decades of experience in providing federal governments with biometric authentication as well as our work in building a biometric blockchain identity management platform."
"Imageware has enhanced its core biometric engine, rebuilt its enterprise multi-factor authentication (MFA) product and revamped its original law enforcement platform. These initiatives have been major builds, performed by a talented team of engineers and supporting staff. We also continue to be one the most cited companies in IP for biometrics, by the likes of some of the largest corporations in the world."
"The board sees great opportunity to continue to transform this company and rapidly accelerate growth in the long term. To help maximize our future potential, we have determined that a strategic review should be conducted. Now is the time for biometrics, and Imageware is in prime position to help lead and change this market given its rich past and talented team who have transformed the company over the past 18 months."
Imageware does not expect to disclose further developments relating to the strategic review process, unless and until its Board of Directors has approved a specific transaction, otherwise concludes the review of strategic alternatives or determines that further disclosure is appropriate. There can be no assurance the process will result in the Company pursuing a particular transaction or consummating any such transaction.
About Imageware®
Imageware identifies, verifies and authenticates who people are, not just what keys and codes they have. Our Cloud-based, multimodal biometric solutions provide faster, accurate identification to better secure communities, data and assets. Imageware solutions are trusted globally by government agencies, law enforcement and private enterprises. Imageware: Identity with Biometric Certainty. For more information, please visit www.imageware.io.
Forward-Looking Statements
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "if," "should" and "will" and similar expressions as they relate to Imageware are intended to identify such forward-looking statements. Imageware may from time to time update publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. Factors that may cause the projections to change or differ may include, but are not limited to, the ability to of the Company to continue to grow revenue, the ability to decrease operating expenses and continue to grow profit margins, and the Company's ability to continue to achieve positive cash flow given the Company's existing and anticipated operating and other costs. For a discussion of additional risks and uncertainties, see "Risk Factors" in Imageware's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.
Media Contact:
Theresa Hernandez
Imageware
thernandez@imageware.io
Investor Contact:
Tom Colton
Gateway Investor Relations
949-574-3860
IWSY@gatewayir.com
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SOURCE ImageWare Systems, Inc.
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