Biokey International Inc (BKYI)

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Carrefour Strengthens Enterprise Cybersecurity in Spain with BIO-key’s AuthControl Sentry® Cloud Solution in Partnership with Evolutio


HOLMDEL, N.J. and MADRID, Spain, Dec. 27, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, announced today that Carrefour, a leading global retailer, is integrating BIO-key’s AuthControl Sentry® cloud solution in Spain in collaboration with Evolutio, a trusted partner of BIO-key’s Swivel Secure Europe subsidiary. The strategic collaboration is part of Carrefour’s ongoing commitment to operational excellence and data security.

AuthControl Sentry is now a key component in safeguarding the authentication process for Carrefour’s 6,500 Spanish employees. The solution protects access to critical services and reinforces the company’s dedication to the highest standards of data security and privacy.

Alex Rocha, Managing Director of BIO-key Europe, commented, “We are honored to have leading global retailer Carrefour implement our AuthControl Cloud Sentry solution in Spain. This collaboration, facilitated by our partner Evolutio, showcases the security, versatility and reliability of our products in meeting the complex cybersecurity needs of large-scale organizations. BIO-key Europe is committed to delivering top-tier security solutions that empower businesses like Carrefour to operate with confidence and resilience in an increasingly digital world. Our AuthControl solution not only enhances operational efficiency but also ensures the utmost security for our customers, their employees and critical data.”

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.

About Evolutio (www.evolutio.com/)
Evolutio is the trusted technological partner that any company needs. Evolutio consultants are experts in the integration of cloud services for multinational and domestic companies in the Spanish market. Its objective is to boost the agility, flexibility and capacity for innovation of clients, helping them to achieve the maximum possible value from their business and accompanying them in their digitization process. Headquartered in Madrid, Evolutio has a track record of over 30 years of experience in the IT sector.

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 regain compliance with the Nasdaq continued listing standards, market conditions and the impact of the reverse stock split on the trading price of our common stock; 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 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, 2022 and other filings with the Securities and Exchange Commission. 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.

Engage with BIO-key

Facebook – Corporate: https://www.facebook.com/BIOkeyInternational
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800

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BIO-key Repays $2.2M Senior Secured Note


HOLMDEL, N.J., Dec. 21, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, announced today that it has repaid its $2.2M senior secured note in full, eliminating all long-term debt and has completed a $550,000 private placement of units at a premium to market. Each unit in the placement included one share of common stock or a prefunded warrant in lieu thereof and one common warrant to purchase one and one half shares of common stock at a presplit price of $0.175 per unit ($3.15 on a post-split basis). Each common warrant is exercisable at a presplit price of $0.175 per share ($3.15 on a post-split basis).

BIO-key CEO Michael DePasquale commented, “We are working to put BIO-key on a strong financial footing for continued growth and improving bottom-line performance in 2024 and beyond. These efforts include the completion of $4.3M in equity funding over the past two months. Proceeds from these offerings have strengthened our cash and liquidity position while also enabling us to retire a $2.2M note issued and held by AJB Capital Investments.

“Given our progress to date this year, we are optimistic about our outlook for 2024. Over the last four completed quarters , we grew revenues 39% to $8.6M. and in Q3’23 we reduced our net loss to $638,000 from a net loss of $2.4M in Q3’22. Given our operating improvements and new capital, we believe we are well positioned to build on this progress in 2024. Our optimism is supported by increasing quote activity and deal sizing; our expanding base of recurring revenues; and our expanding global Channel Alliance Partner program.”

Following the 1-for-18 reverse stock split effective with the commencement of trading on December 21, 2023, BIO-key will have approximately 1 million shares of common stock issued and outstanding and approximately 1.9 million common stock equivalents inclusive of prefunded warrants.

The securities issued in the private placement were not registered under the Securities Act of 1933, as amended. Accordingly, these securities may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

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 regain compliance with the Nasdaq continued listing standards, market conditions and the impact of the reverse stock split on the trading price of our common stock; 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 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, 2022 and other filings with the Securities and Exchange Commission. 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.

Engage with BIO-key

Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800

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Following Stockholder Approval, BIO-key Announces 1-for-18 Reverse Stock Split to Regain Compliance with Nasdaq Minimum Bid Price Requirement


WALL, N.J., Dec. 19, 2023 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB), today announced that it has approved a 1-for-18 reverse stock split that will become effective with the commencement of trading on December 21, 2023.

BIO-key stockholders approved a proposal last week to allow the Board to proceed with a reverse split to assist the Company in its effort to regain compliance with the minimum bid price requirement.

BIO-key had approximately 16.9 million shares of common stock issued and outstanding as of December 19, 2023. After giving effect to the 1-for-18 reverse stock split, BIO-key will have approximately 941,000 shares of common stock issued and outstanding.

BIO-key CEO Michael DePasquale commented, “We view our Nasdaq listing as an important stockholder and corporate asset. In order to regain compliance with Nasdaq’s $1 minimum closing bid price requirement, a reverse stock split was required. The Board’s decision to set the ratio at 1-for-18 was intended to position our common stock for ongoing minimum bid price compliance as we execute on our growth and profitability goals in 2024 and beyond.”

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 debt repayment obligations and working capital needs; our ability to continue as a going concern; our ability to regain compliance with the Nasdaq continued listing standards, market conditions and the impact of the reverse stock split on the trading price of our common stock; 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 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, 2022 and other filings with the Securities and Exchange Commission. 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.

Engage with BIO-key:
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts:
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

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My October 24th post: “$ .19… wow… I guess everyone is expecting another huge R/S….” … took management two months longer than I thought, but there it is….

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BIO-key announces 1-for-18 reverse stock split to regain Nasdaq compliance

Dec. 19, 2023 8:28 AM ETBIO-key International, Inc. (BKYI) StockBy: Meghavi Singh, SA News Editor1 Comment
BIO-key (NASDAQ:BKYI) has approved a 1-for-18 reverse stock split that will become effective with the commencement of trading on December 21, 2023.

The reverse stock split is part of the company’s plan to regain compliance with the minimum bid price requirement for continued listing on Nasdaq.

The reverse stock split will reduce the number of issued common shares from approximately 16.9 million shares to approximately 941,000 shares.

Shares were down 12.83% to $0.15 in early trading on Monday

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Genesis HealthCare System Builds on its Investment in BIO-key Biometric Authentication Security as it Migrates to Epic Hyperdrive


ZANESVILLE, Ohio and HOLMDEL, N.J., Dec. 14, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, announced that its longstanding customer Genesis HealthCare System, the largest healthcare provider in its six-county region of Ohio, will add BIO-key’s PortalGuard IAM platform to support its existing BIO-key biometric authentication investment as it migrates to Epic Systems’ Hyperdrive end-user application interface. Genesis HealthCare has a network of more than 300 physicians and 4,000 employees across 27 locations.

PortalGuard’s standards-based integration with Hyperdrive allows Genesis HealthCare System to continue enjoying the security and streamlined biometric authentication user experience that BIO-key provides without re-enrolling employees or adopting more cumbersome and expensive multi-factor authentication solutions.

Named by Computerworld as one of the 100 Best Places to Work in IT every year since 2017, Genesis Healthcare utilizes BIO-key biometric software and hardware to secure and streamline its users’ login experience for Epic. By deploying PortalGuard IAM, it is able to maintain a consistent user experience and simplify the Hyperdrive migration. PortalGuard fully supports Hyperdrive’s modern authentication approach through its SAML Identity Provider (IdP) capabilities. PortalGuard provides seventeen authentication factor options, including WEB-key fingerprint authentication, the same core BIO-key biometric authentication platform regularly used by thousands of Genesis HealthCare employees. Additionally, users can now use PortalGuard for biometric authentication in other hospital applications through its support for standard IdP integration options like SAML, OAUTH, and OpenID Connect.

"Epic is a mission-critical application for many of BIO-key’s hospital customers, and implementing PortalGuard SAML SSO allows Genesis to maintain streamlined workflows and ensure secure access to patient information with IBB," said Mark Cochran, President of BIO-key – PortalGuard. "Healthcare organizations face the challenge of providing convenient and reliable access to necessary systems while ensuring data privacy and regulatory compliance. BIO-key’s Identity-Bound Biometrics allows customers to cost-effectively leverage a phoneless, tokenless, and cardless authentication experience that users prefer because it strikes the proper balance between security and convenience."

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 debt repayment obligations and 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 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, 2022 and other filings with the Securities and Exchange Commission. 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.

Engage with BIO-key

Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts

William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800

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BIO-key Partners with Ping Identity to Bring its Cutting-Edge Biometric Authentication to Ping Customers


DENVER and HOMDEL, N.J., Dec. 11, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of Identity and Access Management (IAM) solutions including Identity-Bound Biometrics, and Ping Identity, a leading provider of seamless and secure digital experiences, announced today that BIO-key's unique biometric authentication technology is now included on the Ping Identity Integration Directory. The integration enables Ping clients to utilize BIO-key’s powerful and seamless biometric authentication solution in combination with the PingOne Cloud Platform. The combined solution streamlines authentication processes and ensures a secure, frictionless user experiences across diverse digital environments and use cases.

BIO-key joins a growing list of leading technology partners developing integrations through the Ping Identity Global Technology Partner Program. Partner solutions built on the PingOne Cloud Platform are helping organizations compete in a new digital era where the user experience is increasingly essential, and security cannot be sacrificed.

“Ping Identity is committed to expanding our technology partner ecosystem to enhance digital customer experiences across the entire user journey,” said Loren Russon, the SVP of product management at Ping Identity. "Our partnership with BIO-key makes integration seamless for customers to quickly benefit from the robust PingOne Cloud Platform.”

"We are excited to join forces with Ping Identity, a recognized leader in seamless and secure digital experiences,” said Galen Rodgers, VP of Sales & Channel at BIO-key. “This partnership allows BIO-key to integrate our cutting-edge biometric authentication technology with the PingOne Cloud Platform, offering organizations a powerful solution to enhance security and their user experience. Together, we are dedicated to shaping the future of digital identity and contributing to a safer and more frictionless digital world."

Traditional authentication methods are insufficient in many scenarios, and enterprises must explore new solutions that can offer flexibility to accommodate the needs of different users and various use cases while maintaining the highest level of security. BIO-key integrates its state-of-the-art biometric authentication technology seamlessly with the PingOne Cloud Platform. With phish-resistant MFA and passwordless authentication top of mind for enterprises of all sizes and across all industries, BIO-key’s Identity Bound Biometrics enable users to take advantage of a true biometric, passwordless authentication solution without requiring phones or tokens to assist in the process. This collaboration empowers organizations to leverage BIO-key's expertise in biometrics within the Ping Identity ecosystem, ensuring a secure and better digital experience for users across various applications and platforms.

For more information on BIO-key’s work with Ping Identity, visit the Integration Directory.

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 phish-resistant authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options when users cannot use phones or tokens to sign in. 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.

About Ping Identity
At Ping Identity, we believe in making digital experiences both secure and seamless for all users, without compromise. That's digital freedom. We let enterprises combine our best-in-class identity solutions with third-party services they already use to remove passwords, prevent fraud, support Zero Trust, or anything in between. This can be accomplished through a simple drag-and-drop canvas. That's why more than half of the Fortune 100 choose Ping Identity to protect digital interactions for their users while making experiences frictionless. On August 23, 2023, Ping Identity and ForgeRock joined together to deliver more choice, deeper expertise, and a more complete identity solution for customers and partners.

Investor Contacts

William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
Ping Identity Media Relations
Megan Johnson
[e-mail]
757.635.2807

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BIO-key Showcasing Unique Identity, Authentication Innovations to Executives at Invite-Only Boston Cybersecurity Summit

Highlighting phoneless, tokenless, passwordless and lower cost phish resistant security options


BOSTON and HOLMDEL, N.J., Nov. 13, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring phoneless, tokenless and passwordless Identity-Bound Biometric (IBB) multi-factor authentication (MFA) solutions, announced the company will sponsor the seventh annual Boston Cyber Security Summit. The one-day event will be held at the Westin Copley Place on November 14th.

The Boston Cyber Security Summit is an exclusive, invite-only event hosting approximately 300 C-Level & Senior Executives responsible for managing the information security frameworks within their organizations. BIO-key and other leading cybersecurity solution providers will present cutting-edge products and solutions to this all-executive audience in an intimate, non-trade show like setting.

BIO-key will showcase its differentiating capability on center stage to high-level decision makers, including: FIDO2-compliant passwordless authentication options that include phoneless and tokenless MFA, in addition to offering all of the traditional multi-factor authentication approaches commonly used in mainstream MFA solutions. Unlike any other product or solution in the authentication category, BIO-key’s IBB allows users to take advantage of a true biometric passwordless authentication solution that does not require the use of phones or tokens to assist in the authentication process. With phish-resistant MFA and passwordless authentication top of mind for organizations of all sizes and across all industries, conference attendees will learn how the company’s award-winning unified IAM platform, PortalGuard®, along with Identity-Bound Biometrics, helps fill a critical business use case that traditional MFA overlooks – users who cannot use a phone or token to authenticate.

“Multi-factor authentication is no longer just nice-to-have. For most organizations it’s becoming mandatory, whether due to tightening SEC, FTC or cyber insurer scrutiny. Adopting company-wide MFA is bringing new challenges to enterprises for whom phones or tokens are not a viable option for large subsets of their users. Traditional approaches to MFA can require painful and costly solutions and pose an unnecessary barrier to adoption for many companies,” said Mark Cochran, President of PortalGuard. “Cybersecurity solutions need to provide elite security, but they also need to offer the same level of flexibility and usability. That’s a big reason why we’re so excited about the unique capabilities of PortalGuard with the power of Identity-Bound Biometrics. This exclusive event will be a prime opportunity to differentiate our solutions and have meaningful discussions with key stakeholders.”

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 phish-resistant authentication factors for diverse use cases, including phoneless, tokenless and passwordless biometric options when users cannot use phones or tokens to sign in. 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.

Engage with BIO-key

Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR


Investor Contacts
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

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BIO-key Awarded $800K Follow-On Order for Biometric User Authentication from Leading Government Defense Ministry


HOLMDEL, N.J., Nov. 06, 2023 (GLOBE NEWSWIRE) -- 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 selected and awarded BIO-key a new $800k order, leveraging a previously announced three-year purchasing agreement. The defense ministry is accelerating its deployment of BIO-key biometric authentication to secure, yet simplify, access to its most critical information systems. This order, along with portions of earlier $340k and $150K orders received in Q3’23, is expected to be recognized during Q4’23.

The defense ministry continues to expand its BIO-key user authentication deployment into new programs and user scenarios, delivering convenient phoneless, tokenless, and passwordless authentication access to digital services for over 30,000 users. BIO-key expects that expansion of the programs using its solution to additional defense ministry personnel will result in other awards in future periods.

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 state-of-the-art, cloud-enabled biometric authentication with its authentication federation platform to deliver advanced and secure biometric access to systems and applications across organizational boundaries. Because BIO-key credentials are the individuals themselves, access cannot be shared, delegated, phished, or forgotten.

Jim Sullivan, BIO-key’s SVP Strategy and Chief Legal Officer, said, “When the stakes are at their highest, security must be uncompromising yet user-friendly. BIO-key’s relationship with this innovative customer continues to expand, as does interest from the defense vertical in general. Last week, we were pleased to announce the addition of another new government defense ministry customer. We are pleased 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 of providing very secure and 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; 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 execute and deliver on contracts in Africa; 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 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, 2022 and other filings with the Securities and Exchange Commission. 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.

Engage with BIO-key:
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
Investor Contacts:
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[Invest-in-America]

Wrong Board.

[Triple nickle]

Added a few more

[wickw50]

BIO-key International Announces Closing of $3.75 Million Public Offering


HOLMDEL, N.J., Oct. 31, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, today announced the closing of its previously announced public offering of 21,430,000 units, with each unit consisting of one share of common stock (or a pre-funded warrant in lieu thereof) and one warrant to purchase one share of common stock. Each unit was sold at a public offering price of $0.175. The warrants will be immediately exercisable at a price of $0.175 per share and will expire five years from the date of issuance. The shares of common stock (or pre-funded warrants in lieu thereof) and accompanying warrants could only be purchased together in the offering but were issued separately and were immediately separable upon issuance.

Gross proceeds, before deducting placement agent fees and estimated offering expenses, were approximately $3.75 million.

Maxim Group LLC acted as sole placement agent in connection with this offering.

The securities described above were offered pursuant to a registration statement on Form S-1 (File No. 333-275003), which was declared effective by the Securities and Exchange Commission (the "SEC") on October 30, 2023. A final prospectus relating to the offering was filed with the SEC on October 31, 2023 and is available on the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering may be obtained from 300 Park Avenue, 16th Floor, New York, New York 10022, at [phone].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About BIO-key International, Inc.
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. With industry-leading Identity-Bound Biometric (IBB) capabilities, BIO-key's patented software and hardware solutions enable large-scale Identity-as-a-Service (IDaaS) solutions and customized on-premises solutions. BIO-key EMEA (formerly Swivel Secure Europe, S.A.) is an IAM solutions provider based in Madrid, Spain, that serves the European, Middle East, and African markets.

Forward Looking 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 debt repayment obligations and 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 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, 2022 and other filings with the Securities and Exchange Commission. 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.

Engage with BIO-key:

Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts:
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[INFINITI]

Who knows at this point Il just let my shares ride or die

[wickw50]

So, dilution abounds. “Load up!” Or “Sell, Sell, Sell!!!” Reverse split will solve all the problems…

[wickw50]

BIO-key International Announces Pricing of $3.75 Million Public Offering


HOLMDEL, N.J., Oct. 30, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, today announced the pricing of its public offering of 21,430,000 units, with each unit consisting of one share of common stock (or a pre-funded warrant in lieu thereof) and one warrant to purchase one share of common stock. Each unit is being sold at a public offering price of $0.175. The warrants in each unit will be immediately exercisable at a price of $0.175 per share and will expire five years from the date of issuance. The shares of common stock (or pre-funded warrants in lieu thereof) and the accompanying warrants can only be purchased together in this offering but will be issued separately and will be immediately separable upon issuance.

Gross proceeds, before deducting placement agent fees and estimated offering expenses, are expected to be approximately $3.75 million. The offering is expected to close on October 31, 2023, subject to customary closing conditions.

Maxim Group LLC is acting as sole placement agent in connection with this offering.

The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-275003), which was declared effective by the Securities and Exchange Commission (the "SEC") on October 30, 2023. The offering is being made only by means of a prospectus, which is a part of the effective registration statement. A preliminary prospectus relating to the offering has been filed with the SEC. Copies of the final prospectus relating to this offering, when available, will be filed with the SEC and may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at [phone].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About BIO-key International, Inc.
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. With industry-leading Identity-Bound Biometric (IBB) capabilities, BIO-key's patented software and hardware solutions enable large-scale Identity-as-a-Service (IDaaS) solutions and customized on-premises solutions. BIO-key EMEA (formerly Swivel Secure Europe, S.A.) is an IAM solutions provider based in Madrid, Spain, that serves the European, Middle East, and African markets.

Forward Looking 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 debt repayment obligations and 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 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, 2022 and other filings with the Securities and Exchange Commission. 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.

Engage with BIO-key:

Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts:
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[INFINITI]

Good News!!!!

[wickw50]

Montenegro Ministry of Defense Selects BIO-key for Secure Data Access for All Ministry Employees With Multi-factor Authentication and Single Sign-On


MADRID, Spain and HOLMDEL, N.J., Oct. 30, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, today announced that the Ministry of Defense of Montenegro has deployed AuthControl Sentry for secure IAM for all of the Ministry’s government employees through BIO-key EMEA (Europe, Middle East, Africa).

The Defense Ministry’s obligation is to ensure the security and defense of Montenegro and the objective of the project was to require MFA for login and to simplify the user experience through SSO integration with web and legacy applications. This project was managed by REAL security d.o.o, one of BIO-key EMEA’s trusted partners with several years of experience implementing complex cybersecurity solutions in the region.

"Adding another defense ministry client only further validates the strength of BIO-key’s multi-factor authentication solutions, not only in the defense industry but in any environment where strong security is a requirement. Our team continuously strives to improve our products and stay ahead of increasing threats in today’s global environment. We have earned trust working closely with various government-related customers, international partners, and enterprise customers, many in highly-regulated industries, where robust security is paramount," said Alex Rocha, Managing Director, BIO-key EMEA.

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. With industry-leading Identity-Bound Biometric (IBB) capabilities, BIO-key's patented software and hardware solutions enable large-scale Identity-as-a-Service (IDaaS) solutions and customized on-premises solutions. BIO-key EMEA (formerly Swivel Secure Europe, S.A.) is an IAM solutions provider based in Madrid, Spain, that serves the European, Middle East, and African markets.

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 debt repayment obligations and 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 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, 2022 and other filings with the Securities and Exchange Commission. 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.

Engage with BIO-key:

Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts:
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[Awl416]

And back to square one…..

[wickw50]

Oh, boy… here we go again with some “rah rahs” trying to pump it. They will learn the hard way …

[INFINITI]

Load up $$$$

[subslover]

EXPLOSIVE!

[BoilerRoom]

$BKYI $$$$$$$$

[subslover]

Logistics Provider ALPI Portugal Selects BIO-key for Secure Data Access, Including Multi-factor Authentication and Single Sign-On, Both Internally and for B2B
MADRID, Spain and HOLMDEL, N.J., Oct. 27, 2023 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) featuring passwordless, phoneless, and token-less Identity-Bound Biometric (IBB) authentication solutions, today announced that ALPI Portugal Lda. has deployed AuthControl Sentry company-wide for enhanced data access security through BIO-key. The solution will utilize Multi-factor Authentication (MFA) access and Single Sign-on (SSO) to secure data access by all of ALPI Portugal’s internal users, including employees and third party drivers, as well as those with restricted access to their B2B website.

The primary goal of this project was to implement MFA across all company systems for enhanced security during login. Additionally, ALPI aimed to enhance the user experience by integrating SSO (Single Sign-On) with web platforms, to ensure protected B2B interactions. This integration allows and protects 24x7 tracking of deliveries from any location worldwide. BIO-key EMEA (Europe, Middle East, Asia) collaborated with ALTICE Portugal, a manager of cybersecurity projects, for this initiative. Outside of Portugal, the ALTICE Group, operates in broadband, pay television, telephony services, digital advertising, and radio networks, and has a footprint in France, Israel, the Dominican Republic and the United States, among other countries.

"We are proud to work with and enable secure authentication solutions for ALPI Portugal, an esteemed logistics provider. We now have over 1 million [seat] licenses outstanding in the critical logistics sector. Altice stands as one of our pivotal international partners, boasting over 50 engineers trained in AuthControl Sentry. This collaboration will allow us to jointly provide round-the-clock support for 24x7 operations like ALPI logistics," stated Alex Rocha, Managing Director at BIO-key EMEA.

About ALPI Portugal (https://www.alpiportugal.com/eng/)
Established in Portugal for 30 years, ALPI Portugal is an integral part of Albini & Pitigliani, SpA. ALPI Portugal's mission is to find competitive solutions for all matters related to the import and export of goods via road, sea, and air transportation. With facilities in Vila do Conde, Mealhada, and Lisbon, the company covers the entire national territory of Portugal. ALPI Portugal provides logistics services, pick and pack, and navigation agents, offering regular transportation of full loads or groupage with home pick-up/delivery.

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. With industry-leading Identity-Bound Biometric (IBB) capabilities, BIO-key's patented software and hardware solutions enable large-scale Identity-as-a-Service (IDaaS) solutions and customized on-premises solutions. BIO-key EMEA (formerly Swivel Secure Europe, S.A.) is an IAM solutions provider based in Madrid, Spain, that serves the European, Middle East, and African markets.

[Awl416]

.4050 high

[Awl416]

Logistics Provider ALPI Portugal Selects BIO-key for Secure Data Access, Including Multi-factor Authentication and Single Sign-On, Both Internally and for B2B

[AveragePenny]

$BKYI Digital Authentication and Identity Provider BIO-key Sees Q3 Revenues Rising over 30% to $1.8M on Strength in Software License Fees, Services and Hardware Sales


https://www.globenewswire.com/news-release/2023/10/25/2766662/0/en/Digital-Authentication-and-Identity-Provider-BIO-key-Sees-Q3-Revenues-Rising-over-30-to-1-8M-on-Strength-in-Software-License-Fees-Services-and-Hardware-Sales.html

HOLMDEL, N.J., Oct. 25, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, announced results for its third quarter ended September 30, 2023 (Q3’23).

Highlights:

Revenue rose over 30% to $1.8M vs. $1.4M in Q3’22
Gross profit improved more than 40% to $1.4M vs. $1.0M in Q3’22
Q3’23 operating loss improved to approximately ($750,000) vs. an operating loss of ($2.4M) in Q3’22.
Q3’23 net loss per share reduced approximately 72% to ($0.08) vs. ($0.29) in Q3’22.
CEO Commentary
BIO-key CEO, Mike DePasquale commented, “Our Q3 performance reflects continued progress driving revenue growth and reducing expenses to move our business toward sustained profitability. These trends are also reflected in our nine-month results, with revenues up approximately 30% to $6.8M and our operating loss reduced by over 50%.

“We are pleased to report that our sales team has developed a significant pipeline of larger customer opportunities interested in the savings and superior user experience of our phoneless, tokenless, passwordless authentication. Our team is focused on those opportunities with the greatest potential for generating meaningful Annual Recurring Revenue (ARR). Our Channel Alliance Partner (CAP) program continues to build both its geographic scope and its sales productivity. These channels have enabled us to build our ARR to approximately $7M per year, providing a solid base on which to layer new SaaS deployments around the globe, through new customer wins and the expanded penetration of existing customer accounts.

Outlook
“We believe BIO-key is well positioned to deliver solid top-line and bottom-line improvements going forward. This view is based on the very attractive value proposition of our secure, convenient, scalable and cost-efficient solutions incorporating the industry’s widest array of multi-factor authentication methods, including our identity-bound biometric solutions. With greater cyber-insurer scrutiny and the recent SEC regulation requiring companies to report on their cybersecurity measures beginning in mid-December, we expect that most sizeable companies will be implementing multi-factor authentication throughout their workforce. We believe the market is ripe for a phoneless, tokenless passwordless FIDO passkey authentication option for manufacturing, retail, call center, and other roving workforces. Historically, Q4 tends to be one of our strongest quarters each year in terms of business volume, and we are confident about our prospects for continued growth and improved bottom line performance in 2024.

“Supporting our near-term outlook is a significant recent commitment from a long-standing international defense ministry customer, for additional software and hardware to support their expanded rollout of our biometric authentication solution. To support our working capital requirements, we are working to convert certain inventories into cash while also pursuing operating expense reduction opportunities, including relocating our headquarters, to accelerate our path to cash flow breakeven.”

Financial Results
Please note that the review of our Q3 FY2023 financial statements has not been completed by our independent registered public accounting firm as of the date of this press release and are therefore subject to change.

Q3’23 revenues rose 33% to $1.8M, reflecting increased services, software license and hardware revenue versus Q3’22. Q3’23 service revenue was driven by custom service installations for new and existing customer deployments and upgrades, and hardware revenue reflected new contact activity as well as progress in reducing hardware inventories. For the first nine months of 2023, total revenues rose 30% to $6.8M compared to $5.3M for the first nine months of 2022, reflecting growth in service and license revenue and a decline in hardware revenue.

Gross profit grew 43% to $1.4M in Q3’23 from $1.0M in Q3’22, reflecting an increase in gross margin to 77% from 71% in Q3’22. Gross profit and gross margin benefitted from a year-over-year increase in higher margin services and software license revenue and a decrease in third-party software costs, principally due to the seasonal, vacation-related slowdown in Q3 business activity in Europe.

Q3’23 operating expenses decreased 36% to $2.2 million from $3.3 million in Q3’22, due primarily to lower selling, general and administrative expenses reflecting progress in BIO-key’s expense reduction initiatives as well as lower research and development investments. BIO-key continues to seek expense reduction opportunities to further benefit its operating results.

Reflecting higher gross profit and lower operating costs, BIO-key trimmed its Q3’23 net loss to $749,000, as compared to $2.4M in Q3’22. Similarly, for the first nine months of 2023 compared to 2022, the Company reduced its year-to-date 2023 net loss to $2.5M from a net loss of $5.1M.

At September 30, 2023, BIO-key had current assets of $7.9M, including $0.3M of cash and cash equivalents, $2.9M of accounts receivable, and $4.3M of inventory.

[wickw50]

Digital Authentication and Identity Provider BIO-key Sees Q3 Revenues Rising over 30% to $1.8M on Strength in Software License Fees, Services and Hardware Sales


HOLMDEL, N.J., Oct. 25, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, announced results for its third quarter ended September 30, 2023 (Q3’23).

Highlights:

Revenue rose over 30% to $1.8M vs. $1.4M in Q3’22
Gross profit improved more than 40% to $1.4M vs. $1.0M in Q3’22
Q3’23 operating loss improved to approximately ($750,000) vs. an operating loss of ($2.4M) in Q3’22.
Q3’23 net loss per share reduced approximately 72% to ($0.08) vs. ($0.29) in Q3’22.
CEO Commentary
BIO-key CEO, Mike DePasquale commented, “Our Q3 performance reflects continued progress driving revenue growth and reducing expenses to move our business toward sustained profitability. These trends are also reflected in our nine-month results, with revenues up approximately 30% to $6.8M and our operating loss reduced by over 50%.

“We are pleased to report that our sales team has developed a significant pipeline of larger customer opportunities interested in the savings and superior user experience of our phoneless, tokenless, passwordless authentication. Our team is focused on those opportunities with the greatest potential for generating meaningful Annual Recurring Revenue (ARR). Our Channel Alliance Partner (CAP) program continues to build both its geographic scope and its sales productivity. These channels have enabled us to build our ARR to approximately $7M per year, providing a solid base on which to layer new SaaS deployments around the globe, through new customer wins and the expanded penetration of existing customer accounts.

Outlook
“We believe BIO-key is well positioned to deliver solid top-line and bottom-line improvements going forward. This view is based on the very attractive value proposition of our secure, convenient, scalable and cost-efficient solutions incorporating the industry’s widest array of multi-factor authentication methods, including our identity-bound biometric solutions. With greater cyber-insurer scrutiny and the recent SEC regulation requiring companies to report on their cybersecurity measures beginning in mid-December, we expect that most sizeable companies will be implementing multi-factor authentication throughout their workforce. We believe the market is ripe for a phoneless, tokenless passwordless FIDO passkey authentication option for manufacturing, retail, call center, and other roving workforces. Historically, Q4 tends to be one of our strongest quarters each year in terms of business volume, and we are confident about our prospects for continued growth and improved bottom line performance in 2024.

“Supporting our near-term outlook is a significant recent commitment from a long-standing international defense ministry customer, for additional software and hardware to support their expanded rollout of our biometric authentication solution. To support our working capital requirements, we are working to convert certain inventories into cash while also pursuing operating expense reduction opportunities, including relocating our headquarters, to accelerate our path to cash flow breakeven.”

Financial Results
Please note that the review of our Q3 FY2023 financial statements has not been completed by our independent registered public accounting firm as of the date of this press release and are therefore subject to change.

Q3’23 revenues rose 33% to $1.8M, reflecting increased services, software license and hardware revenue versus Q3’22. Q3’23 service revenue was driven by custom service installations for new and existing customer deployments and upgrades, and hardware revenue reflected new contact activity as well as progress in reducing hardware inventories. For the first nine months of 2023, total revenues rose 30% to $6.8M compared to $5.3M for the first nine months of 2022, reflecting growth in service and license revenue and a decline in hardware revenue.

Gross profit grew 43% to $1.4M in Q3’23 from $1.0M in Q3’22, reflecting an increase in gross margin to 77% from 71% in Q3’22. Gross profit and gross margin benefitted from a year-over-year increase in higher margin services and software license revenue and a decrease in third-party software costs, principally due to the seasonal, vacation-related slowdown in Q3 business activity in Europe.

Q3’23 operating expenses decreased 36% to $2.2 million from $3.3 million in Q3’22, due primarily to lower selling, general and administrative expenses reflecting progress in BIO-key’s expense reduction initiatives as well as lower research and development investments. BIO-key continues to seek expense reduction opportunities to further benefit its operating results.

Reflecting higher gross profit and lower operating costs, BIO-key trimmed its Q3’23 net loss to $749,000, as compared to $2.4M in Q3’22. Similarly, for the first nine months of 2023 compared to 2022, the Company reduced its year-to-date 2023 net loss to $2.5M from a net loss of $5.1M.

At September 30, 2023, BIO-key had current assets of $7.9M, including $0.3M of cash and cash equivalents, $2.9M of accounts receivable, and $4.3M of inventory.

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. With industry-leading Identity-Bound Biometric (IBB) capabilities, BIO-key's patented software and hardware solutions enable large-scale Identity-as-a-Service (IDaaS) solutions and customized on-premises solutions.

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 debt repayment obligations and 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 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, 2022 and other filings with the Securities and Exchange Commission. 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.

Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800




BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
Preliminary Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited and Unreviewed)

Three Months Ended Nine Months Ended
September 30, September 30,
2023 2022 2023 2022
Revenues
Services $ 599,156 $ 371,956 $ 1,752,143 $ 1,202,866
License fees 950,015 918,260 4,664,341 3,540,592
Hardware 279,200 83,333 424,583 518,377
Total revenues 1,828,371 1,373,549 6,841,067 5,261,835
Costs and other expenses
Cost of services 125,039 162,632 639,996 554,222
Cost of license fees 203,891 173,310 1,022,919 604,677
Cost of hardware 97,674 57,841 190,074 296,278
Total costs and other expenses 426,604 393,783 1,852,989 1,455,177
Gross profit 1,401,767 979,766 4,988,078 3,806,658

Operating Expenses
Selling, general and administrative 1,592,410 2,510,706 5,467,306 6,315,277
Research, development and engineering 558,686 829,506 1,807,026 2,418,855
Total Operating Expenses 2,151,096 3,340,212 7,274,332 8,734,132
Operating loss (749,329 ) (2,360,446 ) (2,286,254 ) (4,927,474 )
Other income (expense)
Interest income 3 8 29 216
Loss on foreign currency transactions - - (15,000 ) -
Investment-debt security reserve - (40,000 ) - (190,000 )
Change in fair value of convertible note 85,890 - 183,313 -
Interest expense (23,655 ) (2,071 ) (137,379 ) (3,611 )
Total other income (expense), net 62,238 (42,063 ) 30,963 (193,395 )
Loss before provision for income tax (687,091 ) (2,402,509 ) (2,255,291 ) (5,120,869 )
Provision for income tax (62,000 ) - (205,000 ) -
Net loss $ (749,091 ) $ (2,402,509 ) $ (2,460,291 ) $ (5,120,869 )
Comprehensive loss:
Net loss $ (749,091 ) $ (2,402,509 ) $ (2,460,291 ) $ (5,120,869 )
Other comprehensive income (loss) – Foreign currency translation adjustment 35,363 (119,269 ) 127,393 (229,350 )
Comprehensive loss $ (713,728 ) $ (2,521,778 ) $ (2,332,898 ) $ (5,350,219 )
Basic and Diluted Loss per Common Share $ (0.08 ) $ (0.29 ) $ (0.27 ) $ (0.64 )
Weighted Average Common Shares Outstanding:
Basic and diluted 9,130,899 8,148,848 9,049,835 8,054,207

Please note that the review of our Q3 FY2023 financial statements has not been completed by our independent registered public accounting firm as of the date of this press release and are therefore subject to change.



BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
Preliminary Consolidated Balance Sheets

September 30, December 31,
2023 2022
(Unaudited and
Unreviewed)
ASSETS
Cash and cash equivalents $ 307,086 $ 2,635,522
Accounts receivable, net 2,899,218 1,522,784
Due from factor 62,572 49,500
Inventory 4,289,213 4,434,369
Prepaid expenses and other 362,250 342,706
Total current assets 7,920,339 8,984,881
Equipment and leasehold improvements, net 69,202 107,413
Capitalized contract costs, net 264,349 283,069
Deposits and other assets 8,712 8,712
Operating lease right-of-use assets 50,464 197,355
Intangible assets, net 1,519,592 1,762,825
Total non-current assets 1,912,319 2,359,374
TOTAL ASSETS $ 9,832,658 $ 11,344,255

LIABILITIES
Accounts payable $ 1,644,100 $ 1,108,279
Accrued liabilities 1,030,033 1,009,123
Income taxes payable 231,000 -
Convertible note payable 2,412,890 2,596,203
Government loan – BBVA Bank, current portion 135,308 120,000
Deferred revenue, current 594,262 462,418
Operating lease liabilities, current portion 42,176 159,665
Total current liabilities 6,089,769 5,455,688
Deferred revenue, long term 37,280 52,134
Deferred tax liability 146,997 170,281
Government loan – BBVA Bank – net of current portion 221,625 326,767
Operating lease liabilities, net of current portion 9,570 37,829
Total non-current liabilities 415,472 587,011
TOTAL LIABILITIES 6,505,241 6,042,699

STOCKHOLDERS’ EQUITY
Common stock — authorized, 170,000,000 shares; issued and outstanding; 9,438,894 and 9,190,504 of $.0001 par value at Sept 30, 2023 and Dec. 31, 2022, respectively 946 919
Additional paid-in capital 122,362,110 122,028,612
Accumulated other comprehensive loss (115,208 ) (242,602 )
Accumulated deficit (118,920,431 ) (116,485,373 )
TOTAL STOCKHOLDERS’ EQUITY 3,327,417 5,301,556
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 9,832,658 $ 11,344,255

Please note that the review of our Q3 FY2023 financial statements has not been completed by our independent registered public accounting firm as of the date of this press release and are therefore subject to change.

[Awl416]

Digital Authentication and Identity Provider BIO-key Sees Q3 Revenues Rising over 30% to $1.8M on Strength in Software License Fees, Services and Hardware Sales

[wickw50]

At $.18 the dilution will be the end of BioKey. I guess this will be Mickey D’s retirement issue of shares… well done Mickey D. … you beat the system…

[wickw50]

$ .19… wow… I guess everyone is expecting another huge R/S….

[wickw50]

BIO-key Sponsors Industry-Leading Cybersecurity Conference, ISC2 Security Congress 2023, in Nashville, TN, October 25 – 27, 2023 (Booth #113)

Showcasing cutting-edge phoneless, tokenless, and passwordless IAM solutions


NASHVILLE. Tenn. and HOLMDEL, N.J., Oct. 24, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring phoneless, tokenless and passwordless Identity-Bound Biometric (IBB) authentication solutions, announced the company will sponsor and exhibit at ISC2 Security Congress 2023. The industry-leading event will be held at the Gaylord Opryland Resort and Convention Center in Nashville, TN on October 25 – 27, 2023.

The ISC2 Security Congress is an annual cutting-edge cybersecurity conference in its 13th installment. Leading technology professionals from across industries will gather to showcase breakthrough technology, share knowledge, and engage prospective customers, suppliers, and fellow vendors. This year’s theme focuses on leading with confidence, where attendees have the opportunity to learn how companies like BIO-key are paving the way with unique solutions.

Implementing strong multi-factor authentication (MFA) and eliminating the use of passwords are top priorities for organizations of all sizes and across industries. Attendees are encouraged to stop by booth #113 to learn how BIO-key’s award-winning unified IAM platform, PortalGuard®, helps address this long-standing business security challenge with Identity-Bound Biometrics. IBB is BIO-key’s core differentiator in the authentication category, allowing users to take advantage of a biometric passwordless authentication solution that does not require the use of phones or tokens. This unique capability fills a crucial key business use case gap that traditional MFA overlooks – providing an option that reduces overall total cost of ownership and provides the highest levels of usability and security.

“From shared workstations, to remote access, to users prohibited from having phones or tokens, enterprises face a complex and ever-changing landscape of access requirements,” said Galen Rodgers, VP of North America Sales & Channel. “Traditional authentication methods are insufficient in many scenarios, and enterprises must explore new solutions that can offer flexibility to accommodate the needs of different users and various use cases while maintaining the highest level of security. These challenges underscore the importance of new and ongoing discussions that we’ll have with ISC2 attendees around the unique benefits of adding Identity-Bound Biometrics to their authentication, identity-first, and zero trust strategies.”

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. With industry-leading Identity-Bound Biometric (IBB) capabilities, BIO-key's patented software and hardware solutions enable large-scale Identity-as-a-Service (IDaaS) solutions and customized on-premises solutions.

Engage with BIO-key

Facebook – Corporate:
LinkedIn – Corporate:
Twitter – Corporate:
Twitter – Investors:
StockTwits: https://www.facebook.com/BIOkeyInternational/
https://www.linkedin.com/company/bio-key-international
@BIOkeyIntl
@BIO_keyIR
BIO_keyIR
Investor Contacts

William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[wickw50]

Webinar correction: “Unfortunately, it has come to our attention that the registration button in the previous email was incorrect. Please accept our sincere apologies for any inconvenience this may have caused.

The correct registration link is as follows: https://info.bio-key.com/eliminate-phishing-with-a-future-proof-strategy-webinar

Note that the first 25 people to register will receive a $50 Amazon Gift Card and a free, custom demo! * Registrants outside the first 25 will also receive the free, custom demo and a $25 Amazon Gift Card* “

[wickw50]

Webinar…
We’re showing our holiday spirit for this final webinar of 2023 by including some special rewards for those who join us: the first 25 people to register will receive a $50 Amazon Gift Card and a free, custom demo! *

Don't worry if you miss the cut. Registrants outside the first 25 will also receive the free, custom demo and receive a $25 Amazon Gift Card*
GET REGISTERED. GET REWARDED.
Here are the details:
TOPIC: Eliminating Phishing with a Future-Proof Strategy
WHEN: Thursday, November 16, 1pm ET / 10am PT
LIVE WEBINAR: Register
RECORDED WEBINAR: Receive a copy here if you can’t make it live
Looking forward to seeing you there!

BIO-key Team

[wickw50]

S-1 filed: https://app.quotemedia.com/data/downloadFiling?webmasterId=90423&ref=317805107&type=PDF&symbol=BKYI&cdn=3580a7a2845714b3c3c28c56806ff226&companyName=BIO-key+International+Inc.&formType=S-1&formDescription=Registration+statement+under+Securities+Act+of+1933&dateFiled=2023-10-16

[wickw50]

Identity and Access Management Solutions Provider BIO-key Sponsors FIDO Alliance’s Authenticate 2023 Conference in Carlsbad, CA, October 16-18, 2023 (Booth #19)

Introduces new passwordless phoneless, tokenless passkey solution


CARLSBAD, Calif. and HOLMDEL, N.J., Oct. 16, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring passwordless, phoneless and tokenless Identity-Bound Biometric (IBB) authentication solutions, announced the company will sponsor and exhibit at the Authenticate 2023 Conference at the Omni La Costa Resort in Carlsbad, CA on October 16-18, 2023.

Hosted by the FIDO Alliance, Authenticate is a leading Identity and Access Management industry event dedicated to all aspects of user authentication, gathering experts, innovators, and thought leaders to explore the latest trends, technologies, and strategies in securing digital identities for both workforce and customer applications.

BIO-key has long been recognized for its commitment to developing cutting-edge solutions that redefine the landscape of identity and access management. Over 35 million people use BIO-key to instantly prove and secure their identity every day, with nothing to carry, lose or replace. In addition to supporting FIDO2 and phone-based authentication, the company's differentiation is in offering robust, user-friendly authentication solutions that integrate token- and phone-less biometric authentication options. BIO-key IBB fills a critical gap overlooked by mainstream MFA and significantly reduces lifecycle costs for customers by providing alternatives to per-user tokens and phone apps while ensuring unparalleled security and convenience. During the Authenticate 2023 Conference, BIO-key will showcase its latest award-winning IAM and IBB solution advancements at booth #19. Attendees can look forward to:

Going beyond passwordless to tokenless and phoneless passkey user journeys: BIO-key will be demonstrating a joint integration with our partner IDMelon – a BIO-key fingerprint-secured passkey authenticator, allowing fingerprint passkey authentication without per-user tokens or phones. This solution addresses the cost, distraction and safety concerns of deploying FIDO2 tokens or phone apps to roving users, shared workstations or kiosks in environments such as manufacturing, retail, call center, field service and healthcare.

Live FIDO2 and portable biometric MFA Demonstrations: BIO-key is the only IAM provider of Identity-Bound Biometrics, which are phishing-resistant and provide absolute certainty as to who is accessing critical systems by preventing unauthorized delegation and account takeover.

Expert Insights: BIO-key representatives will be on hand to share their expertise, providing valuable insights into the future of streamlined identity and privacy for workforces and consumer users.
"We are thrilled to be part of the Authenticate 2023 Conference," said Jim Sullivan, SVP of Strategy and Chief Legal Officer of BIO-key International. "This event provides a unique platform to showcase our innovative FIDO integrations as well as a great opportunity to work with our partners to deliver passwordless, tokenless and phoneless user experiences that give our customers more ways to get authentication over with and on to what they need to access. The new passkey solution demonstrates the power of biometric authentication in securing digital identities, while improving convenience and governance controls. We look forward to engaging with industry peers and sharing our expertise with attendees at the conference."

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. With industry-leading Identity-Bound Biometric (IBB) capabilities, BIO-key's patented software and hardware solutions enable large-scale Identity-as-a-Service (IDaaS) solutions and customized on-premises solutions.

Engage with BIO-key

Facebook – Corporate:
LinkedIn – Corporate:
Twitter – Corporate:
Twitter – Investors:
StockTwits: https://www.facebook.com/BIOkeyInternational/
https://www.linkedin.com/company/bio-key-international
@BIOkeyIntl
@BIO_keyIR
BIO_keyIR
Investor Contacts

William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[wickw50]

Identity and Access Management Solutions Provider BIO-key to Participate in Digital Identity Panel at the Maxim Group Virtual Tech Conference, Tues. Oct. 10th at 12:30pm ET


NEW YORK and HOLMDEL, N.J., Oct. 06, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions will participate in the 2023 Virtual Tech Conference Series, presented by Maxim Group LLC and hosted by M-Vest October 10th-11th. BIO-key’s CEO Mike DePasquale will join the Identity Panel discussion on Tuesday, Oct. 10th from 12:30 to 1:30pm ET.

The conference and panel discussions will be hosted live on M-Vest. Visit: https://m-vest.com/events/virtual-tech-10102023 to sign-in or sign up to become an M-Vest member and access the event. Investors can submit questions to the moderator throughout the panel, as well as request management meetings.

The continuous evolution of technology is paving the way for innovations across all industries. In this conference Maxim will explore how emerging growth companies are leveraging new technologies to position themselves for the future. Senior analysts will facilitate engaging dialogues with CEOs and key management of companies who have their attention on technology and how it will impact and grow their business.

Maxim Group LLC is a leading full-service investment bank, securities and wealth management firm headquartered in New York. Maxim provides a full array of financial services to a diverse range of corporate clients, institutional investors and high net worth individuals.

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy to deploy, convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions, as well as customized on premises solutions.

Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[wickw50]

Does anyone else feel a reverse split imminent?

[wickw50]

Insider Buying: SVP Strategy & Compliance James Sullivan Acquires 9,000 Shares of BIO-key International Inc


Author's Avatar
GuruFocus Research
14 hours ago
Article's Main Image
BKYI
?0.7%
On September 11, 2023, James Sullivan, the Senior Vice President of Strategy & Compliance at BIO-key International Inc (BKYI, Financial), purchased 9,000 shares of the company. This move is significant as it indicates the insider's confidence in the company's future prospects.

BIO-key International Inc is a leading provider of biometric identity and access management solutions. The company's innovative software and hardware solutions deliver strong, convenient security, and user-friendly functionality, enabling its customers to enhance productivity and reduce costs.

Over the past year, the insider has purchased a total of 17,618 shares and has not sold any shares. This trend suggests a strong belief in the company's potential for growth and profitability.

1702113373530882048.png
The insider transaction history for BIO-key International Inc shows a total of 5 insider buys over the past year, with no insider sells. This trend indicates a positive sentiment among the company's insiders, which could be a bullish signal for investors.

On the day of the insider's recent buy, shares of BIO-key International Inc were trading at $0.53, giving the company a market cap of $4.746 million.

With a price of $0.53 and a GuruFocus Value of $3.02, BIO-key International Inc has a price-to-GF-Value ratio of 0.18. This suggests that the stock is a possible value trap, and investors should think twice before investing.

1702113390006108160.png
The GF Value is an intrinsic value estimate developed by GuruFocus. It is calculated based on historical multiples (price-earnings ratio, price-sales ratio, price-book ratio, and price-to-free cash flow) that the stock has traded at, a GuruFocus adjustment factor based on the company’s past returns and growth, and future estimates of business performance from Morningstar analysts.

In conclusion, the insider's recent purchase of BIO-key International Inc shares could be a positive signal for the company's future prospects. However, given the stock's current price-to-GF-Value ratio, investors should exercise caution and conduct thorough research before making an investment decision

[wickw50]

BIO-key International (NASDAQ:BKYI) Share Price Passes Below 50 Day Moving Average of $0.66
Defense World StaffSep 12th, 2023
BIO-key International logoBIO-key International, Inc. (NASDAQ:BKYI – Get Free Report)’s share price passed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $0.66 and traded as low as $0.51. BIO-key International shares last traded at $0.53, with a volume of 26,813 shares changing hands.

BIO-key International Price Performance

The company has a current ratio of 1.36, a quick ratio of 0.66 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $4.89 million, a P/E ratio of -0.47 and a beta of 1.05. The firm has a fifty day moving average of $0.66 and a 200 day moving average of $0.72.

BIO-key International (NASDAQ:BKYI – Get Free Report) last issued its quarterly earnings data on Monday, August 14th. The technology company reported ($0.16) earnings per share for the quarter. The company had revenue of $1.93 million for the quarter. BIO-key International had a negative net margin of 117.65% and a negative return on equity of 122.43%.

About BIO-key International

(Get Free Report)
BIO-key International, Inc develops and markets fingerprint identification biometric technology and software solutions, and enterprise-ready identity access management solutions for commercial, government, and education customers in the United States and internationally. The company offers BIO-key PortalGuard and PortalGuard IDaaS solutions, a customer-controlled and neutral-by-design cloud-based identity platform that allows customers to integrate with any cloud or on-premises SaaS application, as well as windows device authentication through IAM platform.

[AveragePenny]

$BKYI BIO-key International Joins AWS ISV Accelerate Program to Elevate Biometric Security Solutions on AWS

https://www.globenewswire.com/news-release/2023/09/07/2739398/0/en/BIO-key-International-Joins-AWS-ISV-Accelerate-Program-to-Elevate-Biometric-Security-Solutions-on-AWS.html

WALL, N.J. and Herndon, Va., Sept. 07, 2023 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB), is proud to announce its acceptance into the Amazon Web Services (AWS) Independent Software Vendor (ISV) Accelerate Program, a co-sell program for AWS Partners that provide software solutions that run on or integrate with AWS. Having joined the AWS Partner Network in June of 2022, acceptance to the Accelerate Program marks a significant milestone in BIO-key's journey to provide advanced biometric security solutions on AWS.

As a member of this program, BIO-key will access a wide range of resources and benefits, including technical enablement, go-to-market support, and co-selling opportunities, allowing the company to deliver enhanced security offerings to AWS customers, globally.

BIO-key's biometric authentication solutions offer unparalleled security and convenience, leveraging unique biometric identifiers such as fingerprints, faces, palm scans, and more. With support from AWS, BIO-key aims to make its cutting-edge biometric technology easily accessible to businesses of all sizes, from startups to enterprises, seeking to fortify their digital environments against ever-evolving cybersecurity threats.

"BIO-key is thrilled to be accepted into the AWS ISV Accelerate Program, which validates the strength of our biometric authentication solutions and our commitment to innovation in the field of cybersecurity," said Galen Rodgers, VP of Sales & Channel, BIO-key International. "Our work with AWS will help us to further enhance the security posture of organizations using AWS, providing a frictionless yet robust authentication experience for users."

As BIO-key works with AWS to continue expanding its reach and capabilities, both companies are committed to driving innovation and raising the bar for security solutions in the cloud computing landscape.

To learn more about the AWS ISV Accelerate program, please visit https://aws.amazon.com/partners/programs/isv-accelerate/.

[Gamco]

BIO-key International Joins AWS ISV Accelerate Program to Elevate Biometric Security Solutions on AWS

Source: GlobeNewswire Inc.

BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB), is proud to announce its acceptance into the Amazon Web Services (AWS) Independent Software Vendor (ISV) Accelerate Program, a co-sell program for AWS Partners that provide software solutions that run on or integrate with AWS. Having joined the AWS Partner Network in June of 2022, acceptance to the Accelerate Program marks a significant milestone in BIO-key's journey to provide advanced biometric security solutions on AWS.

As a member of this program, BIO-key will access a wide range of resources and benefits, including technical enablement, go-to-market support, and co-selling opportunities, allowing the company to deliver enhanced security offerings to AWS customers, globally.

BIO-key's biometric authentication solutions offer unparalleled security and convenience, leveraging unique biometric identifiers such as fingerprints, faces, palm scans, and more. With support from AWS, BIO-key aims to make its cutting-edge biometric technology easily accessible to businesses of all sizes, from startups to enterprises, seeking to fortify their digital environments against ever-evolving cybersecurity threats.

"BIO-key is thrilled to be accepted into the AWS ISV Accelerate Program, which validates the strength of our biometric authentication solutions and our commitment to innovation in the field of cybersecurity," said Galen Rodgers, VP of Sales & Channel, BIO-key International. "Our work with AWS will help us to further enhance the security posture of organizations using AWS, providing a frictionless yet robust authentication experience for users."

As BIO-key works with AWS to continue expanding its reach and capabilities, both companies are committed to driving innovation and raising the bar for security solutions in the cloud computing landscape.

To learn more about the AWS ISV Accelerate program, please visit https://aws.amazon.com/partners/programs/isv-accelerate/.

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions and customized on-premises solutions.

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; 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 execute and deliver on contracts in Africa; 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 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, 2022 and other filings with the Securities and Exchange Commission. 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.

Engage with BIO-key:

Facebook – Corporate:https://www.facebook.com/BIOkeyInternational/LinkedIn – Corporate:https://www.linkedin.com/company/bio-key-internationalTwitter – Corporate:@BIOkeyIntlTwitter – Investors:
@BIO_keyIRStockTwits:
BIO_keyIR  

Investor Contacts:

William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[wickw50]

Identity and Access Management Provider BIO-key to Participate at H.C. Wainwright Investment Conference in New York City, Sept. 11th & 12th

Online Presentation Available on Monday, Sept. 11th


NEW YORK and WALL, N.J., Aug. 31, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions will participate at H.C. Wainwright’s 25th Annual Global Investment Conference on Monday, September 11th and Tuesday, September 12th at the Lotte New York Palace Hotel in New York City. Bio-key’s CEO Mike DePasquale will be available for in-person investor meetings on Monday and Tuesday and for virtual meetings on Thursday Sept. 14th. BIO-key’s investor presentation will be available online throughout the conference, starting Monday, September 11th at 7:00 a.m. ET.

Please contact your H.C. Wainwright representative or Lily Khaykina at [e-mail] to schedule a meeting.

H.C. Wainwright & Co., LLC is a full-service investment bank providing Investment Banking, Equity Research, Sales & Trading, Corporate Access and Strategic Advisory services. H.C. Wainwright’s 25th Annual Global Investment Conference will feature leading growth and technology companies from Monday, September 11th through Wednesday, September 13th.

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy to deploy, convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions, as well as customized on premises solutions.

Engage with BIO-key:
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
Investor Contacts
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[wickw50]

BIO-key International, Inc. (NASDAQ:BKYI) Q2 2023 Earnings Conference Call August 15, 2023 10:00 AM ET

Company Participants

Bill Jones – Investor Relations

Mike DePasquale – Chairman and Chief Executive Officer

Ceci Welch – Chief Financial Officer

Conference Call Participants

Jack Vander Aarde – Maxim Group

Operator

Good morning, everyone. Thank you for standing by, and welcome to BIO-key International Second Quarter 2023 Conference Call. During management’s prepared remarks all participants will be in listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded today, Tuesday, August 15, 2023.

Now, I would like to turn the call over to Mr. Bill Jones, Investor Relations. Please proceed.

Bill Jones

Thank you, everyone, for joining today’s call. Participating here today are BIO-key’s Chairman and CEO, Mike DePasquale; and CFO, Ceci Welch.

As a reminder, today’s conference call and webcast as well as answers to investor questions include forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ from those currently expected. Words such as anticipate, believe, estimate, expect, plan, project or similar words, typically identify and express forward-looking statements. Such statements are made based on management’s beliefs and assumptions as of today, using information currently available pursuant to the Safe Harbor from liability provisions of the Private Securities Litigation Reform Act of 1995.

For a complete description of these and other risks that may affect future performance of the company, please see risk factors in the company’s annual report as filed on Form 10-K with the SEC. Listeners are cautioned not to place undue reliance on forward-looking statements, which speak as of today’s date only. BIO-key undertakes no obligation to revise or to disclose revisions to any forward-looking statements to reflect circumstances or events that occur after today.

And now, let me pass the call to Mike to begin. Mike?

Mike DePasquale

Thanks, Bill. Good morning, and thank you, everyone, for taking time with us today. After my remarks, Ceci will review our financials, and then we will open the call to your questions. Although our Q2 revenues were roughly flat compared to Q2 2022, largely reflecting the timing of larger opportunities, our first half performance reflects growing demand for our unique set of identity and access management solutions.

Our first six months revenues rose 29%, reflecting solid progress in the growth in our software license and services revenue, which carry higher margins, and we were able to trim our net loss to $0.17 per share versus $0.34 per share in the year ago, first half.

Importantly, we are building a growing base of annual recurring revenue in key verticals, including healthcare, government and higher education, along with a robust pipeline of highly qualified large revenue opportunities that we expect to benefit our results in future periods. Our internal sales and marketing efforts have generated several significant IAM deployment prospects that we are working to advance to the contract stage. The scope and size of these projects typically involves longer sales cycles, so the timing is harder to predict. We believe BIO-key’s growing traction in the IAM space is a reflection of the strength of our flexible, scalable solutions and our leadership in identity bound biometrics.

Our suite of solutions offers a wide variety of multifactor authentication options to uniquely address customer mandates for password-less and phone-less authentication, and are opening up larger opportunities for our company. I said last quarter that we’ve done particularly well in generating larger enterprise leads at recent Gartner-hosted events, proving a number of quality sales engagements with target enterprise accounts.

Building on this direct sales effort, we also attended Identiverse in June and the NACo CIO Summit in July, and are planning to participate over the next few months in a number of security events along with our partners. We are confident that some of these larger scale opportunities should progress to formal deployments in the coming months, including a few that are already in proof-of-concept stages.

Complementing these efforts is our expanding base of global technical alliances and distribution partner relationships, which positioned BIO-key to participate in a much broader base of opportunities on a global basis. Key partners include Intelisys, which operates on a global basis and 3Eye, which is focused in the financial services and healthcare verticals.

In Q2, we added Savvy Info Tech in Ethiopia, Africa’s second most populous country and one of the fastest growing economies in the world. Savvy provides Ethiopian banks and government institutions with digital and banking solutions, including end-to-end card personalization, data protection, identity and access management, payment switching, and fraud management services. We also forged the partnership with Pixel Infinito to bring our innovative IAM solutions to their customers across Angola.

We are also now officially in the AWS ISV Accelerate Program. You’ll hear more from us on that later this week or early next week, which is a very large and important ecosystem. This will provide access to all AWS financial services and healthcare selling teams. We are now working with the AWS network in Europe, the Middle East, and in Africa, helping customers to move their IAM deployments to the cloud for greater availability, scalability, resiliency, and reduced overhead costs. Working with AWS plays a critical role, particularly in this region. Due to the AWS Partner Network, we can now effectively extend the scope of marketing our sophisticated cloud-based IAM solutions worldwide through all of their sellers.

We also have a newer effort that is focused on building technical alliances with other leaders in the IAM industry, such as BeyondTrust, ForgeRock, Ping Identity and others. This strategy is designed to leverage our mutual strengths to enhance our ability to bring BIO-key solutions to our mutual customers. Through these companies, we are also – although these companies are also at times competitors, we have found ways to work together to identify and pursue significant new sales opportunities, some of which would be hard for us to pursue on our own.

As partner source sales opportunities are increasing, we are expanding engagement and awareness of integrated BIO-key capabilities with our Channel Alliance Partners. We initiated what we call BIO-key University for online training in BIO-key solutions in the second quarter. And the next phase of the platform is targeted for October release.

Our Q2 performance highlights included continuing traction with PortalGuard IDaaS in supporting existing healthcare company clients in their migration to the browser-based Epic Hyperdrive patient management solution by November 2023.

Recent deployments include the University of Iowa Hospitals and Clinics, Paulding Hospital and Dayton Children’s Hospital both in Ohio. These existing BIO-key biometric authentication customers are tapping the SAML capabilities of our PortalGuard IDaaS platform to leverage their existing use of our Identity-Bound Biometric solutions to provide strong authentication of healthcare personnel that are accessing shared workstation environments.

PortalGuard benefits our customers by letting them extend the value of our biometric solutions, while also avoiding user re-enrollment or the adoption of more cumbersome, expensive or shared multifactor authentication solutions. PortalGuard’s industry standard identity provider or IdP capabilities fully support Hyperdrive’s modern authentication approach.

Importantly, BIO-key’s unique identity bound biometric capabilities provide a personalized authentication solution that is both highly secure as well as frictionless for end users. Shared workstations which are common in healthcare, customer service centers, even in manufacturing and industrial centers provide security and access risks due to password token or card sharing. BIO-key’s IdP solutions address these vulnerabilities, supporting strong authentication capabilities in a cost effective manner, balancing strong security speed and convenience.

Turning to product. We recently completed the development of PortalGuard PG Desktop multifactor authentication for both Windows and Mac environments. We are currently redesigning our authentication engine and introducing certificate-based authentication to deliver an improved experience, also expected to be completed and released later this year. We also expanded PortalGuard’s support for managed service providers and introduced an enhanced IDaaS platform with infrastructure improvements and Linux support.

These are all part of continued efforts to build upon the value and functionality of our solutions, working to strengthen our internal sales effort we recently unified our sales and channel leadership under Galen Rodgers, to position our team for enhanced success in North America. New sales tactics are being deployed to enhance the quality and size of our engagements. We are starting to see progress in building our sales pipeline and improvements in sales forecasting, all benefiting from his guidance. Our goal is to grow our sales opportunity pipeline by 3x or three times in the second half of 2023.

We recently onboarded a new sales engineering resource, who comes to BIO-key with many years of experience, most recently from Okta. He brings a new level of refinement and structure to our sales engineering capabilities that will positively influence our ability to close direct sales and support our channel partners. Our marketing effort also continues to drive demand through channel and partner marketing, supported by the recent launch of our partner channel blog.

We are implementing account-based marketing, targeting larger commercial accounts and adjusting our process to incorporate channel marketing and partners. In summary, given our progress to date and the actions we have taken for the future, we remain confident that BIO-key is positioned to deliver significant top line and bottom line improvements in fiscal 2023. With those comments, I’ll now turn the call over to our CFO, Ceci Welch.

Ceci Welch

Thank you, Mike. First off, we expect to file our 10-Q this week and to remain fully up-to-date in our SEC filings. Turning to the recent quarter. Our Q2 revenues nearly matched those of Q2 2022, as growth in high-margin service and software license revenue more than offset the decline in hardware revenue. Growth in the service revenue was driven by customer deployments, migrations and expansions, including Swivel Secure customers in the EMEA region, as well as higher deployments in the U.S. higher education sector.

In the first six months of 2023, BIO-key’s revenues rose by 29% to $5 million compared to $3.9 million, also reflecting growth in service and license revenue, partially offset by a decline in hardware revenue. Gross profits grew 8% to $1.3 million in Q2 2023 versus Q2 2022, principally reflecting a gross margin increase of 69% versus 63% in Q2. Gross margin benefited from a larger percentage of higher-margin services and software revenue, as well as a decrease in third-party software costs due to regional software revenue, more than offsetting a year-over-year decrease in hardware revenue.

For the first six months, gross profit grew 27% to $3.6 million, again related to the growth in service and license fee revenue, partially offset by lower hardware revenue. Operating expenses decreased 10% to $2.5 million in Q2 2023 versus Q2 2022, due to an ongoing overhead reduction initiative, resulting in lower research and development expenses, as well as lower selling, general and administrative expenses. We are pursuing a number of overhead expense reduction initiatives aimed at improving our bottom line performance.

The completion of BIO-key’s MobileAuth application earlier this year helped to enable a decrease in R&D costs. The decrease in Q2 2023 SG&A costs reflects lower marketing personnel costs, offset by increased professional service fees related to regulatory filing delays. Given higher gross profit and lower operating costs, BIO-key was successful in trimming the net loss to $1.4 million or $0.16 per share in Q2 2023 compared to $1.7 million or $0.21 per share in Q2 2022.

Likewise, the first six months of 2023, we reduced our net loss to $1.7 million or $0.19 per share from $2.7 million or $0.34 per share in the first six months of 2022. BIO-key enabled Q2 – ended Q2 [ph] with current assets of $8.5 million, including $600 million of cash and $3.2 million of accounts receivable and $4.4 million of inventory. Our receivables are typically collected on normal terms of 30 to 90 days.

In terms of inventory, some of the excess inventory that we have purchased to avoid supply chain concerns and in anticipation of ramping requirements related to the civil ID projects in Africa, is slowly being sold and liquidated to further strengthen our financial position. That concludes our prepared remarks. And now we will turn the call to the operator to begin Q&A.

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] Our first question comes from Jack Vander Aarde with Maxim Group. Please go ahead.

Jack Vander Aarde

Okay. Good morning guys. Thanks for taking my questions. So Michael, you mentioned some great stats at the pipeline in your prepared remarks, and I think, I just missed some of that, can you – I think you had some quantifiable pipeline remarks. Can you just remind me of what you said?

Mike DePasquale

Yes, I said that our goal and objective is to increase our pipeline size by a factor of 3x in the second half of 2023. And most of that is happening as a result of two factors. Number one, our partner program is exploding. And we, through, again, as I mentioned, AWS and other more strategic players are going to increase our deal flow and in particular, our partner sourced deal flow right, that they bring to the table. So that’s one.

The second is, what I mentioned, not just on this call but on our last call, that we’ve been very successful in creating a number of larger opportunity pipeline inputs from the Gartner events that we attended. So these are much larger customers that have very large populations of employees and customers that are interested in our IBB and our general PortalGuard IDaaS solutions. So that’s how we’re going to grow our pipeline. That is how our pipeline is going to expand and that’s going to continue to grow as we evolve through the second half and into 2024.

Jack Vander Aarde

Okay. And that goal though was to increase the pipeline by about 3x in the back half?

Mike DePasquale

Correct. Correct. That’s triple our pipeline. So that’s pretty significant, and we could never do that with I’ll call it, a handful of sales resources that we have. That is clearly – it’s been our goal and objective for the last year to 1.5 years, to really pushing the majority of our business to get it sourced and then to push for fulfillment through our partner network, and that’s really starting to expand.

Jack Vander Aarde

Okay. Great. And then let me ask a question on the quarter itself. The second quarter itself, I am still – I guess, I’m struggling to still understand why your recurring revenue is flat year-over-year relatively if you’re seeing such increased demand and you’re adding new customers, are you giving pricing discounts? Is it just a lumpiness in the business? I know one of the – like a – or you had one customer account or contract. I think it was like $0.3 million, maybe – maybe slipped, but just help me understand that. When can we see more of a meaningful ramp – in more of a smooth growth ramp going forward? Thank you.

Mike DePasquale

Yes. Well, first of all, again the bulk of our business is recurring revenue. So we still do have some legacy customers that buy license from us. But the bulk of our business has really evolved to recurring revenue. And that’s a combination of – on the legacy side, customers that are paying maintenance, right? But its contracted maintenance as well as new sales that are subscription based. So that is our model. And clearly, again, short of some of those legacy customers, that’s what we’re doing. That’s what we sell.

In the context of this quarter, our business was flat year-over-year for that one customer, that’s the Defense Ministry customer, which was about a $350,000 order, they wanted to negotiate a longer-term arrangement, a multiyear arrangement. So it took a few extra weeks to do that. But if that has fallen on the June side of the quarter, we would have grew about 15% or so. And on a year-over-year basis, we would have been somewhere around 35% or so instead of the 29% that we’re at right now.

Clearly, our business is growing, and it’s ramping. You’re going to see it again happened because of two things. Our commercial business, our small and medium-sized opportunities sourced through partners and fulfilled through partners is going to grow. And then the larger, more strategic opportunities, as I described, which are harder to predict in the context of timing, they will have a big impact on our business.

So for example, when you’re working a large opportunity that could be anywhere from $500,000 to $1 million or more in ARR, right? That’s recurring subscription revenue. When you close that in that quarter, it’s going to have a big impact on top of the contracted base we have. And so it’s – we’re close, but we still have work to do to get both of those engines, the partner engine and close down on some of those larger strategic deals to begin to see more, I’ll call it, more significant growth and more consistent growth.

Jack Vander Aarde

Okay. Great. Great. And then just to that point, let me ask one more thing and then I’ll switch gears. But – so, I guess, what I want to understand is, what you mean by significant top-line growth? Because I think investors lined up when you talk about your outlook, what is – what do you mean by significant top-line and bottom line improvement? So if I look at year-to-date – year-to-date, Michael, your revenue is up 29% for the first six months of the year, it looks like.

Mike DePasquale

That’s right.

Jack Vander Aarde

So is 29% year-to-date, is that where you consider significant? Just help us understand just to get a sense of what the back half of the year could look like based on your kind of informal guidance commentary?

Mike DePasquale

Well, again, we’re not providing guidance. And I could have provided guidance at the beginning of the year and said, look, we’re going to do x over. We did about $7 million last year, what is the number going to be? I’ve been very cautious about that because we’re trying to be – first of all, it’s very difficult for us to be ultra predictable while we’re in this transition to our partner and our new strategic kind of sales focus. It’s very, very difficult because of the timing. The larger deals with larger companies tend to – tend to take on a life of their own. Sometimes they slip, sometimes they just require six months or nine months of selling cycle. So it’s very difficult to predict.

So, I’ve been very cautious about that. I did not want to paint the number that the company will not be able to achieve. But I will say this, we have grown annually each of the last two years into this year, and we’re going to grow significantly this year again. And I hope and we believe it’s going to be well north of where we are today. The third quarter, as you know, is generally our slowest quarter because of our business in Europe, which – as you know, Europe is fundamentally closed in July and August. But we believe this quarter will be a very solid quarter, and we will have by the end of the year, by the fourth quarter, that partner engine really humming and some of these strategic deals landed. And so significant is – significant is significant. Let’s put it this way, more than we’ve grown in the last two years.

Jack Vander Aarde

Okay. Great. That’s helpful. That’s helpful. I appreciate the added color there. And just your comment on third quarter, seasonally slower because of the European business and the nature of that. That makes sense. But would it – do you expect the third quarter to be up year-over-year since it’s against another seasonally slow period last year in the third quarter?

Mike DePasquale

Yes, we do. And keep in mind, we have that $350,000 order slip into Q3. So we kind of came over the transom with an advantage. So yes, I think it’s safe to say, we believe that, yes.

Jack Vander Aarde

Okay, great. And then just one more question per usual. My favorite question is because it’s such a material opportunity, can you just give us an update again on the two original large after contracts, and if and when we could see any sign of meaningful revenue recognition from those? Thanks.

Mike DePasquale

Thanks. Great. Good question. As you know, we came into the year and we totally discounted any business or revenue from Africa from those contracts. We did that because the delays have just been incredible, right? We’ve been dragging these for two, 2.5 years. They are still alive and the business is clearly still alive. There’s – in particular in Nigeria, there’s a new President that’s taken over and there’s a renewed focus including from the World Bank now that they’ve developed a new data privacy commission, and they’re starting to put a lot of thought into the identity ecosystem to bring people out of poverty, not just in Nigeria, but across Africa.

So we’re hopeful. We still have and maintain I’ll call it resource there to focus on that and to stay on top of things. But once the money flows, we’ll be there and we’ll be able to take advantage of the investment that we’ve made over the last couple of years. But it’s – it is – it remains a very, very difficult environment. And I think, although we’re optimistic that may change, it’s not factored into our numbers this year.

Jack Vander Aarde

Okay. That’s helpful. And then if I may just try to probe again not factored in your numbers this year, it’s very difficult to get visibility into it I understand. Is there based on where you see things today, is there line of sight though, or opportunity for these two start moving forward in 2024?

Mike DePasquale

Actually there is, and hopefully before the end of 2023. But we have an initiative underway in the payment space that is commercial. So it’s not directly related in any way to the government, which again, it is an opportunity to create revenue flow and margin and profit for us in a commercial business there, which it is the – I’ll call it the largest emerging market in the world and everybody wants to be there. But it takes a lot of staying power and it takes a lot of time, energy to generate meaningful revenue. But I do believe that it can happen before the end of the year and certainly into 2024.

Jack Vander Aarde

Okay, great.

Mike DePasquale

And one other comment that…

Jack Vander Aarde

Yes, go ahead.

Mike DePasquale

And one other comments I just want to make, I think in my prepared remarks, I talked about a couple of partners that we had brought on board. So we also are very focused, and not just again in Nigeria, but in Angola and Ethiopia working with partners who have the cultural business experience and who have the connections in the industries that have money and can spend money not just again the government. That’s also our target and our goal. And we signed three or so really, really good partners just in the last quarter who are going to help take BIO-key solutions into that market. So that’s another way for us to leverage ourselves in Africa.

Jack Vander Aarde

Okay. I appreciate the added color. That’s it for me. Thanks, Michael.

Mike DePasquale

You’re welcome.

Operator

At this time showing no further questions, the Q&A session has ended. I’ll now ask Mike DePasquale for any closing remarks.

Mike DePasquale

Thank you everyone for joining us today. We look forward to updating you on future updated calls. And we expect to attend two conferences this fall in New York. Specifically, we expect to participate at the H.C. Wainwright Conference in September and the [indiscernible] Conference in October. Please reach out to your representative there or our IR team whose contact information is in today’s press release for details. We’ll update you again on our Q3 call in November. And as always, we’ll provide interim news updates via press release. Again, thank you for your time this morning and have a great day.

Operator

The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.

[wickw50]

WALL, N.J. , Aug. 14, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, today reported results for its second quarter ended June 30, 2023 (Q2’23). BIO-key will host an investor call tomorrow at 10:00 a.m. ET (details below) to review its results and outlook.

Highlights:

Q2’23 revenues of $1.9M approximated Q2’22 revenue of $1.9M, despite delays in the closing of certain larger customer opportunities, including a $0.3M defense ministry order signed in early Q3’23. Revenue rose 29% in the first six months of FY’23 over the prior-year period, due to a record start in Q1’23.
Continued PortalGuard IDaaS Traction Supporting Healthcare Migrations to Epic Hyperdrive, including Dayton Children’s Hospital, University of Iowa Hospitals and clinics, and Paulding, Ohio Hospital.
Growing customer footprint across geographies and markets, including in Florida, Ohio, and Maine, particularly in higher education and other migrations to our cloud solution PortalGuard® IDaaS.
Expanding global distribution partner network, including Savvy Info Tech, the AWS Partner Network, and Pixel Infinito, in large, growing markets in Europe, the Middle East and Africa (EMEA).
BIO-key remains positioned to deliver significant top-line growth and bottom-line improvements for the full fiscal 2023 year.
CEO Commentary

BIO-key CEO Michael DePasquale commented, “While Q2’23 revenues were roughly flat compared to Q2’22, related principally to the timing of larger opportunities, our first half performance demonstrates growing demand for our unique set of IAM solutions, supported by our industry leadership in Identity-Bound Biometrics. Our first six months revenues rose 29% and we were able to trim our net loss from a year ago.

“Importantly, we have developed a robust pipeline of highly qualified, large revenue opportunities and a growing base of annual recurring revenue in key verticals, including government and higher education, which we expect will generate positive results in the coming quarters and years. Our internal sales and marketing efforts have generated several significant IAM deployment prospects that we are working to advance to the contract stage. However, the size and scope of these projects makes it more difficult to predict the timing of the customer decision making process. Complementing these efforts is our expanding network of global distribution partners which positions BIO-key to pursue a much broader base of opportunities both in the US and abroad.

“We also continue to expand the adoption of PortalGuard IDaaS to support healthcare customers as they migrate to Epic’s browser-based Hyperdrive solution. Longstanding customers, Dayton’s Children’s Hospital and the University of Iowa Hospitals and clinics, added BIO-key’s PortalGuard IDaaS® platform to leverage their existing BIO-key biometric authentication investment as they transitioned from Epic Systems’ legacy Hyperspace application to the new browser-based Hyperdrive interface. Our biometric authentications technology provides an ideal security and authentication solution for the healthcare industry which must comply with stringent HIPAA requirements to protect patient data accessed via shared workstations and mobile devices. We believe these successful deployments provide excellent case studies for other providers required to migrate to Epic Hyperdrive over the next few months.

Outlook

“Based on customer dialogues, we understand that most organizations recognize the need to deploy more secure, efficient, and passwordless identity and access management solutions to support hybrid user environments. We have positioned BIO-key to meet this growing need with convenient, scalable and cost-effective IAM solutions, including a broad range of multi-factor and identity-bound biometric capabilities. We are excited by the progress we have made in building our base of customers and annual recurring revenue, and believe BIO-key has a strong foundation for growth and improving bottom-line performance.

“Reflecting progress to date, a growing pipeline of customer opportunities, and our expanding global partner network, we remain confident that BIO-key is positioned to deliver significant top-line growth and bottom-line improvements in FY 2023.”

Financial Results

Please note that the review of our Q2 FY2023 financial statements has not been completed as of the date of this press release and the financial statements and financial information provided below have not been finalized and are subject to change.

Q2’23 revenues of $1.9M were nearly level with Q2’22, reflecting growth in higher-margin service and software license revenue, offsetting lower hardware revenue. Q2’23 service revenue was driven by custom service installations for new and existing customer deployments and upgrades. License revenue increased due to the addition of Swivel Secure customers in the EMEA region and PortalGuard customers, primarily in the U.S. higher education market. For the first six months of 2023, total revenues rose 29% to $5.9M compared to $3.0M, also reflecting growth in service and license revenue and a decline in hardware revenue.

Gross profit grew 8% to $1.3M in Q2’23 from $1.2M in Q2’22, reflecting an increase in gross margin to 69% from 63% in Q2’22. Gross profit and gross margin benefitted from a year-over-year increase in higher margin services and software license revenue and a decrease in third-party software costs, due to the mix in product licenses issued.

Q2’23 operating expenses decreased over 10% to $2.5 million from $2.8 million in Q2’22, due primarily to lower research and development expenses, as well as lower selling, general and administrative expenses. The completion of BIO-key’s Mobile Auth application contributed to the decrease in research and development costs. The modest decrease in Q2’23 SG&A costs reflected lower marketing personnel costs, partially offset by increased professional services fees related to regulatory filing delays. BIO-key continues to undertake a number of expense reduction initiatives designed to reduce overhead expenses in future periods.

Reflecting higher gross profit and lower operating costs, BIO-key trimmed its Q2’23 net loss to $1.4M, as compared to $1.7M in Q2’22. Similarly, for the first six months of 2023 compared to 2022, the Company reduced its net loss to $1.7 million from $2.7 million.

At June 30, 2023, BIO-key had current assets of $8.5M, including $0.6M of cash and cash equivalents, $3.2M of accounts receivable, and $4.4M of inventory.

Conference Call Details

Date / Time: Today, Tuesday August 15th at 10 a.m. ET
Call Dial In #: 1-877-418-5460 U.S. or 1-412-717-9594 International
Live Webcast / Replay: Webcast & Replay Link – Available for 3 months.
Audio Replay: 1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 2616534
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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy to deploy, convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions, as well as customized on premises solutions.

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; 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 execute and deliver on contracts in Africa; 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 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, 2022 and other filings with the Securities and Exchange Commission. 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.

Engage with BIO-key

Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
Investor Contacts

William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
2023 2022 2023 2022
Revenues
Services $ 620,465 $ 435,106 $ 1,152,987 $ 830,910
License fees 1,235,771 1,162,148 3,714,327 2,622,331
Hardware 72,693 349,861 145,382 435,045
Total revenues 1,928,929 1,947,115 5,012,696 3,888,286
Costs and other expenses
Cost of services 360,156 180,677 514,957 391,590
Cost of license fees 198,147 358,136 819,028 431,366
Cost of hardware 47,808 185,140 92,400 238,438
Total costs and other expenses 606,111 723,953 1,426,385 1,061,394
Gross profit 1,322,818 1,223,162 3,586,311 2,826,892

Operating Expenses
Selling, general and administrative 1,943,164 2,006,573 3,874,896 3,804,571
Research, development and engineering 558,181 784,083 1,248,341 1,589,349
Total Operating Expenses 2,501,345 2,790,656 5,123,237 5,393,920
Operating loss (1,178,527 ) (1,567,494 ) (1,536,926 ) (2,567,028 )
Other income (expense)
Interest income 23 77 27 208
Loss on foreign currency transactions - - (15,000 ) -
Investment-debt security reserve - (150,000 ) - (150,000 )
Change in fair value of convertible note (44,568 ) - 97,423 -
Interest expense (56,806 ) (1,540 ) (113,724 ) (1,540 )
Total other income (expense), net (101,351 ) (151,463 ) (31,274 ) (151,332 )

Loss before provision for income tax $ (1,279,878 ) $ (1,718,957 ) $ (1,568,200 ) $ (2,718,360 )

Provision for income tax (143,000 ) - (143,000 ) -

Net loss $ (1,422,878 ) $ (1,718,957 ) $ (1,711,200 ) $ (2,718,360 )

Comprehensive loss:
Net loss $ (1,422,878 ) $ (1,718,957 ) $ (1,711,200 ) $ (2,718,360 )
Other comprehensive loss – Foreign currency translation adjustment 19,884 (165,883 ) 92,030 (110,081 )
Comprehensive loss $ (1,402,994 ) $ (1,884,840 ) $ (1,619,170 ) $ (2,828,441 )
Basic and Diluted Loss per Common Share $ (0.16 ) $ (0.21 ) $ (0.19 ) $ (0.34 )

Weighted Average Common Shares Outstanding:
Basic and diluted 9,021,426 8,098,020 9,008,631 7,992,102

Please note that the review of our Q2 FY2023 financial statements has not been completed as of the date of this press release and the financial statements and financial information provided below have not been finalized and are subject to change.

BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, December 31,
2023 2022
(Unaudited)
ASSETS
Cash and cash equivalents $ 565,513 $ 2,635,522
Accounts receivable, net 3,178,785 1,522,784
Due from factor 74,250 49,500
Inventory 4,384,098 4,434,369
Prepaid expenses and other 328,684 342,706
Total current assets 8,531,330 8,984,881
Equipment and leasehold improvements, net 81,053 107,413
Capitalized contract costs, net 277,448 283,069
Deposits and other assets 8,712 8,712
Operating lease right-of-use assets 84,610 197,355
Intangible assets, net 1,600,092 1,762,825
Total non-current assets 2,051,915 2,359,374
TOTAL ASSETS $ 10,583,245 $ 11,344,255

LIABILITIES
Accounts payable $ 1,855,988 $ 1,108,279
Accrued liabilities 900,924 1,009,123
Income taxes payable 156,000 -
Convertible note payable 2,498,780 2,596,203
Government loan – BBVA Bank, current portion 135,308 120,000
Deferred revenue, current 651,709 462,418
Operating lease liabilities, current portion 77,379 159,665
Total current liabilities 6,276,088 5,455,688
Deferred revenue, long term 37,280 52,134
Deferred tax liability 159,997 170,281
Government loan – BBVA Bank – net of current portion 255,219 326,767
Operating lease liabilities, net of current portion 9,570 37,829
Total non-current liabilities 462,066 587,011
TOTAL LIABILITIES 6,738,154 6,042,699

Commitments and Contingencies

STOCKHOLDERS’ EQUITY

Common stock — authorized, 170,000,000 shares; issued and outstanding; 9,262,853 and 9,190,504 of $.0001 par value at June 30, 2023 and December 31, 2022, respectively 926 919
Additional paid-in capital 122,191,310 122,028,612
Accumulated other comprehensive loss (150,572 ) (242,602 )
Accumulated deficit (118,196,573 ) (116,485,373 )
TOTAL STOCKHOLDERS’ EQUITY 3,845,091 5,301,556
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 10,583,245 $ 11,344,255

Please note that the review of our Q2 FY2023 financial statements has not been completed as of the date of this press release and the financial statements and financial information provided below have not been finalized and are subject to change.

[wickw50]

WALL, N.J., Aug. 07, 2023 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, will host its second quarter investor conference call, Tuesday, August 15th at 10 a.m. ET. Results will be released after the market closes on Monday. Mike DePasquale, Chairman & CEO and Cecilia Welch, CFO will lead the call and Q&A session.

Conference Call Details
Date / Time: Tuesday, August 15th at 10 a.m. ET
Call Dial In #: 1-877-418-5460 U.S. or 1-412-717-9594 International
Live Webcast / Replay: Webcast & Replay Link – Available for 3 months.
Audio Replay: 1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 2616534

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy to deploy, convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions, as well as customized on premises solutions.

Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts

William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[wickw50]

Paulding Ohio Hospital Deploys BIO-key’s PortalGuard® Cloud Platform to Manage Identity-Bound Biometric Authentication for Epic Hyperdrive


PAULDING, Ohio and WALL, N.J., July 12, 2023 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB), announced that longstanding customer Paulding County Hospital (PCH) is deploying BIO-key’s PortalGuard® Identity-as-a-Service (IDaaS) cloud platform to leverage its existing investment in BIO-key’s biometric authentication solution as it migrates to Epic Hyperdrive. The new browser-based Epic Hyperdrive electronic health records system is replacing Epic’s legacy Hyperspace application.

Recognizing the importance of efficient and secure access to critical healthcare applications, PCH is deploying PortalGuard IDaaS in conjunction with Epic Hyperdrive to extend its use of BIO-key’s biometric authentication capabilities to ensure strict compliance with patient privacy regulations such as HIPAA (the Health Insurance Portability and Accountability Act) in the cloud. By deploying PortalGuard with BIO-key biometrics, PCH avoids system-wide user re-enrollment or the adoption of more cumbersome, expensive, or less secure shared authentication solutions. In addition, PortalGuard’s SAML-based Single Sign-On (SSO) Identity Provider capabilities will deliver secure, streamlined, multi-factor authentication for other hospital software applications. Driving the PCH project timeline is the Epic requirement that their customers migrate to Hyperdrive by the November 2023 release deadline.

"Implementing PortalGuard SAML SSO with their mission-critical application Epic Hyperdrive allows PCH to streamline their workflows, reduce administrative burdens, and ensure secure access to patient information with IBB,” said Mark Cochran, President of BIO-key – PortalGuard. “Where security and efficiency are paramount, healthcare organizations face the challenge of providing convenient and reliable access to necessary systems while ensuring data privacy and regulatory compliance. Our IBB solution is revolutionizing biometric authentication in healthcare, providing organizations with flexible, secure, and cost-effective access management solutions by reducing or eliminating reliance on expensive tokens or card-based systems while also maintaining the highest levels of security.

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions, as well as customized on-premises solutions.

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; 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 execute and deliver on contracts in Africa; 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 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, 2022 and other filings with the Securities and Exchange Commission. 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.

Engage with BIO-key:
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts:
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[wickw50]

BIO-key Customers in Florida and Illinois Migrate Their Identity and Access Management to the Cloud with PortalGuard® IDaaS


WALL, N.J., July 10, 2023 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB), announced that existing customers West Aurora School District 129 in Aurora, IL and Gulf Coast State College in Panama City, FL are migrating to BIO-key’s PortalGuard® IDaaS cloud-based identity management solution, a significant step in modernizing their IAM capabilities. By adopting IDaaS, West Aurora and Gulf Coast can centralize and streamline their identity management processes while taking advantage of cloud scalability, flexibility, and security while providing an enhanced user experience - all with improved administrative capabilities.

In today's digital landscape, where secure access to educational resources is crucial, West Aurora and Gulf Coast recognized the need for a comprehensive IAM solution. By partnering with BIO-key, the school district and college aim to streamline and enhance how they manage user identities and access privileges. The PortalGuard IDaaS platform brings multiple benefits to West Aurora and Gulf Coast, including Single Sign-On (SSO) functionality so students, faculty, and staff can enjoy a seamless login experience across multiple applications and systems, eliminating the hassle of remembering multiple passwords. Further, implementing robust Multi-factor Authentication (MFA) ensures an additional layer of security, safeguarding sensitive educational data from unauthorized access. West Aurora and Gulf Coast end users can leverage seventeen authentication methods, including SMS-based codes, push notifications, biometrics, and hardware tokens, to add an extra layer of security for access to digital resources.

By migrating to the PortalGuard IDaaS platform, West Aurora and Gulf Coast are embracing cloud integration, enabling seamless management of identities across their hybrid environments which combine on-premises resources and cloud-based services. PortalGuard ensures consistent identity management practices and a unified user experience across various platforms. West Aurora and Gulf Coast will also benefit from the scalability and flexibility offered by the PortalGuard IDaaS platform which can effortlessly accommodate changing user populations, increased application usage, and future expansion.

"We are thrilled to support our customers’ migration to the PortalGuard IDaaS platform," said Mark Cochran, President of BIO-key – PortalGuard. "Our growing base of education customer migrations to IDaaS underscore BIO-key’s commitment to providing secure, and seamless access to educational resources for all students, faculty, and staff. By modernizing our customers’ IAM capabilities we help then ensure \\ a safe and productive digital learning environment."

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions, as well as customized on-premises solutions.

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; 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 execute and deliver on contracts in Africa; 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 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, 2022 and other filings with the Securities and Exchange Commission. 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.

Engage with BIO-key:

Facebook – Corporate:
LinkedIn – Corporate:
Twitter – Corporate:
Twitter – Investors:StockTwits: https://www.facebook.com/BIOkeyInternational/
https://www.linkedin.com/company/bio-key-international
@BIOkeyIntl
@BIO_keyIRBIO_keyIR
Investor Contacts:
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[Gamco]

Entry into a Material Definitive Agreement.

On June 22, 2023, BIO-key International, Inc. (the “Company,” “we” or “us”) entered into a Waiver and Amendment No. 1 to Securities Purchase Agreement (the “Amendment”) with AJB Capital Investments, LLC (the “Investor”). The Amendment amended certain provisions of the Securities Purchase Agreement dated December 22, 2022 (the “Original Agreement”) entered into between the Company and Investor which provided for, among other things, the issuance of a $2,200,000 principal amount senior secured promissory note (the “Note”) to the Investor.

In connection with the issuance of the Note, the Company issued 700,000 shares of common stock (the “Commitment Shares”) to the Investor. In the event that the Note was paid in full within six months after the date of issuance, the Company had the right to repurchase 350,000 of the Commitment Shares for aggregate payment to the Investor of $1.00. The Amendment provides for the Company to repurchase up to 272,000 of the Commitment Shares in the event that the Company makes a principal payment on or before July 22, 2023 and to repurchase up to 214,000 of the Commitment Shares in the event that the Company makes a principal payment after July 22, 2023 and before August 21, 2023, in each case, for aggregate payment to the Investor of $1.00. The number of Commitment Shares subject to repurchase is based on the amount of the principal payments made by the Company.

The Amendment also waived certain prior events of default in connection with the Company’s failure to timely make certain filings with the United States Securities and Exchange Commission.

The foregoing descriptions of the Amendment and the Original Agreement do not purport to be complete and are qualified in their entirety by reference to the complete text of such agreements, copies of which are filed as Exhibit 10.1 to this Current Report on Form 8-K and Exhibit 10.1 to the Company’s Current Report on Form 8-K dated December 22, 2022, respectively.

[wickw50]

Johnston Community College Deepens Partnership with BIO-key, Implementing its PortalGuard® IDaaS Identity and Access Management Cloud Solution to Meet New Digital Transformation Goals


SMITHFIELD, N.C. and WALL, N.J., June 26, 2023 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB), announced that existing customer Johnston Community College (JCC) elected to migrate to BIO-key’s PortalGuard® IDaaS cloud-based platform to improve agility, security, and efficiency that comes from being able to leverage a single pane of glass to secure their entire IT environment. PortalGuard IDaaS provides IAM security regardless of where a user is signing in from and flexible integration options to support all types of access scenarios for both cloud-based and on-premises applications.

Johnston Community College has been utilizing PortalGuard’s on-premises solution since 2018. In recent years, higher educational institutions like JCC have been increasing the number of digital learning formats for students, so connecting securely to cloud-based systems is an essential element within a safe and supportive learning environment. PortalGuard significantly improved end-user access by providing secure single sign-on using SAML and CAS (Central Authentication Service) protocols for applications, including Microsoft 365, Blackboard, ExamSoft, Trac Cloud, Omni CMS, Anthology, and Explorance Blue, among others. In addition, PortalGuard offers the college’s approximately 5,000 users an enhanced user experience with flexible multi-factor authentication options for secure access to institutional applications and data.

"PortalGuard IDaaS has experienced rapid growth from new and existing customers across multiple industries, including education, healthcare, manufacturing, finance, and government," said Mark Cochran, President of BIO-key – PortalGuard. "Higher Education institutions are seeking security experts like BIO-key to accelerate their ability to execute strategic security initiatives and meet their digital transformation goals. The PortalGuard IDaaS platform enables IT teams to meet end-user demands for access personalization and convenience while cost-effectively addressing the ever-evolving challenges of cybersecurity threats."

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions, as well as customized on-premises solutions.

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; 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 execute and deliver on contracts in Africa; 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 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, 2022 and other filings with the Securities and Exchange Commission. 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.

Engage with BIO-key:
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
Investor Contacts:
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[wickw50]

Quirk Auto Group selects BIO-key’s PortalGuard® Cloud Solution to Meet Updated GLBA Act Safeguards Rule Requirements to Protect Consumer Data

Quirk consolidated IAM solutions around PortalGuard, enhancing cybersecurity capabilities and login experience


BANGOR, Maine and WALL, N.J., June 20, 2023 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB), announced that Quirk Auto Group, with 19 locations in Maine, has selected BIO-key’s PortalGuard® IDaaS platform to address updated requirements dictated by the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule, designed to protect the personal data of consumers.

The Federal Trade Commission recently made important changes to the Safeguards Rule, bringing the GLBA in line with much more stringent security frameworks. BIO-key’s PortalGuard platform supports these updated rules with a modern approach for securing access to systems and data through its IBB, multi-factor authentication (MFA), and industry-standard SAML Identity Provider (IdP) capabilities. One of the key project outcomes was identity and access management security and integration with the enterprise application Reynolds and Reynolds for enhanced corporate and consumer data protection. The PortalGuard platform provided an additional benefit for Quirk Auto Group by enabling it to consolidate IAM technologies and vendors, improving the user login experience while simultaneously increasing its overall cybersecurity capabilities.

"Properly managing identity and access is a critical component of good cybersecurity. The piece that’s easy to overlook is consolidating security tools to improve your security posture," said Mark Cochran, President of BIO-key – PortalGuard. "As organizations scale and/or have new compliance requirements to address, they often pick up additional solutions to address their needs. Suddenly, their original security solution is a tangle of overlapping policies, vendors, and authentication methods – unnecessarily reducing end-user satisfaction and burdening the IT team. Consolidating solutions is the best way to present a simple and complete solution that makes users happy while maintaining the robust security your organization will depend on for years to come. This is the essence of what we deliver with PortalGuard."

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions, as well as customized on-premises solutions.

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; 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 execute and deliver on contracts in Africa; 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 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, 2022 and other filings with the Securities and Exchange Commission. 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.

Engage with BIO-key:

Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts:
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800