Imageware Provides Corporate Update and Plans for Conference Call

Rhea-AI Summary

Imageware (OTCQB: IWSY) provided a corporate update on Nov. 30, 2021, highlighting Imperial Capital's ongoing strategic review aimed at maximizing shareholder value. The company has filed its Q3 2021 report with the SEC and announced the first sale of its Law Enforcement 2.0 SaaS platform, anticipated to go live soon. However, cash reserves declined to $1.7 million from $8.3 million year-over-year. With a revamped leadership team and market strategies, Imageware aims for improved operating results in upcoming quarters.

Positive

• Completed the first official sale of the Law Enforcement 2.0 SaaS platform.
• Management implements revamped go-to-market strategies.
• Improved senior leadership team in place.

Negative

• Cash reserves decreased significantly from $8.3 million to $1.7 million year-over-year.

SAN DIEGO, Nov. 30, 2021 /PRNewswire/ -- Imageware® (OTCQB: IWSY) ("Imageware" or "the Company"), a leader in biometric identification and authentication solutions, today provided a corporate update.

Recent Highlights

• Imperial Capital continues to review strategic alternatives to maximize shareholder value for the Company.
• Filed form 10-Q with the SEC for the three months ended September 30, 2021.

Management Commentary

"We continue to work with Imperial Capital as they review strategic alternatives for the company. In our review process, all options remain on the table including the sale of certain assets, strategic partnerships, and sale of Imageware," said Company Chair, President, and CEO Kristin Taylor. "We believe our sales and marketing efforts should begin translating into new sales later this year. We also recorded the first official sale for our Law Enforcement 2.0 SaaS platform, and we anticipate going live with this new product in the coming months. With an improved senior leadership team, revamped go-to-market strategies, and new product launches on the horizon, Imageware is well-positioned for the coming quarters, which should translate to incrementally improved operating results going forward."

At quarter-end, the Company had $1.7 million in cash and cash equivalents, compared to $8.3 million on December 31, 2020.

Conference Call

Imageware management will hold a conference call during the week of December 6, 2021 to provide a corporate update. Details for the event will be provided at a later date.

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 Relations:

Brian M. Prenoveau, CFA
MZ North America
+1-561-489-5315
brian.prenoveau@mzgroup.us

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SOURCE ImageWare Systems, Inc.

FAQ

What are Imageware's strategic plans for shareholder value enhancement in 2021?

Imageware is collaborating with Imperial Capital to explore strategic alternatives, including potential asset sales and partnerships.

When did Imageware file its latest financial report?

Imageware filed its form 10-Q for the three months ending September 30, 2021.

What is unique about Imageware's Law Enforcement 2.0 SaaS platform?

It leverages multimodal biometric solutions for identification and authentication, enhancing security for law enforcement.

What is the current cash position of Imageware as of Q3 2021?

As of Q3 2021, Imageware reported $1.7 million in cash and equivalents, down from $8.3 million the previous year.

When will Imageware hold a conference call for updates?

Imageware management plans to hold a conference call during the week of December 6, 2021.