Leading Government Defense Ministry Awards BIO-key $500K In Follow-On Orders for Biometric User Authentication
10 Septiembre 2024 - 7:27AM
BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider
of workforce and customer identity and access management (IAM)
solutions featuring Identity-Bound Biometrics (IBB) for phoneless,
tokenless, passwordless and phish-resistant authentication
experiences, announced that one of the world’s most respected
government defense ministries has awarded BIO-key over $500K in new
orders for BIO-key’s biometric user authentication solution
pursuant to a three-year purchasing agreement.
The defense ministry continues to expand its deployment of
BIO-key’s biometric authentication solution into new programs and
user scenarios, delivering convenient phoneless, tokenless and
passwordless authentication access to digital services for over
33,000 users. BIO-key expects additional awards in future periods
as the defense ministry expands the use of its solution to
additional defense ministry personnel.
BIO-key’s secure biometric authentication platform has been
integrated with the ministry’s virtual desktop infrastructure (VDI)
capabilities to allow secure VDI-optimized biometric authentication
without requiring phones or tokens. BIO-key has worked closely with
the ministry’s cybersecurity team to integrate its
state-of-the-art, cloud-enabled biometric authentication with the
ministry’s authentication federation platform to deliver advanced,
secure biometric access to systems and applications across
organizational boundaries. Because BIO-key credentials are the
individual themselves, access cannot be shared, delegated, phished
or forgotten.
Jim Sullivan, BIO-key’s SVP Strategy and Chief Legal Officer,
said, “BIO-key’s relationship with this innovative customer
continues to expand, as does interest from the defense vertical in
general. This is one of the most discriminating buyers of security
technology worldwide. It is an honor to be trusted to provide the
highest level of security possible by biometrically ensuring only
the right user accesses the most sensitive information. BIO-key has
a long history providing secure, robust solutions in government,
defense, finance, retail and other highly-regulated industries, and
we are finding that our superior user experience and cost-saving
tokenless solution translates well to enterprise
authentication."
About BIO-key International,
Inc. (www.BIO-key.com)BIO-key is revolutionizing
authentication and cybersecurity with biometric-centric,
multi-factor identity and access management (IAM) software securing
access for over thirty-five million users. BIO-key allows customers
to choose the right authentication factors for diverse use cases,
including phoneless, tokenless and passwordless biometric options.
Its hosted or on-premise PortalGuard IAM solution provides
cost-effective, easy-to-deploy, convenient, and secure access to
computers, information, applications, and high-value
transactions.
BIO-key Safe Harbor Statement
All statements contained in this press release
other than statements of historical facts are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995 (the "Act"). The words "estimate," "project,"
"intends," "expects," "anticipates," "believes" and similar
expressions are intended to identify forward-looking statements.
Such forward-looking statements are made based on management's
beliefs, as well as assumptions made by, and information currently
available to, management pursuant to the "safe-harbor" provisions
of the Act. These statements are not guarantees of future
performance or events and are subject to risks and uncertainties
that may cause actual results to differ materially from those
included within or implied by such forward-looking statements.
These risks and uncertainties include, without limitation, our
history of losses and limited revenue; our ability to raise
additional capital to satisfy working capital needs; our ability to
continue as a going concern; our ability to protect our
intellectual property; changes in business conditions; changes in
our sales strategy and product development plans; changes in the
marketplace; continued services of our executive management team;
security breaches; competition in the biometric technology
industry; market acceptance of biometric products generally and our
products under development; our ability to convert sales
opportunities to customer contracts; our ability to expand into
Asia, Africa and other foreign markets; our ability to integrate
the operations and personnel of Swivel Secure into our business;
fluctuations in foreign currency exchange rates; delays in the
development of products, the commercial, reputational and
regulatory risks to our business that may arise as a consequence
the restatement of our financial statements, including any
consequences of non-compliance with Securities and Exchange
Commission (“SEC”) and Nasdaq periodic reporting requirements; our
temporary loss of the use of a Registration Statement on Form S-3
to register securities in the future; any disruption to our
business that may occur on a longer-term basis should we be unable
to remediate during fiscal year 2024 certain material weaknesses in
our internal controls over financial reporting, and statements of
assumption underlying any of the foregoing as well as other factors
set forth under the caption "Risk Factors" in our Annual Report on
Form 10-K for the year ended December 31, 2023 and other filings
with the SEC. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
made. Except as required by law, we undertake no obligation to
disclose any revision to these forward-looking statements whether
as a result of new information, future events, or otherwise.
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Investor ContactsWilliam Jones,
David CollinsCatalyst IRBKYI@catalyst-ir.com or 212-924-9800
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