SmartMetric, the Maker of Biometric Credit Cards, Updates Its Manufacturing Timetable

Rhea-AI Summary

SmartMetric, Inc. (OTCQB: SMME) is addressing recent delays in launching its innovative biometric payments card due to supply chain challenges. The company reports it is on track to commence production soon from its East Asia facility. The recent change in government policy easing factory shutdowns is expected to boost manufacturing stability. SmartMetric is also expanding card manufacturing capabilities to the United States to mitigate future risks. The biometric card aims to penetrate the substantial chip-based credit card market, which saw 10.8 billion chip cards issued globally by the end of 2020.

Positive

• On track to commence production of biometric payments card.
• Recent government policy change supports manufacturing stability.
• Expanding manufacturing to the United States enhances operational resilience.
• Potential access to a large market with 10.8 billion EMV chip cards issued globally.

Negative

• Ongoing supply chain issues have caused significant delays.
• Dependence on overseas manufacturing could still pose risks.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTCQB: SMME), having been confronted with a continuity of delays and obstacles in component delivery along with physical issues with supply chain and component manufacturing, is pleased to inform that while it has experienced delays, it is on track to imminently have its new biometric payments card come out of its factory in East Asia.

SmartMetric Biometric Credit Card Circuit Board (Photo: Business Wire)

Due to the plethora of delays mainly attributed to supply chain issues coupled with factory shut downs, SmartMetric welcomes the change in Government policy where our electronics are assembled to no longer force factory shutdowns. This will allow SmartMetric to move forward with greater certainty in its product manufacturing.

Going forward, SmartMetric has taken steps to onboard card manufacturing in the United States, while at the same time keeping in place its Far East high-volume capacity. SmartMetric with its overseas factory is able to produce a million cards a month. With additional relationships in the USA, the company will be able to ensure protection from any future manufacturing disruption while at the same time increase its unit monthly production capabilities.

The SmartMetric biometric credit card solution is without a doubt without peers in the world of biometric cards. Years of research and development, with a clear objective of creating a best-in-class biometric card solution with a user centric focus, has given SmartMetric an unbelievable new credit card category product.

“Bringing a brand-new type of credit card into existence and that meets the approval and licensing requirements of the credit card industry is no small feat. However, we are excited with the incredible prospects for the company as we move forward with our amazing next generation credit card with its built-in biometric fingerprint security,” said SmartMetric’s President and CEO, Chaya Hendrick.

SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo reveal that by year end of 2020, 10.8 billion EMV chip cards have been issued by financial institutions and were in global circulation – a massive increase of nearly 1 billion credit and debit EMV^® cards compared to the previous twelve months.

To view the company website: www.smartmetric.com

Safe Harbor Statement: Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Also such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, if we are unable to access the capital necessary to fund current operations or implement our plans for growth; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Investors and security holders are urged to carefully review and consider each of SmartMetric Inc. public filings with the SEC, including but not limited to, if applicable, Annual Reports on Form 10-K, proxy statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230203005406/en/

SmartMetric, Inc.

Chaya Hendrick

Tel: (702) 990-3687 or (305) 607-3910

ceo@smartmetric.com

www.smartmetric.com

Source: SmartMetric, Inc.

FAQ

What recent challenges has SmartMetric, Inc. (SMME) faced in production?

SmartMetric has faced delays primarily due to supply chain issues and factory shutdowns.

How is SmartMetric, Inc. (SMME) addressing its production delays?

The company is moving forward with production and expanding its manufacturing capabilities to the United States.

What changes in government policy affect SmartMetric, Inc. (SMME)?

The change in government policy has eased restrictions on factory shutdowns, aiding stability in manufacturing.

How many EMV chip cards were issued globally by the end of 2020?

By the end of 2020, 10.8 billion EMV chip cards were issued globally.