Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
BKYI racks up another award but can’t seem to raise its share price. I guess no awards are given for continued excellence in demonstrating consecutive years in lack of profitability. At least Mike D is doing well for himself.
Identity Solutions Provider BIO-key Honored with Cybersecurity Excellence Awards in Four Categories
PortalGuard Wins Gold in Multi-factor Authentication, Identity and Access Management, and Single Sign-On Categories; Identity-Bound Biometrics Wins Gold in Biometrics Category
WALL, N.J., Feb. 09, 2022 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, announced today that its solutions have been honored as Gold badge winners in four product categories for the 2022 Cybersecurity Excellence Awards. BIO-key’s PortalGuard Identity-as-a-Service (IDaaS) platform was awarded the Gold badge in the Identity and Access Management, Multi-factor Authentication, and Single Sign-On product categories, while the company’s Identity-Bound Biometrics were awarded the Gold badge in the Biometrics category.
The Cybersecurity Excellence Awards are a worldwide program produced by Cybersecurity Insiders and the Information Security Community on LinkedIn to recognize and honor the world’s most innovative cybersecurity organizations, products, and professionals. Nominations are reviewed by cybersecurity experts at both organizations, with voting taking place on the Cyber Security Excellence Awards website.
“It’s an honor to be recognized by this group of cybersecurity experts,” said Michael DePasquale, BIO-key Chairman and CEO. “Winning in these product categories recognizes the hard work and innovation that we’ve put into our solutions to continue to lead the market by providing a unique combination of IAM and Identity-Bound Biometrics for our customers.”
For over 25 years, organizations across all verticals, especially in higher education, finance, government, and healthcare have trusted BIO-key to help them eliminate passwords, secure remote access, prevent cyberattacks, and improve productivity for their IT teams. BIO-key's award-winning solutions offer an easy and secure way to authenticate the identity of employees, customers, and suppliers, while managing their access across devices and applications.
To learn more about BIO-key’s solutions please visit the company website.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key’s patented software and hardware solutions, with industry leading biometric capabilities, enable large-scale on-premises and cloud-based Identity-as-a-Service (IDaaS) solutions, as well as customized enterprise 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, risks and uncertainties including 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 expand into Asia, Africa and other foreign markets; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
Media Contacts
Tim Hurley, Erin Knapp Matter Communications
BIO-key@matternow.com
617-201-9152
Investor Contacts
William Jones, David Collins Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
BIO-key's PortalGuard Identity and Access Control Platform Adds New Mexico's Rio Arriba County to Growing List of County Government Customers Throughout the US
BIO-key's PIV-Pro fingerprint readers selected for office users and WEB-key's MobileAuth with PalmPositive Application for remote users
WALL, N.J., Feb. 07, 2022 (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 in partnership with iT1 that Rio Arriba County, NM has selected its PortalGuard IAM platform, including WEB-key biometric authentication, to deliver cost-effective, modern security controls for access to all its enterprise resources and mission-critical applications. The County also chose BIO-key's PIV-Pro fingerprint readers, a highly accurate FIPS 201 compliant scanner for its office users, and remote users will use WEB-key's MobileAuth application with PalmPositive for biometric palm authentication. PortalGuard provides the County with a secure IAM approach to support its hybrid workforce and a large variety of user access scenarios.
Rio Arriba County selected PortalGuard to provide strong multi-factor authentication (MFA) access control and support compliance with cybersecurity insurance requirements. PortalGuard was selected over competitive solutions because of its flexible MFA capabilities and tight integration with highly secure Identity-Bound Biometrics. The County's IT team chose to incorporate WEB-key's multiple biometric authentication options to prove each user's true identity instead of merely validating their hardware device, as this delivers much stronger protection against cyber security threats while also providing a quick and user-friendly means to access county systems.
“iT1 partnered with BIO-key to address our customers' need for a flexible, cost-effective, and proven identity and access management solution," said Zim Jackson, Partner Program Manager, iT1. "Additionally, it was important for us to partner with a group that could extend the quality of customer support our customers expect. Being selected by the Rio Arriba County government to provide a trusted IAM platform demonstrates the strength of our combined capabilities."
"Our partnership with iT1 provides valuable IAM solutions to County governments that are dealing with a cascade of ransomware attacks targeting the public sector at the same time they are struggling to provide and manage more services online during the COVID-19 pandemic," said Mark Cochran, President of BIO-key – PortalGuard. "The landscape is changing quite rapidly right now, and we are proud to deliver the best blend of advanced IAM capabilities to County governments that provide superior convenience, affordability, and ensure that only authorized users access County systems and data. RIO Arriba represents the fifth new county government customer we’ve added from five different states, in the last two months. Our growing traction in this market is a direct reflection of the security, ease of deployment, and value our solutions provide."
About iT1 Source (https://it1.com)
iT1 is a global technology solution provider headquartered in Tempe, AZ. Our core capabilities include virtualization, data management, communications, networking, professional and managed services, and corporate procurement. The company serves over 3,000 active accounts in virtually every industry, including healthcare, finance, retail, and manufacturing, as well as Federal, state, local, and education (SLED) agencies. Our mission is to provide value-driven services in the design and implementation of customized technology solutions for our clients, allowing them to achieve their stated business goals. We strive to build long-term client relationships based on expertise, excellence in service, and the highest ethical standards.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and cloud-based Identity-as-a-Service (IDaaS) solutions, as well as customized enterprise 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
BIO-key to Significantly Expand Customer Reach and Talent in EMEA Region via Definitive Agreement to Acquire Authentication Solutions Provider Swivel Secure Europe
WALL, N.J., Feb. 03, 2022 (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 announced that it has signed a definitive agreement to acquire Swivel Secure Europe, S.A (SSE), a privately-held IAM solutions provider based in Madrid, Spain serving the European, Middle East and African (EMEA) markets. The transaction is expected to close in February and be accretive to BIO-key’s earnings, excluding one-time acquisition-related costs and ongoing purchase accounting amortization expenses. On a preliminary unaudited basis, SSE generated over $3.1M in revenue and $578K in operating income in fiscal/calendar 2021.
As a result of the acquisition, BIO-key will add a sales and support team with extensive customer and industry contacts throughout the EMEA region. Alex Rocha, SSE’s sole stockholder and Chief Executive Officer, will also assume responsibility for EMEA operations reporting directly to BIO-key’s Chairman & CEO.
The acquisition will also expand BIO-key’s thriving Channel Alliance Partner (CAP) program by adding SSE’s technology partnerships with SAP, SailPoint and RedHat, as well as global reseller partners Arrow, Deloitte, Accenture, Logicalis, IBM, Telefonica and Wipro. These partners are highly-experienced in the benefits and uses of multi -factor authentication (MFA) and can offer valuable guidance on how customers can leverage BIO-key’s solutions.
“Swivel Secure Europe and its talented team have established a deep network of partners and customers across Europe, the Middle East and Africa, and this acquisition significantly strengthens BIO-key’s presence in those regions,” said BIO-key Chairman & CEO Michael DePasquale. “We are seeing cyber attacks and threats grow in sophistication and scale and as a result, demand for proven IAM solutions continues to grow. We look forward to expanding our global sales footprint and to supporting Swivel Secure Europe’s customers and partners through an award-winning and cost-effective portfolio of existing and new IAM and identity-bound biometric solutions.”
“BIO-key is a respected leader in identity and access management and civil identification in the North America, Africa and Asia,” said Mr. Rocha. “We’re excited to bring our team, customers and partners to join BIO-key in helping expand its worldwide footprint. We have longstanding relationships with many customers and believe that this combination will deliver improved capabilities and service levels for customers globally.”
BIO-key, through SSE, will be the exclusive distributor of Swivel Secure products throughout EMEA and will assume relationships with more than 300 customers spanning highly-complementary markets including education, government, banking, finance, healthcare and manufacturing. The need for multi-factor authentication (MFA) is significant in EMEA, where enterprises require the ability to fully control and monitor secure access by employees, students, customers and partners. SSE’s customers will be able to leverage the full portfolio of award-winning products including AuthControl® Sentry, AuthControl Enterprise and AuthControl MSP as well as BIO-key’s full line of software and hardware solutions.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key’s patented software and hardware solutions, with industry leading biometric capabilities, enable large-scale on-premises and cloud-based Identity-as-a-Service (IDaaS) solutions, as well as customized enterprise 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, risks associated with proposed acquisition including satisfaction of all closing conditions, unexpected costs or delays in integrating SSE operations into our operations, realization of operational synergies, SSE continuing to operate consistent with historical results, and retaining key employees and partners of SSE, as well as more general risks and uncertainties including 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact
Tim Hurley, Erin Knapp
Matter Communications
BIO-key@matternow.com
617-201-9152
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
PortalGuard Identity & Access Management (IAM) Platform Chosen by Lawrence County, South Dakota for Frictionless Cyber Security & Insurance Compliance
WALL, N.J., Jan. 18, 2022 (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 Lawrence County, SD has selected its PortalGuard IAM platform, including WEB-key biometric authentication. PortalGuard will provide its staff with seamless, secure access to mission-critical county applications and data that meets its cyber security and insurance compliance requirements.
Lawrence County is using PortalGuard to consolidate IAM technologies, unify its identity control, support insurance compliance, and a zero trust initiative. The PortalGuard platform enables the County's IT team to consolidate its security tools and services, reduce its on-premises footprint, and simplify IT touchpoints. The County sought to avoid mandating that employees use personal phones for work purposes, so the IT team implemented the WEB-key biometric solution as the primary authentication factor for Microsoft Windows access to enhance workstation login security and meet cyber insurance requirements. By using PortalGuard, the County gains strong IAM security controls with Multi-Factor Authentication (MFA) and Single Sign-On (SSO) capabilities. The platform's seventeen available authentication options, including WEB-key's biometric authentication capabilities, deliver an efficient, easy-to-use, and frictionless user experience across all their enterprise resources.
"Only a flexible and powerful approach to IAM security can help organizations meet the increasing challenges of today's threat landscape," said Mark Cochran, President of BIO-key - PortalGuard. "We are proud to provide our county government customers with cost-effective solutions to secure their operations, improve their user experience, and implement unified security controls that verify users' identities with a passwordless approach. PortalGuard and WEB-key provide advanced and flexible IAM capabilities without negatively impacting workflow. Best of all, PortalGuard is customized to the client environment, not the other way around, and easily integrates with existing systems."
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and cloud-based Identity-as-a-Service (IDaaS) solutions, as well as customized enterprise 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 IT security industry; market acceptance of our products generally and our products under development; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
Audrain County, Missouri Selects PortalGuard Identity and Access Control Platform to Provide Data Security, Regulatory & Insurance Compliance for its Hybrid Workforce
WALL, N.J., Jan. 11, 2022 (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 Audrain County, MO has selected its PortalGuard IAM platform, including WEB-key biometric authentication, to provide its hybrid workforce with a unified approach to meet their compliance requirements for securing access to mission-critical applications and data.
Audrain County is leveraging the PortalGuard platform to unify its identity control and to support compliance with cybersecurity insurance requirements. PortalGuard was selected over competitive solutions because of its combined IAM security capabilities and high degree of flexibility and scalability. The County's IT team chose to apply enhanced security to their enterprise systems by also incorporating BIO-key's WEB-key biometric authentication solution to prove each user's true identity instead of merely validating their hardware device. WEB-key also eliminated the need for employees to use their personal mobile devices to authenticate to county IT systems. PortalGuard provides the County with a unified user experience with modern security controls across all its enterprise resources while also supporting its complex user access scenarios effectively and efficiently.
"Considering that today's cyber and data security threats are tomorrow's insurance claims, all organizations must take proactive steps to implement a modern IAM solution that is both effective and compliant," said Mark Cochran, President of BIO-key – PortalGuard. "Our growing base of county government customers validate that PortalGuard and WEB-key offer the best blend of advanced security capabilities with the flexibility that organizations require to meet their compliance requirements without negatively impacting the user experience."
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and cloud-based Identity-as-a-Service (IDaaS) solutions, as well as customized enterprise 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
Herkimer County, New York Selects PortalGuard Identity Management Platform For Secure and Compliant Access
WALL, N.J., Jan. 05, 2022 (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 Herkimer County, NY (Herkimer) has selected BIO-key’s PortalGuard IAM platform to provide its workforce with secure access to mission-critical data to meet their cybersecurity insurance requirements.
Herkimer County sought a flexible and agile IAM platform to add Multi-Factor Authentication (MFA) to their security stack to support cybersecurity compliance requirements without disrupting their users’ workflows. Solution flexibility was essential to the Herkimer project because their user groups’ experience levels varied, so they needed a solution that provided enhanced security and optimal ease of use. PortalGuard enables the County's IT team to leverage the platform’s seventeen available authentication methods to allow Administrators and users to choose the method that best fits their workflow and access scenarios at that moment. No headaches, no interruptions - PortalGuard just works while simplifying IT touchpoints. PortalGuard delivers user-friendly, scalable access security that keeps organizations ahead of ever-changing security threats and meets their enterprise compliance goals.
"We are proud to add Herkimer County to our growing community of county government customers," said Mark Cochran, President of BIO-key - PortalGuard. "Especially in the COVID era, getting ahead of emerging threats is a top priority for county governments. We hear from our customers that to be successful in this endeavor, they need to thwart the sophistication of today's cyberattacks with robust access security controls to verify users while also improving the user experience. By leveraging the PortalGuard IAM platform designed for the modern workforce, county governments can secure access to their critical data cost-effectively and meet their compliance requirements without negatively impacting their users."
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and cloud-based Identity-as-a-Service (IDaaS) solutions, as well as customized enterprise 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
In not sure if everything will transfer with the copy and paste, but here it is:
Happy Holidays from everyone at BIO-key. We hope your holidays will be filled with joy and laughter through the New Year.
WATCH THE VIDEO
dog play
We wish you a season of joy, and we look forward to working with you in 2022!
Sincerely,
BIO-key Team
BIO-key Launches Enhanced Admin Panel and User Experience for IT Teams Managing its PortalGuard Identity-as-a-Service (IDaaS) Solution
WALL, N.J., Dec. 15, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, today introduced the next generation of its PortalGuard® Identity-as-a-Service (IDaaS) platform Admin Panel experience to enhance the ability of IT teams to manage and upgrade their IAM strategies. The improved PortalGuard IDaaS Admin Panel provides a simple, centralized interface for common IAM workflows and management of the platform that eliminates inefficiencies and delivers time savings for busy IT teams.
Today, IT teams are focused on keeping their organization safe while ensuring that their technology can support employees, customers, and suppliers to get to the resources they need. An increase in cyber risk and the dynamics of the pandemic, including the shift to remote work, have put pressure on IT teams to improve their IAM strategies, with many moving to more advanced approaches, including a Zero Trust architecture, which requires more granular security controls and oversight. Yet in a recent Osterman Research survey on “Why Zero Trust is Important,” 48% of organizations cite obtaining the appropriate resources to do Zero Trust properly as a barrier for embracing it.
Resource limitations are a common challenge as most IT teams face limited budgets and staff, with 61% of cybersecurity professionals saying their teams are understaffed. A major pain point for IT teams often comes from supporting IAM strategies with multiple point solutions that are difficult to integrate, configure, and manage. Further, as these solutions rely on varying sets of overlapping security policies that, without a holistic perspective, create vulnerabilities across the organization.
BIO-key’s PortalGuard IDaaS, with its newly enhanced admin panel, solves this problem by replacing end point solutions with one, cohesive IAM platform that is both more secure and easier to configure and manage. PortalGuard is a cost effective solution that enables IT teams to be more effective and productive.
Mark Cochran, President of BIO-key – PortalGuard added, “With limited IT resources and the significant gap in available cybersecurity talent across all industries, most organizations are struggling to figure out how to do more with less. The inspiration for the next generation of our admin experience was consistent customer feedback seeking solutions that are easy to manage, flexible, efficient, and can empower the IT team.”
PortalGuard IDaaS offers an unmatched variety of options for multi-factor authentication (MFA), contextual authentication, single sign-on (SSO), and self-service password reset (SSPR), and is the only IAM platform on the market offering Identity-Bound Biometric authentication methods, all controlled by a centralized set of flexible security policies. IT teams can also take advantage of the high availability, dynamic scalability, effective resiliency, and reduced need for support staff with PortalGuard delivered as a SaaS solution.
The latest enhancements to the PortalGuard IDaaS Admin Panel dramatically improve the IT team experience, making it easier to implement more granular controls for Zero Trust, remote access, and other access scenarios. The Admin Panel can be accessed from any web browser on any device, desktop, or mobile to provide secure and easy management of the platform’s capabilities including:
Roles & Permissions
User management
SSO application integrations
Granular security policies configuration
Reporting & auditing
To learn more about the BIO-key PortalGuard IDaaS Admin Panel, please visit BIO-key's website.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multifactor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
Osterman Research Surveys Show IT & Security Decision-Makers Plan Investments in Multi-Factor Authentication & Zero Trust Solutions to Counter Rising Cyberthreats
WALL, N.J., Dec. 13, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (Nasdaq: BKYI), an innovative provider of Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, today announced research findings from IT decision-maker surveys conducted with Osterman Research, a leading cybersecurity, data protection and information governance market research firm. The two research programs surveyed over 290 security and IT professionals across a variety of mid to large organizations to determine the factors influencing their application and investment in multi-factor authentication (MFA) and Zero Trust cybersecurity. Zero trust is a more secure paradigm providing ongoing verification of trustworthiness. The survey research is available on the BIO-key website via these links: The State of MFA and Why Zero Trust is Important.
The research revealed a wide gap between what IT and security decision makers understand to be highly secure MFA methods and the methods currently implemented within their organizations. As a result, most organizations (63%) plan to increase future investments in MFA for employees over the next five years, particularly with a focus on passwordless security features (40%).
While earlier security approaches assumed people and devices within a network were trustworthy, Zero Trust approaches reject this assumption and require ongoing verification of trustworthiness. Broad awareness of security threats to organizations and enterprises is proving to be a key driver of Zero Trust adoption. For example, 53% of IT and security decision makers said that they were influenced to adopt more secure solutions by high profile ransomware incidents such as SolarWinds, Colonial Pipeline and JBS. Furthermore, 38% of respondents said the pandemic era digital transformation influenced their adoption of Zero Trust.
MFA Awareness and Current Adoption at Odds
Single-Factor Authentication (SFA) is a method where users access resources by having them present only one way of verifying their identity, such as the use of a password. While most organizations surveyed still rely on password-based authentication for employee security, many have plans to move to passwordless solutions. Companies are using passwordless authentication even less with their customers, and most companies surveyed have no current plans to move customer access to passwordless MFA solutions.
While decision makers were found to have a good understanding of the need and value of multi-factor authentication and its applications, the research demonstrated a serious disconnect between what decision makers perceive to be highly secure MFA methods and what they have implemented for authentication. For example, although 60% of respondents perceived biometrics to be one of the most secure MFA methods, only 27% of organizations use them for employees and only 13% do so for customers. The majority of decision makers plan to address this disconnect with increased investment in MFA solutions, especially around biometric authentication.
Additional insights include:
An average of 70% of employees and 40% of customers are required to use MFA to access corporate applications and data.
Only 26% of those surveyed believe passwords as an authentication method are highly secure, yet 85% of organizations still use them for employee access and 78% continue to use passwords for access by customers.
40% of organizations plan to implement passwordless authentication workflows for employees.
When working with customers, only 9% of organizations have implemented passwordless authentication workflows for customers, while 23% are planning to do so.
The Driver for Implementing Zero Trust
A second research program focused on the trends which have impacted respondents’ decisions to embrace a Zero Trust architecture. Key drivers for deploying this architecture noted as “extremely impactful” or “highly impactful” by respondents include:
High profile ransomware incidents (53%)
Work-from-home workforce (51%)
General ransomware attacks (51%)
Credential theft (45%)
Pandemic-accelerated digital transformation (38%)
Most respondents were looking to external factors and other risk awareness as key drivers to adoption. Organizations see Zero Trust approaches as enabling stronger cybersecurity protections primarily focused on internal matters. Key deployment drivers include:
78% of respondents view confidential files — secret, sensitive, and other protected information held within the organization — as the most important data source to include in Zero Trust initiatives.
73% of respondents who make decisions on IAM for employees consider Zero Trust solutions as a key design modification.
Survey Methodology
BIO-key conducted two surveys in partnership with Osterman Research. Study findings are based upon 294 completed surveys. The MFA and Passwordless Survey was composed of 169 individuals in organizations with a median of 1,500 employees. The Zero Trust Survey polled 125 IT and security decision-makers in mid-and large-sized organizations (11,992 average employees; 1,500 median employees).
Visit BIO-key’s website to view these research studies and other relevant content.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry leading biometric capabilities, enable large-scale on-premises and cloud-based Identity-as-a-Service (IDaaS) solutions, as well as customized enterprise 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact
Mary Amenta
Matter Communications
BIO-key@matternow.com
860-550-1736
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
Grand Rapids Community College Selects PortalGuard to Secure Application and Data Access Across All Campuses
GRAND RAPIDS, Mich. and WALL, N.J., Nov. 30, 2021 (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 Grand Rapids Community College (GRCC) has selected its PortalGuard IAM solution to provide its users with strong authentication security and seamless access to mission-critical applications and data at its campuses located throughout western Michigan.
GRCC sought a replacement for its current SSO solution to improve user satisfaction by eliminating password fatigue, to allow users consistent access to all applications including PeopleSoft and Blackboard using a single set of credentials, and to strengthen security with multi-factor authentication (MFA) options. PortalGuard met GRCC IT team requirements such as assisting first-time users with onboarding, protecting against potential brute force attacks/failed sign-in attempts, and enhancing remote access security with adaptive authentication capabilities for off-campus login attempts. In addition, PortalGuard's ability to handle multiple security standards, support a high volume of users (400,000+), and connect to multiple user repositories were essential in GRCC's selection process.
"GRCC chose PortalGuard in a competitive bidding process due to significant security capabilities and value over other vendor solutions," said Mark Cochran, President of BIO-key - PortalGuard. "Organizations require a comprehensive IAM solution that will reduce risk, avoid IT infrastructure cost and complexity, accelerate digital transformation, and free up IT staff to focus on core business initiatives. Our customers are utilizing the PortalGuard IAM platform to strengthen security by eliminating risky password management practices and applying advanced adaptive authentication technology to reduce vulnerabilities and attack surfaces."
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and cloud-based Identity-as-a-Service (IDaaS) solutions, as well as customized enterprise 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
New York-Based Orange Bank & Trust Company Selects BIO-key's PortalGuard Identity-as-a-Service (IDaaS) Access Management Platform with Biometrics to Secure Network and Data Access Across All Branch Locations
MIDDLETOWN, N.Y. & WALL, N.J., Nov. 17, 2021 (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 Orange Bank & Trust Company, headquartered in Middletown, NY, has selected BIO-key's PortalGuard® Identity-as-a-Service (IDaaS) platform, including WEB-key biometric authentication to enhance access security to enterprise applications and bank workstations. With $1.9B in total assets and 14 locations across the Hudson Valley, Rockland and Westchester counties, Orange Bank is a leading regional provider of banking and financial services, including commercial lending, cash management, and wealth management services.
With PortalGuard IDaaS and WEB-key, Orange Bank sought a centralized, cloud-based IAM solution to manage and secure access across multiple business locations seamlessly with a stronger array of multi-factor authentication (MFA) options. Orange Bank chose to utilize BIO-key’s WEB-key biometric authentication technology that confirms the user's true identity, not just the hardware device they are using, without inserting a more cumbersome or time intensive MFA process. As a unified IAM platform, PortalGuard IDaaS enabled Orange Bank’s IT team to achieve its strategic goal of increasing access security flexibility to improve the user experience, while also reducing overall IT resource costs and complexities involved in supporting multiple security solutions.
"Our team at Orange Bank is partnering with BIO-key to provide our financial institution with a cloud IDaaS solution that delivers advanced biometric authentication," states Kathy Pinto, VP IT, Orange Bank & Trust. "BIO-key provides both biometric authentication and a proven suite of IAM solutions that provide security flexibility and value over approaches offered by other vendors."
"We are glad to welcome Orange Bank & Trust to the BIO-key community of customers in New York state," said Mark Cochran, President of BIO-key - PortalGuard. "The PortalGuard IDaaS platform with WEB-key biometric authentication is compelling for businesses that need to architect a best-in-breed cloud security strategy to address evolving cyber threats, prove a user's true identity, and decrease time to value."
About Orange Bank and Trust Company (www.orangebanktrust.com) (NASDAQ: OBT)
Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through conservative banking practices, ongoing innovation, and an unwavering commitment to its community and business clientele to more than $1.9 billion in total assets. In recent years, Orange Bank & Trust has added branches in Rockland, Westchester, and the Bronx.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
BIO-key International, Inc.'s (BKYI) CEO Mike DePasquale on Q3 2021 Results - Earnings Call Transcript
SA Transcripts
BIO-key International, Inc. (NASDAQ:BKYI) Q3 2021 Earnings Conference Call November 16, 2021 10:00 AM ET
Company Participants
Kimberly Johnson - Vice President, Product
Mike DePasquale - Chairman and CEO
Fred Corsentino - Chief Revenue Officer
Akintunde Carlton Jeje - Managing Director, Africa
Ceci Welch - Chief Financial Officer
Conference Call Participants
Jack Vander Aarde - Maxim Group
Operator
Good morning, ladies and gentlemen. Thank you for standing by. And welcome to BIO-key International’s Third Quarter 2021 Conference Call. During management’s prepared remarks, all participants will be in listen-only mode. Afterwards listeners will be invited to participate in a question-and-answer session. As a reminder, this conference is being recorded today, Tuesday, November 16, 2021.
I would now like to turn the call over to Kimberly Johnson, BIO-key’s Vice President of Product. Please proceed.
Kimberly Johnson
Thank you and thank you for joining our call this morning. With me on today’s call are BIO-key’s Chairman and CEO, Mike DePasquale; Chief Revenue Officer, Fred Corsentino; Akintunde Carlton Jeje, Managing Director of Africa; and our CFO, Ceci Welch.
I’d like to remind everyone that today’s conference call and webcast may contain forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these statements.
Words such as, estimate, project, expect, anticipate, believe, think, plan, may or will or similar words typically identify and express forward-looking statements. Such forward-looking statements are made based on management’s beliefs and assumptions made using information currently available pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
For a complete description of these and other risk factors that may affect the future performance of BIO-key, please see Risk Factors in the company’s annual report filed on Form 10-K and in other filings with the Securities and Exchange Commission.
Listeners are cautioned not to place undue reliance on forward-looking statements, which speak only as of today’s date. The company undertakes no obligations to revise or disclose revisions to such forward-looking statements to reflect events or circumstances that occur after today.
With that, I will turn the call over to Mike DePasquale.
Mike DePasquale
Thanks, Kim. Good morning, everyone, and thank you for joining our Q3 call. After my prepared remarks, I will turn the call over to Fred to review some of our sales initiatives, followed by Kim again to discuss marketing, and Tunde, our Managing Director of Africa who is on the call, he will discuss the current status of our African business and then Ceci will provide some financial highlights.
We are very pleased with the growth of our core business in Q3, driven by increasing demand for our cloud-based PortalGuard IDaaS identity access control solution. We also continued building out our Channel Alliance Program, including a Master Agent Referral Partner Program with Intelisys, which we believe can contribute substantial new market opportunities, as Fred will speak to momentarily.
As I mentioned, I’ve invited our Managing Director of Africa, Tunde Carlton Jeje to speak on today’s call and to provide an update on our large scale ID projects in Africa and why we remain very optimistic about the future contribution of these projects, as well as other opportunities throughout Africa.
As reviewed in our Q3 release, with a timetable of material revenues from Africa push forward to 2022, we’ve revised our full year 2021 revenue guidance to a range of $5.5 million to $7 million from our prior estimated range of $8 million to $12 million. The midpoint of this range would represent growth of 120% over 2020 revenue.
Considering the success we are achieving and building our base of recurring high margin software-as-a-service revenue, along with our expanding base of hardware solutions, supported by a strong financial position, we are very optimistic about our prospects going forward. On our next call, we plan to provide our outlook for our revenue and profitability goals for 2022.
Before turning the call to Fred, I did want to mention that last year’s acquisition of PortalGuard’s parent company Pistolstar has proven to be truly transformational for our company, providing a major boost to our management and engineering teams, our growth and base of recurring revenue, while we -- while also opening cross-selling opportunities for our biometric solutions.
We have the pieces in place to rapidly accelerate our revenue in a very high margin business and I am razor focused on ensuring the momentum we have garnered over the past quarters continues it to 2022. The valuation multiples in the identity and access management business, especially multi-factor authentication are far greater than in any other segment of the technology markets in general.
Our strong balance sheet, patented technology and experienced management team provides significant upside for the company this quarter and beyond. We continue to look for favorable tuck-in opportunities to further enhance our growth potential and financial performance.
With that, I’ll turn the call over to Fred.
Fred Corsentino
Thank you, Mike. For the past year or more, we have been focused on building out a recurring revenue model that leverages our technological strength. What we refer to as identity-as-a-service or IDaaS is our software-as-a-service model. It’s really just in recent quarters that we have started to see the real potential of this model in our revenue performance.
We launched the cloud version of our PortalGuard IAM solution about a year ago and it’s been a strong growth driver for our business. Most new customers prefer the low upfront cost that IDaaS offers.
We also continue to migrate existing on-premises software customers to the attractively priced cloud solution. Approximately 10% about -- of about 200 active on-prem PortalGuard customers will be migrated to the cloud solution this year and we expect this percentage to continue to increase going forward in 2022.
PortalGuard IDaaS supports a wide variety of MFA or multi-factor authentication options, including BIO-key’s core biometric and patented capability. We continue to see strong demand in higher education, county governments and enterprise verticals that are dealing with dramatically increased security challenges related to remote access demands.
Today more than ever, uses of working or studying from home an outside the organizational firewall, creating a range of security and access control challenges that are well served by our solutions.
Earlier this year, we expanded our Channel Alliance Partner, CAP Program, seeking to significantly broaden our global partner ecosystem and deliver potential new revenue opportunities. We now have 110 partners, representing over 100% growth so far this year. Our CAP Program extends our reach into both new and existing markets, leveraging the established relationships and unique expertise and specialization about partners.
Given our partners long and close relationships with many of their end customers, they are in an excellent position to introduce and resell value-added BIO-key security products, particularly if we make it easy and incentivize them. This program is really starting to deliver results and we believe it is an important growth driver for BIO-key going forward.
We’re particularly excited with the Master Agent Referral Partner Program we put in place during the third quarter within Intelisys, the nation’s largest provider of technology services and solutions. Our IAM platform is now the first such solution that Intelisys has agreed to provide to their very substantial network of partners.
As Mike mentioned, we believe the Intelisys partnership is a major milestone for us, as it positions BIO-key to substantially increase our access to customer opportunities across a broad variety of end customers.
Innovation and product development remain a core tenet of our growth strategy. In Q3, we launched several new products, including our new MobilePOS Pro, a handheld, biometrically enabled, durable Android Point-of-Sale terminal. The device enables mobile in-person commerce ideal for banking, social and aid workers, healthcare uses, providing secure ID verification for fraud free transactions.
We also introduced an all new line of BIO-key cryptographic FIDO2 compliant security keys, further expanding our range of multi-factor authentication options. Our third significant launch in Q3 was our next-generation EcoID II compact USB fingerprint scanner embedded with new technology, including our latest NIST-tested algorithms for improved scanning, image capture and user experience.
This year we launched our mobile app called BIO-key MobileAuth, which is equipped with palm positive touchless palm scanning technology for iOS and Android mobile devices. This app uses a device’s camera, fast registration and enrollment with secure biometric factors that enable convenient and secure single sign on capabilities.
Finally, BIO-key was recently certified by Great Place to Work, which is great honor because the award is based upon current employee feedback and we recognize that employee satisfaction is critical to success and growth. On October 1st, we launched a new employee stock purchase plan to offer additional opportunities for employees to participate in our growth.
Now, I’ll turn the call over to Kim Johnson to review other recent customer wins and marketing initiatives.
Kimberly Johnson
Thanks, Fred. As mentioned, we’ve had several significant customer announcements in Q3. Florida’s Orange County Supervisor of Elections Office selected our PortalGuard IAM platform to provide secure multi-factor authentication and access to voter data files in the state’s fifth largest county, which builds on the offices earlier deployment of BIO-key’s FIPS-compliant fingerprint scanner solutions.
Within the higher education sector, the University of Denver selected PortalGuard and Oklahoma Wesleyan University also added PortalGuard for secure and efficient access control to enterprise-wide applications.
PortalGuard IDaaS addresses significant IT security challenges posed by studying and working remotely. Our IDaaS solution allows customers to move their IT off-premise and benefit from the elimination of CapEx and resources required to host and maintain a secure authentication system.
Subsequent to quarter end, we announced that America’s Auto Auction a complete auto dealer service company based in Texas selected BIO-key’s PortalGuard IDaaS platform. America’s Auto Auction is one of the fastest growing auctions in the U.S. and selected BIO-key to enhance access security and support delivery of cloud desktop applications and workstations from the public cloud.
During the third quarter, we ramped up our off-site sales and marketing activities, attending industry events, including the 2021 National Association of Counties or NACo Annual Conference and CIO Forum where we participate in a panel discussing the importance of multi-factor authentication and at Connect:ID in Washington D.C., where we had three speaking engagements.
In recent weeks, we participated in several other events, including the 2021 Channel Partners Conference and Expo, where we exhibited with Intelisys. We showcase PortalGuard and BIO-key s higher education expertise at the 2021 EDUCAUSE Annual Conference in Philadelphia and we sponsored the 2021 National Association of State Chief Information Officers Annual Conference in Seattle.
In addition to these events, we also participate in a policy working group with The International Biometrics + Identity Association. IBIA is fighting pro fraud groups and targeting legislative and other groups in support of the biometrics and security industry. This working group has met with staff of Homeland Security to engage support for our industry.
Other recent marketing efforts include offering four lead generating educational webinars. We also offer the white paper on cybersecurity and government, with content syndication on govtech.com and we’ve initiated a Google Ads Program. Through these and other efforts, we’ve been able to increase Search Engine Optimization rankings for our website, yielding more and higher quality traffic.
Fred covered our Channel Alliance Partner Program, but I just like to mention that we also recently launched our partner web portal to support the program. This will give our CAP Program partners a central location for resources, training and a new deal registration process.
We try to optimize the ROI of our continuous marketing efforts with clearly defined quarterly goals and analysis to keep focused on driving new business, customer retention and brand awareness.
For example, recently, we’ve increased inbound leads by 63%, doubled our overall lead generation and made process improvements to maintain a high conversion leads into sales engagement. Through these and other strategies, we believe we are making solid progress in exploring our brand and positioning BIO-key for continued growth and success.
At this time, I will hand the call to Tunde for an overview of BIO-key Africa.
Akintunde Carlton Jeje
Many thanks, Kim. Our large scale ID projects in Africa have finally gotten off to a start, with huge support from Nigeria’s banking sector and providing equipment finance to mobile agents across the nation, first allowing for the at scale adoption of BIO-key’s hardware and software technology for civil ID enrollments and financial inclusion of rural, unbanked and underserved populations.
Having now overcome the slower than anticipated progress, I would see large ID projects remain a tremendous opportunity for our company. The National dailies in the month of October, just published that the Federal Government of Nigeria has through its National Social Investment Program, NSIP began training in 1,850 youths across the country on using mobile point-of-sale terminals and fingerprint scanners for business, which is related to contracted hardware and services provided -- and services BIO-key’s providing to help create jobs for 1 million young Nigerians over time. 1,850 is just the beginning. We are planning to supply 50,000 points-of-sale units, which would represent US$16 million for us in recurring revenue from transaction fees.
We had delivered initial hardware shipments in Q1 of this year and now expect more shipments this quarter, with the project expected to gain traction in 2022. We have been receiving cash payments for our initial deliveries and remain in close contact with the relevant government agencies and our private sector partners and thus have the assurance that our contracts are supported by strong commitments to national programs with guaranteed co-funding by the World Bank and widespread support of the United Nations Sustainable Development Goals through financial inclusion. We are pleased to finally be getting the traction in terms of business activity and revenue.
In addition to these projects, we continue to pursue other opportunities in Africa both related to government civil ID projects, identity-based payment services and other business enterprise opportunities through our contacts and partners in the region.
We believe that we are strongly positioned for these opportunities in Africa, which according to the World Bank and other experts represent one of the largest and most significant regions in the world for socioeconomic growth and developments.
Thank you all. These are my prepared updates regarding BIO-key Africa. I will now turn the call to Ceci Welch, who will review BIO-key’s financials.
Ceci Welch
Thank you, Tunde. BIO-key’s Q3 2021 revenue increased 38% to $1.3 million from $943,000 in Q3 2020. The increase is primarily attributable to a $524,000 increase in license fee revenues. Sequentially revenues increased 31% from $922,000 achieved in our prior quarter Q2 2021, as our core business has gained momentum.
For the first nine months of 2021, revenue increased 136% to $4.2 million from $1.8 million in the first nine months of 2020. The nine months periods are less comparable due to the acquisition, as well as the COVID-19 disruption in 2020 with the onset of the pandemic.
Q3 2021 gross profit increased to $1.1 million from $732,000 in Q3 2020, simply reflecting the growth in software license revenue. Gross margin remained strong at 77.3% in Q3 2021 versus 77.6% in Q3 2020, with the majority of revenue coming from license fees, which tends to carry a higher margin than hardware and software revenue.
Operating expenses grew at a much slower pace and revenues coming in at $2 million in Q3 2021 or 10% of Q3 2020. The increase is mainly due to research and development and engineering costs, reflecting BIO-key’s commitment to invest in new products.
As a result of the revenue growth outpaced expense growth, the company reported reduced operating loss of $1 million in Q3 2021 compared to $1.1 in Q3 2020. Through the first nine months of the year, the company’s operating loss was $3 million versus $3.8 million in the comparable 2020 period, which is an improvement of 22%.
We reported a net loss available to common stockholders for Q3 2021 of $1 million, as compared to a net loss of $3.3 million in Q3 2020. Through the nine months ended September, BIO-key s net loss available to common stockholders improved 64% to $3 million from $8.4 million during the first nine months of 2020, due to reduced interest expense in 2021 and a reduced operating loss.
We ended the quarter with current assets of $7.3 million, including $9.6 million of cash and cash equivalents, and no debt outstanding. The company’s prior quarter end June 30, 2020, when we had $17 million, sorry, 2021 had $17 million current assets and $11.5 with cash and also no debt outstanding.
We’ve also invested about $5 million in net working capital through the first nine months of 2021 to support our growth. These investments are primarily in inventory, as we have prepared for increased business volumes and also try to mitigate supply chain issues. Supply chain issues are not specific to BIO-key, but rather impacting many businesses throughout the general economy, certainly any business and imports components.
And with that, we can turn the call back to the Operator for any investor questions.
Question-and-Answer Session
Operator
[Operator Instructions] Our first question will come from Jack Vander Aarde with Maxim Group. Please go ahead.
Jack Vander Aarde
Great. Good morning, guys. Appreciate the quarterly update. Just a couple of questions for me. Michael, I’ll start with a question for you. I see that you guys doubled your inventory levels, I think, to about $4.6 million at the end of this third quarter, which is exactly double from where you were last quarter. Wondering if -- I imagine this is because of the supply chain environment. So, just wondering if you could share your thoughts on your inventory on hand and also if you could quantify the impact that the supply chain is having on your business, just like it’s having on every company in any industry? Thank you.
Mike DePasquale
Yeah. So, first to start with inventory. For sure, we’ve had to commit to a certain minimum of product in order to get it on the timelines that we believe were required and will be required to fulfill our obligations for our Africa contracts in particular.
Now, that’s one part. There’s another part we launched the new fingerprint scanner called the EcoID II back last quarter and we’re building inventory in -- and for that product as well, where we believe there’ll be very, very strong demand. It’s a very high quality, new updated, read -- fingerprint reader. It’s a personal device and we think the demand both in retail, as well as an enterprise will be significant.
So we’ve made some investments to be sure, given the chip shortages that we’ve seen, that we’ll have the products that we need to generate the revenue for our business plan this quarter and into 2022. So that’s for sure the issue.
As it relates to the impact for us, well, the majority of our revenues are software, right? The hardware business, at least the significant hardware business that we expect in Africa, hasn’t really turned on yet.
So, as it relates to the ship shortage, it’s exact exactly as I just described, it’s not impacting us from a software perspective, we’re not feeling any issues in that regard. But certainly, on the hardware side, we have to be prepared and we have to have the product to fulfill our obligations and our requirements going forward. If we want to grow our business, we’ve got to continue to be that full service supplier, which we are, and certainly, we have the resources to be able to do that.
Jack Vander Aarde
Okay. Appreciate the color. That makes sense. Then, obviously, I want to turn to 2021 guidance, it was lowered significantly. Just wondered if you could talk what the drivers of that? Obviously, there’s less revenue from Africa -- from the Africa contract, so is -- that you were expecting. But then, again, I also thought it was, you had mentioned previously that Africa related did not relate or did not contribute a significant portion to that guidance. But so, if you could just clarify that and then maybe does this imply that the rest of the business was underperforming or in line with your expectations? Just any color around the guidance, please?
Mike DePasquale
Yeah. Actually, I believe that our IAM business, our identity and access management business, which includes our core biometric business, as well as the PortalGuard business that we combined this past year is doing very, very well. It continues to grow quarter-over-quarter. It’s providing significant growth for us year-over-year and so it’s doing very, very well. And it’s very much in line with our expectations as we started the year and we provided, again, guidance around the year.
I think where we’re coming up short, is the deliveries in both product services and software for Africa and that’s where the shortfall is right now. That could turn on very, very quickly. I think as Tunde described, the processes are now in place. It seems to so everything is lining up as it relates to financing, to be able to move that business forward. So now we’re doing very, very well, meeting our expectations on the IAM side. In fact, I think, we’re going to exceed our expectations as we approach 2022 and beyond in that business.
And I tried to provide just a little bit of color in my comments, in my prepared comments. But if you look at the valuation multiples and the real, I’ll call it, shareholder value that the company has the potential to produce. It’s clearly in that space where high margin software, in particular, software-as-a-service recurring revenue is really grabbing most of the high level multiples in the technology space in industry today, especially in security.
So I think we’re in the right place at the right time. I think we’re meeting our expectations. I think we have the opportunity to exceed our expectations, as we march to the end of this year and into 2022.
Jack Vander Aarde
Okay. Great. And then maybe just one follow up as relates to Africa. It’s good. It’s encouraging to hear that, there’s definitely training going on, just it’s a small amount of people, just over 1000, but that -- it’s just good to see traction. What does this mean I guess for your fourth quarter in early 2022 hardware shipments as relates to Africa contracts? Are these -- Is there a definite, are you definitely going to ship hardware related to these contracts in this fourth quarter or is it still kind of playing by year?
Mike DePasquale
We’ve taken a very conservative approach to our Africa shipments for the remainder of this year. As you can see, we lowered our guidance considerably to take that into account. So our expectations for the end of the year are not significant as it relates to shipments.
But, again, that could change very quickly. We certainly have the product, as long as the payments are there and the financing is available. We can ship very, very quickly. We have reserves in inventory, some in Africa and we have some in the Far East ready to ship once again the financing is in place.
Jack Vander Aarde
Okay. Great. Well, I appreciate the quarterly update and I look forward to speaking next time. Thanks.
Mike DePasquale
Thank you.
Operator
[Operator Instructions] Our next question will come from Dan Commerce [ph], a Private Investor. Please go ahead.
Unidentified Analyst
Hey, Guys. Hey. This mean there’s still no payment of the original, I guess, it was $680,000 shipment, I think, that was in the first quarter?
Mike DePasquale
Dan, good morning.
Unidentified Analyst
Good morning.
Mike DePasquale
No. In fact, I think, Tunde mentioned in his prepared remarks that we are collecting cash. So the answer to that question is, no. It does not mean that.
Unidentified Analyst
Did you collect the whole $680,000 or just small number…
Mike DePasquale
No. Not the entire amount, but the cash is being distributed by the banks on, I will call it, almost a weekly basis.
Unidentified Analyst
I see. And so those bank guarantees, I think you mentioned in the last quarter, are they in place and working and you’re happy with those?
Mike DePasquale
Yes. Slowly, but the answer is, yes. Absolutely. That was our expectation as we ended the second quarter into the third quarter and that’s certainly happening now.
Unidentified Analyst
How much of the $4.6 million in inventory is for Nigeria, can you say that?
Mike DePasquale
Probably about three quarters of it.
Unidentified Analyst
And how much of the AR is for -- is from Nigeria?
Mike DePasquale
AR, I’d have to revert back to Ceci on the Q3 AR numbers. Ceci, maybe you can add some color.
Ceci Welch
Yes.
Mike DePasquale
Certainly not all from Nigeria, for sure.
Ceci Welch
No. About a third.
Unidentified Analyst
The hardware margin looked about 45%. So I’m reading it right. Is that reasonable going forward?
Mike DePasquale
I think I can answer that. Yeah. We think it depends on the product. So, for example, our EcoID that we manufactured, designs, develop, build and manufacture ourselves will be about high -- will be higher. Some of the third-party products that we buy and integrate and resell for some of the contracts may be in that range. So we think that’s probably a good range.
Unidentified Analyst
Okay. Deferred revenue was up 22%, just doing some housekeeping questions here. Should I take that as a good indicator?
Mike DePasquale
Again, I’ll let Ceci handle that one.
Unidentified Analyst
All right.
Ceci Welch
Yes. You should take that as a good indicator. We are doing a lot of the ARR and we differ what we recognized ratably over the last of the year, but the first part we recognize the bulk of it similar to our BIO-key perpetual licenses. So, yes, the deferred is good. That’s a continuation of the just the support factor of the recurring revenue.
Unidentified Analyst
Okay. Ceci, as long as I got you, I noticed $450,000 in prepaid expenses, an increase, can you tell me what that was for?
Ceci Welch
That’s just a last bit of some of the hardware that we have that’s prepaid to ensure that the deliveries going forward.
Unidentified Analyst
I see. So that’s on top of the inventory, I think?
Ceci Welch
Yeah. It’s the last but it’s actually. Yeah. Just the last of it. And again, some of that, like Mike said, is for EcoIDs, we have some of those in the works. We just have a couple 1,000 right now that we’re expecting to sell off fairly quickly. So we have some more in the kitty.
Unidentified Analyst
Okay. Let me ask some questions about Nigeria here. The -- would you expect that -- maybe this is for Jeje? I am actually forgot the first name, remember your last name? I’m sorry. But would you expect Nigeria to add like a PortalGuard WEB-key type platform to the MobilePOS, when you talk about expanding into some type of mobile payment system?
Akintunde Carlton Jeje
Absolutely. That’s something that we’re certainly looking at. As we deploy these terminals across the nation via aggregators and via agents, we’re definitely looking at adding PortalGuard as the security layer for agents to access transactions and things like that. Absolutely. Yeah.
Unidentified Analyst
What -- I mean, that’s a lot of -- that number, you mentioned, was sort of astounding, that $60 million in transactions. Is that on top of the already announced $75 million for the contracts or is that part of that?
Akintunde Carlton Jeje
That’s part of that.
Unidentified Analyst
I see. I see. And what’s the chance that a competitor’s product can be selected? Like other than PortalGuard or WEB-key offers which system?
Akintunde Carlton Jeje
Sorry, your question again.
Unidentified Analyst
What’s the chance that a competitor’s product could be selected other than PortalGuard to operate in such a system?
Akintunde Carlton Jeje
I am -- so what we’re -- there’s -- that’s absolutely possible, but what we’re looking to do is, with the terminal that we’re deploying, that’s supposed to come pre-installed with PortalGuard solution for the agents that will be using that. So, for terminal that belong to other suppliers, there’s a remote chance that, they will have another solution installed on that, a lot of them are using two-factor authentication as for security. So, yeah, that’s definitely possible.
Unidentified Analyst
I see. Then is that $16 million transactions for the entire ecosystem or is that like something you might expect BIO-key will see?
Akintunde Carlton Jeje
That’s just from our terminals, from BIO-key terminals that are being deployed? It could certainly be a lot more once we start to factoring the terminals of the suppliers. But there’s no guarantee that they will want to take a PortalGuard solution from us at this point. So that’s just for our terminals.
Unidentified Analyst
Let me ask a couple questions to Kimberly, I guess, cool round routing [ph] here. Is there any kind of contractual obligation to Intelisys to be the first offered IAM platform?
Mike DePasquale
That’s probably a question…
Kimberly Johnson
I…
Mike DePasquale
That’s probably a question for Fred. Fred is kind of managing the Intelisys relationship. But I -- I’ll let him kind of take a shot at that. But I didn’t really understand it. But go ahead, Fred.
Unidentified Analyst
Oh! Well, the question is, is there some contractual obligation do you have to pay Intelisys or what do you have to do to be the first offered IAM platform or is it just…
Fred Corsentino
No contractual obligation or remuneration or anything like that? No, we are just the first to expand into identity-as-a-service.
Unidentified Analyst
Good. And I guess last question would be on that 500 user call center pilot, you guys mentioned? I think that is Kimberly that talked about that last time. How’s that going and is there any chance for some kind of purchase in the fourth quarter?
Fred Corsentino
Yeah. That might be a question from me as well.
Kimberly Johnson
Yeah.
Fred Corsentino
Yes. And it’s going well, on target, and we expect ongoing rollout, whether it’s in the fourth quarter for next year it will be there.
Operator
Our next question will come from Richard Arnold [ph] with a Private Investor. Please go ahead.
Unidentified Analyst
This is Richard Arnold. I’m very satisfied with the core business. However, it is still Africa. And I called several times over the last six months, trying to get clarification. I’m wondering if someone can tell me. Is it a wild goose chase in Africa and are you betting the whole company on Africa, and particularly, Nigeria, going for its lotteries?
Mike DePasquale
Well, I’m going to -- Richard, this is Mike. I’m going to make a comment first and I’m going to turn it over to Tunde. I think we added an awful lot of color in our prepared remarks around Africa and why we see it as a significant opportunity.
We are by far not betting the entire company at all on Africa, because as you see, our core business continues to grow, our core business will expand dramatically and our core business from a valuation perspective, it has far more significant upside than the African business.
However, we do believe, given our resources, given our balance sheet, given the fact that we’ve got the right leadership, including Tunde in Africa, we see being a leader there and taking kind of a first mover position in what is the largest market opportunity on the planet today makes a lot of sense for us. And so, no, but it is not a wild goose chase. And by no means are we betting the entire company on any one single component of our business. So I hope that helps.
Operator
At this time, the Q&A session has ended. I will now turn the call back over to Mike DePasquale for closing remarks.
Mike DePasquale
Thank you. I want to thank everyone for joining and participating in today’s call. We look forward to updating you on our next earnings call. And as always, we’ll continue to provide news and updates in the interim as significant developments occur. Again, thank you for your time today.
Operator
The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect
Identity, Security & Access Control Provider BIO-key Reports Q3 Revenue Growth of 38% Year-over-Year and 31% Sequentially Driven by Increased IDentity-as-a-Service Cloud Revenue; Investor Call Tomorrow at 10am ET
WALL, N.J., Nov. 15, 2021 (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) and large-scale identity solutions, today reported results for its third quarter and nine months ended September 30, 2021 (Q3’21). BIO-key will host a conference call tomorrow at 10:00 a.m. ET (details below) to review its results and outlook.
Recent Customer Wins
Orange County, FL Supervisor of Elections Expands Biometrics use with PortalGuard® to Secure Election Data Access
University of Denver and Oklahoma Wesleyan select PortalGuard IAM for Enterprise-wide Secure, Frictionless Portal and Application Access
Growing Channel Alliance Partner (CAP) Program
Nation’s leading provider of technology services and solutions, Intelisys, joins CAP program
Cyberlitica, a provider of advanced cyber threat intelligence services for enterprise, government and consumer markets, joins CAP program.
Product Launches and Awards
BIO-key Launches FIDO2 Compliant Security Keys
Expands Fingerprint Scanner Line with Next-Generation EcoID II USB Compact
Unveils MobilePOS Pro Android All-in-one Terminal for Biometric-Secured Commerce
PortalGuard Wins 2021 Cybersecurity Breakthrough Award “Access Management Solution of the Year”
BIO-key MobileAuth™ with PalmPositive™ wins Lucintel 2021 Technology Innovation Award in Biometric Market Category
BIO-key CEO Michael DePasquale commented, “We are pleased with the progress of our core business in Q3, as we continued to generate increasing demand for our cloud-based PortalGuard identity and access control solution. We substantially expanded the reach of our Channel Alliance Partner program through a Master Agent Referral Partner Program with Intelisys. PortalGuard is now the first IAM platform to be offered by Intelisys to its extensive partner network, providing a potentially transformational opportunity to expand our customer engagement. We have added over 40 partners to the CAP program this year, bringing us over 100 partners to significantly extend our reach into new and existing markets.
“We launched the cloud-hosted version of PortalGuard in late 2020 and we are achieving solid new customer engagement, particularly in higher education, enterprise, and election security verticals. PortalGuard supports sixteen multi-factor authentication methods, including BIO-key’s advanced biometric solutions. The strength of PortalGuard IDaaS and our biometric solutions resulted in Florida’s Orange County Supervisor of Elections Office selecting our platform to secure access to voter data files in Florida’s fifth-largest county, building on their earlier deployment of our FIPS-compliant fingerprint scanner solutions.
“Within higher education sector, PortalGuard IDaaS continues to gain momentum for providing a strong, user friendly, cost effective, and quick to deploy solution for the IT security challenges posed by large user populations outside an organization’s firewall. We have migrated over 10% of more than 200 active PortalGuard customers to our cloud solution and expect this move to the cloud to continue. Importantly, the growth in our cloud solution deployments provides BIO-key with a growing base of recurring software subscription revenue, which now represents approximately 80% of our total software and service revenue.
“Looking to the future, we continued to invest in new product development and innovation which enabled the launch of several products during the third quarter, including our new MobilePOS Pro, a handheld, biometrically enabled, durable Android Point-of-Sale terminal and MobilePOS Pro, a new and exciting extension of BIO-keys’ technology and solutions. It enables mobile, in-person commerce to enable banking, social- and aid-worker and healthcare applications, supported by biometric ID verification for secure, fraud-free transactions. We also launched an all-new lineup of BIO-key cryptographic FIDO2 compliant security keys to expand our authentication options and debuted our EcoID II compact USB fingerprint scanner utilizing new NIST-tested algorithms for improved scanning, image capture, and user experience.
“I am also proud of various industry awards that BIO-key has recently received for our solutions, as well as for our organization being CertifiedTM by Great Place to Work® for the first time.
“While our large-scale projects in Africa have been slow in progressing, they continue to represent a tremendous opportunity for our company. In fact, the federal government of Nigeria recently announced it has begun training 1,850 youths across the country on transaction mobile Point-of-Sale business. We remain in close contact with our partners and the government there and are assured our contracts remain in place, supported by strong commitments to the programs. We now expect that hardware deliveries could resume by year end and gain traction as we progress into 2022.
Outlook
“With the timetable of material revenues from Africa pushed into 2022, we are revising our full-year 2021 revenue guidance to a range of $5.5M to $7M; down from our prior estimated range of $8-12M. The mid-point of this range would represent 120% growth over 2020 revenue, in line with our growth rate so far this year. Considering our growing portfolio of high-margin, Software-as-a-Service solutions within the rapidly increasing cybersecurity sector, supported by our strong capital position and talented development and sales teams, we remain very optimistic about our prospects going forward. We will update our revenue and profitability goals for 2022 when we report our 2021 year-end results.”
Financial Results
Q3’21 revenues increased $356k, or 38%, to $1.3M from $943k in Q3’20. The increase is attributable to a $524k increase in license fee revenues to $870K in Q3’21 from $346k in Q3’20. Revenues also increased 31% sequentially from the $992k achieved in Q2’21. In the first nine months of 2021, revenues increased 136% to $4.2M from $1.8M in the first nine months of 2020. The nine-month periods are less comparable due to the PortalGuard acquisition which closed on June 30, 2020 and COVID-19 disruptions in 2020.
Q3’21 gross profit increased $272k, or 37%, to $1.0M from $732k in Q3’20, due primarily to license revenue growth. Gross margin remained strong at 77.3% in Q3’21 versus 77.6% in Q3’20, with the majority of revenue derived from high-margin license fees in both periods.
Operating expenses increased $177k, or 10%, to $2.0M in Q3’21 from $1.8M in Q3’20, due to increased research, development and engineering costs, reflecting continued investment in new product development, which was partially offset by lower SG&A costs, reflecting the absence of one-time integration costs incurred in connection with the acquisition of PistolStar, initial costs associated with establishing our African subsidiary in 2020, and legal and professional fees related to financing transactions in 2020.
Due to revenue growth exceeding operating expense growth, BIO-key reported a reduced operating loss of $1.0M in Q3’21, as compared to an operating loss of $1.1K in Q3’20, an improvement of 9%. Through the first nine months of 2021, the company’s operating loss was $3.0M versus $3.8M in the first nine months of 2020, an improvement of 22%.
BIO-key reported a net loss available to common stockholders of $1.0M, or ($0.13) per share, in Q3’21, compared to a net loss of $3.3M, or ($0.51) per share, in Q3’20. Weighted average basic shares outstanding were approximately 7.8M in Q3’21, as compared to 6.4M in Q3’20, reflecting a 1-for-8 reverse split in Q4’20, following a successful capital raise in Q3’20. As a direct result of the Company’s public offering in Q3’20, interest expense was reduced from $2.2M in Q3’20 to zero in Q3’21.
In the first nine months of 2021, BIO-key’s net loss to stockholders improved 64% to $3.0M from $8.4M during the first nine months of 2020, due to lower interest expense and a reduced operating loss.
Financial Strength
BIO-key ended Q3’21 with current assets of $16.8M, including $9.6M of cash and cash equivalents, and no debt outstanding. For comparison, BIO-key had current assets of $17.3M, including $11.5M of cash and cash equivalents, and no debt outstanding at June 30, 2021.
Conference Call Details
Date / Time: Tomorrow, Tuesday, November 16th at 10 a.m. ET
Call Dial In #: 1-877-418-5460 U.S. or 1-412-717-9594 International
Live Webcast / Replay: Investor Webcast & Replay – Available for 3 months.
Audio Replay: 1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 10161954
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including PortalGuard that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud 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 and identity access management industries; 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 PistolStar into our business; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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, 2020 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
?
Media Contact Investor Contact
Erin Knapp William Jones, David Collins
Matter Communications Catalyst IR
BIO-key@matternow.com BKYI@catalyst-ir.com
914-260-3158 212-924-9800
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30,
2021 December 31,
2020
(Unaudited)
ASSETS
Cash and cash equivalents $ 9,591,863 $ 16,993,096
Accounts receivable, net 1,541,239 548,049
Due from factor 53,500 60,453
Note receivable - 295,000
Inventory 4,634,835 330,947
Prepaid expenses and other 950,552 201,507
Investment - debt security - 512,821
Total current assets 16,771,989 18,941,873
Resalable software license rights 51,294 58,882
Equipment and leasehold improvements, net 71,466 81,793
Capitalized contract costs, net 218,596 165,315
Deposits and other assets 8,712 8,712
Note receivable, net 195,000 -
Investment - debt security 482,821 -
Operating lease right-of-use assets 313,607 487,325
Intangible assets, net 1,352,095 1,514,146
Goodwill 1,262,526 1,262,526
Total non-current assets 3,956,117 3,578,699
TOTAL ASSETS $ 20,728,106 $ 22,520,572
LIABILITIES
Accounts payable $ 1,437,045 $ 244,158
Accrued liabilities 699,422 508,487
Note payable – PistolStar acquisition, net of debt discount - 232,000
Deferred revenue, current portion 671,896 657,349
Operating lease liabilities, current portion 206,004 234,309
Total current liabilities 3,014,367 1,876,303
Deferred revenue, net of current portion 61,488 44,987
Operating lease liabilities, net of current portion 118,800 264,163
Total non-current liabilities 180,288 309,150
TOTAL LIABILITIES 3,194,655 2,185,453
COMMITMENTS
STOCKHOLDERS’ EQUITY
Common stock — authorized, 170,000,000 shares; issued and outstanding; 7,825,299 and 7,814,572 of $.0001 par value at September 30, 2021 and December 31, 2020, respectively 783 782
Additional paid-in capital 120,079,118 119,844,026
Accumulated deficit (102,546,450 ) (99,509,689 )
TOTAL STOCKHOLDERS’ EQUITY 17,533,451 20,335,119
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 20,728,106 $ 22,520,572
All BIO-key securities issued and outstanding for all periods reflect BIO-key’s 1-for-8 reverse stock split, which was effective November 20, 2020.
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
September 30, Nine Months Ended
September 30,
2021 2020 2021 2020
Revenues
Services $ 318,500 $ 491,535 $ 985,163 $ 928,561
License fees 870,459 346,479 2,011,610 605,366
Hardware 109,870 105,311 1,182,784 239,025
Total Revenues 1,298,829 943,325 4,179,557 1,772,952
Costs and other expenses
Cost of services 176,976 173,823 511,360 336,940
Cost of license fees 45,986 10,775 133,328 29,486
Cost of hardware 71,712 27,011 656,190 117,900
Total costs and other expenses 294,674 211,609 1,300,878 484,326
Gross Profit 1,004,155 731,716 2,878,679 1,288,626
Operating Expenses
Selling, general and administrative 1,385,534 1,490,241 4,276,016 4,083,568
Research, development and engineering 612,597 331,213 1,545,200 986,675
Total operating expenses 1,998,131 1,821,454 5,821,216 5,070,243
Operating loss (993,976 ) (1,089,738 ) (2,942,537 ) (3,781,617 )
Other income (expense)
Interest income 329 1,106 3,776 26,908
Government grant – Paycheck Protection Program - - - 340,819
Foreign currency loss - - (50,000 ) -
Investment-debt security reserve (30,000 ) - (30,000 ) -
Interest expense - (2,204,920 ) (18,000 ) (4,323,577 )
Loss on extinguishment of debt - - - (499,076 )
Total other income (expense), net (29,671 ) (2,203,814 ) (94,224 ) (4,454,926 )
Net loss (1,023,647 ) (3,293,552 ) (3,036,761 ) (8,236,543 )
Deemed dividend from trigger of anti-dilution provision feature - - - (112,686 )
Net loss available to common stockholders $ (1,023,647 ) $ (3,293,552 ) $ (3,036,761 ) $ (8,349,229 )
Basic and Diluted Loss per Common Share $ (0.13 ) $ (0.51 ) $ (0.39 ) $ (2.28 )
Weighted Average Shares Outstanding:
Basic and Diluted 7,790,778 6,435,845 7,788,734 3,663,178
All BIO-key securities issued and outstanding for all periods reflect BIO-key’s 1-for-8 reverse stock split, which was effective November 20, 2020
Identity-as-a-Service (IDaaS), Security and Access Control Solutions Provider BIO-key Hosts Q3 Investor Call Tuesday, Nov. 16th at 10am ET
WALL, N.J., Nov. 09, 2021 (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) and and large-scale identity solutions, will review its third quarter 2021 results in a conference call Tuesday, November 16, 2021 at 10 a.m. ET. Results will be released after the market closes on Monday, November 15th. Mike DePasquale, Chairman & CEO; Cecilia Welch, CFO; Fred Corsentino, Chief Revenue Officer; Kimberly Johnson, VP of Product; and Akintunde Carlton Jeje, Managing Director, Africa will participate on the call.
Conference Call Details
Date / Time: Tuesday, November 16th at 10 a.m. ET
Call Dial In #: 1-877-418-5460 U.S. or 1-412-717-9594 International
Live Webcast / Replay: Investor Webcast & Replay – Available for 3 months.
Audio Replay: 1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 10161954
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including PortalGuard that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud solutions
The BEST new partnership would be a COLLECTIONS AGENCY that could actually collect revenue on contracts we announced 2 years ago
What a joke
Time to put up or else
BIO-key adds Cyber Threat Intelligence Services, Cyberlitica to Channel Alliance Partner Program, Helping Customers Address Core Aspects of a Holistic Cybersecurity Program
WALL, N.J., Nov. 09, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, today announced the addition of Cyberlitica, a provider of advanced cyber threat intelligence services for the enterprise, government, and consumer markets, as the most recent addition to their Channel Alliance Partner (CAP) Program.
Organizations looking to prevent cyberattacks and the damage they cause are in search of technologies that can support their cybersecurity programs. As the National Institute for Standards and Technology or NIST framework outlines, there are five functions of a successful cybersecurity program – Identify, Protect, Detect, Respond, and Recover. The addition of Cyberlitica as a member of the BIO-key CAP program is focused on helping customers address these core aspects as they develop a holistic approach to cybersecurity.
Cyberlitica offers a comprehensive suite of products and services available to combat cyber-warfare, account takeover, and fraud, faced by individuals and companies alike. While BIO-key’s award-winning IAM [and authentication] platform, PortalGuard, reduces password-related IT support calls by up to 95%; eliminates passwords; secures remote access; prevents phishing attacks; meets cyber insurance requirements; and improves productivity for the customer’s IT team. PortalGuard offers flexible options for single sign-on, self-service password reset, and 16 multi-factor authentication methods. PortalGuard is the only IAM platform to offer Identity-Bound Biometrics, available on-premises or in the cloud, as a service (IDaaS).
“Because of the many high-profile companies and government agencies that we work with, Cyberlitica chooses its partners very carefully with a vetting process that's one of the strictest in the industry,” said Bob Schiff, Founder and CEO, Cyberlitica. “That's why we chose BIO-key as our ‘Best of Breed’ partner for authentication. We know they have the products and services that our clients want and will service them with the support that each client needs to be successful in a very unpredictable world."
“Customers need multiple, interoperable solutions to solve their cybersecurity challenges,” said Fred Corsentino, CRO, BIO-key. “We look forward to working together with Cyberlitica to help customers improve their security posture, prevent cyberattacks, and solve their identity and access management challenges.”
For more information about Cyberlitica, please visit their website. For more information about joining the BIO-key CAP Program, please visit BIO-key’s website.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud solutions.
About Cyberlitica (www.cyberlitica.com)
Cyberlitica offers threat intelligence solutions to employers and organizations of all sizes and across all industries. It provides Dark Web audit and monitoring services, Domain Intelligence Services identifying risk from where it originates…The Dark Web. It delivers 24x7x365 Dark Web monitoring and notification services, as well as the most cutting-edge insights, professional services, and customized training solutions that significantly mitigate risk.
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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
Gamco, Another PortalGuard… moving right along.
America's Auto Auction Selects BIO-key's PortalGuard Identity-as-a-Service (IDaaS) Identity and Access Platform
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), today announced America's Auto Auction (AAA) www.americasautoauction.com a full spectrum dealer services company headquartered in Dallas, Texas, has selected BIO-key's PortalGuard® Identity-as-a-Service (IDaaS) platform. With 23 locations nationwide, America's Auto Auction is one of the fastest-growing auctions in the US and has chosen to partner with BIO-key to enhance access security and support delivery of cloud desktops, applications, and workstations from the public cloud.
America's Auto Auction required a centralized security solution to manage access controls across multiple business locations seamlessly. With PortalGuard IDaaS, the AAA IT team can strengthen access security without making the multi-factor authentication process difficult for end-users to use. PortalGuard IDaaS met important project goals that included enhanced cybersecurity, reduced IT resource costs, and the flexibility to secure various remote access scenarios.
"Our company is partnering with BIO-key to address our key corporate security initiatives," states Victor Demaria, MIS/IT Director, America's Auto Auction. "BIO-key provides a proven suite of IAM solutions and we use their biometric authentication solutions including MobileAuth™ with PalmPositive™ to positively prove the user's identity, not just the hardware device, when accessing our critical systems and data. BIO-key offers us significant security advantages over traditional device-based authentication approaches offered by other vendors."
"We are thrilled to have AAA join our growing list of customers," said Mark Cochran, President of BIO-key - PortalGuard. "Centralization is one of the most critical areas on which security teams should focus to address cyber threats and limit the challenges of fragmented security access. Devising a compensative cloud security strategy starts with ensuring that the enterprise has a robust IAM program to guide cloud-related security decisions, and then deploying the right solutions, like PortalGuard IDaaS, to assert the appropriate levels of controls."
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including PortalGuard that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud solutions.
About America’s Auto Auction (www.americasautoauction.com )
America's Auto Auction offers a full spectrum of Dealers Services necessary to successfully complete the remarketing needs for both Buyers and Sellers. We understand the value of a customer and know that every dealership is different and has different needs.
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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
Beyond ludicrous…. And besides isn’t that award given to sizable companies with large ranks of employees that require a flexible and understanding approach from management? What transpired here to warrant this award? Someone needed to leave early and Mike D said “Sure” (after all it’s looking like our “Africa” deal is going to be the boondoggle our shareholders thought it might be).
CCDDAY, was wondering if anyone else thought that award was ludicrous.
P.S. I would like to thank the Board of Directors for making all this possible. Without their complete lack of oversight or willingness to hold management accountable, all of this would not have been possible.
Not Great place to work…. Has to be the GREATEST PLACE TO WORK…. Where else can you keep getting paid without ever delivering on your promises to shareholders? Where else does the financial stability not have to rely on profits but the continual dilution of shareholders through stock sales? Where else can you invest in bringing a promised deal to fruition without holding your purchasers to posting a sizable deposit? Thank goodness they acquired Portal Guard or maybe they would have nothing to show for business this past year. Wondering what the SEC would say? How about we find out?
I on board with you! Let’s see the SEC do their job!!
BIO-key Earns 2021 Great Place to Work Certification™
WALL, N.J., Oct. 29, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, is proud to be Certified™ by Great Place to Work® for the first time. The prestigious award is based entirely on what current employees say about their experience working at BIO-key. This year, 88% of employees said it’s a great place to work – 29 points higher than the average U.S. company.
Great Place to Work® is the global authority on workplace culture, employee experience, and the leadership behaviors proven to deliver market-leading revenue, employee retention and increased innovation.
“Great Place to Work Certification™ isn’t something that comes easily – it takes ongoing dedication to the employee experience,” said Sarah Lewis-Kulin, Vice President of Global Recognition at Great Place to Work. “It’s the only official recognition determined by employees’ real-time reports of their company culture. Earning this designation means that BIO-key is one of the best companies to work for in the country.”
“At BIO-key, the employee experience is a top priority,” said Michael DePasquale, Chairman and CEO of BIO-key. “Retaining top talent in the industry is key to better serving our clients and partners, and we could not achieve continued success without their dedication. This certification is recognition of our employees, their hard work, and BIO-key as both a leading security company and great place to work.”
According to Great Place to Work research, job seekers are 4.5 times more likely to find a great boss at a Certified great workplace. Additionally, employees at Certified workplaces are 93% more likely to look forward to coming to work, and are twice as likely to be paid fairly, earn a fair share of the company’s profits, and have a fair chance at promotion.
We’re Hiring!
Looking to grow your career at a company that puts its people first? Visit our careers page at: https://www.bio-key.com/careers/
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud solutions.
About Great Place to Work®
Great Place to Work® is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with the feedback, real-time reporting, and insights they need to make data-driven people decisions. Everything they do is driven by the mission to build a better world by helping every organization become a great place to work For All™. Learn more at greatplacetowork.com and on LinkedIn, Twitter, Facebook and Instagram.
About Great Place to Work Certification™
Great Place to Work® Certification™ is the most definitive “employer-of-choice” recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place to Work-Certified.
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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
Last chance for BIO-key
They have to show some revenue from $75 Million Africa deal before end of year
Or everyone will know its the same as $10 Million China deal that never happened
Its time to put up or shut up
If no put up at the very least should be investigated for securities fraud
biometric, There’s an echo when I post a message….
Hey Wick- do u get the feeling you’re talking to yourself here??!!
BIO-key Continues to Expand Channel Alliance Partner Program by Exhibiting at 2021 Channel Partners Conference & Expo November 1-4
WALL, N.J., Oct. 27, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, today announced the company will exhibit at the 2021 Channel Partners Conference and Expo, to be held at the Mandalay Bay, in Las Vegas from November 1-4. As the first IAM supplier to be part of their Master Agent Referral Partner Program, BIO-key will be available for meetings, Q&A sessions, and live demonstrations within the Intelisys booth. Intelisys, a ScanSource company, will be located at booth #1855.
For nearly 25 years, Channel Partners has been the leader in bringing together and enabling the channel to build relationships, showcase top solutions and stay up-to-date on the latest trends. The Channel Partners Conference and Expo is focused on continuing to help partners persevere, overcome and progress.
At the event, BIO-key welcomes the opportunity to continue to expand their Channel Alliance Partner (CAP) Program by networking with the global channel community to create substantial new revenue opportunities for BIO-key and their partners. Attendees are invited to stop by the Intelisys booth, #1855, to discuss how BIO-key and their award-winning PortalGuard IAM platform can:
Create a strong recurring revenue stream for their business.
Offer an IAM solution that beats the competition in both features and price.
Build profitable customer relationships.
Help them become a trusted cybersecurity advisor.
Helping partners solve their customers’ most common cybersecurity challenges, BIO-key’s platform, PortalGuard is an award-winning IAM solution that 1000+ global customers already use to reduce password-related IT support calls by up to 95%, eliminate passwords, secure remote access, prevent phishing attacks, and improve productivity for the IT team. PortalGuard offers flexible options for single sign-on, self-service password reset, and over 16 multi-factor authentication methods, and is the only IAM platform to offer Identity-Bound Biometrics, available on-premises or in the cloud.
"Cybersecurity is now top of mind for everyone," said Fred Corsentino, Chief Revenue Officer, BIO-key. "We look forward to connecting with the global channel community that this event brings together, to discuss how adding Identity-as-a-Service (IdaaS) to their offerings can enhance their business and create stronger relationships with their customers as they address some of the most pressing cyber challenges."
For more information about the Channel Partners Conference and Expo, please visit the conference website. For more information about BIO-key’s CAP Program and solutions, please visit BIO-key's website.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
BIO-key to Showcase PortalGuard IAM Platform and Higher Education Expertise at Booth 638 at 2021 EDUCAUSE Annual Conference October 26-29
WALL, N.J., Oct. 20, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, today announced the company will exhibit at the 2021 EDUCAUSE Annual Conference, to be held at the Pennsylvania Convention Center, in Philadelphia from October 26-29. BIO-key will be available for meetings with their 200+ higher education customers and attendees, Q&A sessions, and live demonstrations of their award-winning PortalGuard IAM platform at booth 638.
As the premier higher education IT event, the EDUCAUSE Annual Conference focuses on the many changes this year has brought to higher education, as professionals and leading technology providers gather to share their experiences around transformation, resilience, and the common good. As key agenda topics, cybersecurity and privacy are top of mind for attendees, as the education sector faces a growing complex of cybersecurity threats. The industry has been under high attack for several years already, with phishing, ransomware, and denial-of-service attacks growing in frequency and ferocity. But what has exacerbated the existing security challenges is the forced move to remote and online learning in response to the global health pandemic.
As security experts, BIO-key welcomes the opportunity to meet with higher education IT professionals about navigating the complex educational cybersecurity environment while working within the boundaries of their potentially limited resources. Attendees are invited to stop by booth 638 for live demonstrations of BIO-key PortalGuard and to discuss top cybersecurity priorities, including:
Eliminating passwords
Securing remote learning
Protecting student data
Reducing password reset calls
During the demonstrations, attendees will see why 200+ higher education institutions trust BIO-key's award-winning PortalGuard platform for its end-to-end flexibility to support their dynamic cybersecurity strategies. The PortalGuard platform is a complete identity and access management (IAM) solution that offers over 16 authentication options for multi-factor authentication (MFA), single sign-on (SSO), and self-service password reset (SSPR), and BIO-key's unique Identity-Bound Biometric solutions, available on-premises or in the cloud.
"With over 20 years in higher education, now more than ever we need to come together to transform the education sector and ensure that the right cybersecurity safety measures are put into place," said Mark Cochran, President of PortalGuard, BIO-key. "We look forward to connecting with higher education IT professionals to discuss how we can help evolve their cybersecurity strategies together, giving them IAM solutions that are built for them, delivered with the resources they have today."
For more information about the EDUCAUSE Annual Conference, please visit the conference website. For more information about BIO-key's IAM solutions for higher education, please visit BIO-key's website.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
BIO-key to Sponsor and Attend the 2021 National Association of State Chief Information Officers (NASCIO) Annual Conference, October 10-13 as Cybersecurity Remains a Top Priority
WALL, N.J., Oct. 06, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, will attend and serve as a bronze sponsor of the 2021 National Association of State Chief Information Officers (NASCIO) Annual Conference, which will take place from October 10 - October 13 in Seattle, WA. BIO-key is attending as a proud Corporate Member of NASCIO, which fosters government excellence through the leadership of quality business practices, information management, and technology.
The NASCIO Annual Conference comes at a time when the government sector faces a plethora of cybersecurity threats, including ransomware, business email compromise, phishing, and data breaches. With many state governments still left underprepared for the relentless onslaught of attacks, cybersecurity is the highest concern. This concern is evident in the NASCIO State CIO Top Ten Policy and Technology Priorities for 2021, which places cybersecurity and risk management as the number one concern for strategy, policy issues, and management processes, and IAM as one of the top three priorities for technologies, applications, and tools.
As a bronze sponsor, BIO-key welcomes the opportunity to network and learn about various topics in state government, including evolving cybersecurity, and sharing information about their flexible IAM solutions, such as their award-winning PortalGuard IDaaS platform. The PortalGuard IDaaS platform is a complete identity and access management (IAM) solution that offers over 16 authentication options for multi-factor authentication (MFA), single sign-on (SSO), and self-service password reset (SSPR), and BIO-key's unique Identity-Bound Biometric solutions. BIO-key's Identity-Bound Biometrics fills the significant user experience gaps in mainstream MFA solutions by positively and conveniently identifying users, not just their device. This event brings together the public and private sectors to improve states' cyber resilience and defend critical infrastructure from ransomware and other debilitating cyberattacks.
"We're proud to sponsor the NASCIO Annual Conference this year," said Kimberly Johnson, VP of Product, BIO-key. "Cybersecurity and IAM challenges are widespread across state agencies, which are historically under-staffed and often lacking in cybersecurity expertise and technical support. We look forward to connecting with state CIOs and their teams to share cybersecurity best practices and discuss flexible and affordable solutions to their unique challenges."
For more information about the NASCIO Annual Conference, please visit the conference website. For more information about BIO-key's IAM solutions for the public sector, please visit BIO-key's website.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
BIO-key to Showcase Identity-Bound Biometric Solutions at Booth 441 at Connect:ID Conference October 5-6 and Participate in Multiple Agenda Sessions
WALL, N.J., Oct. 01, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management (IAM) and Identity-Bound Biometric solutions, today announced the company will be a sponsor and exhibitor at the 2021 Connect:ID Identity Conference and Exhibition, which will be held at the Walter E. Washington Convention Center in Washington, DC from October 5-6. BIO-key will be available for Q&A sessions and live demonstrations of their industry-leading Identity-Bound Biometric software and hardware solutions at booth 441. In addition, BIO-key’s own Michael DePasquale, Chairman and CEO, and Jim Sullivan, Senior Vice President of Strategy and Compliance and CLO, will be featured experts on multiple agenda sessions.
The Connect:ID conference will bring together industry leaders and pioneers to discuss current government policies and provide insights into the future of identity. The event is a world-class identity conference and exhibition, showcasing practical implementations of trusted identity solutions, and highlighting how disruptive technology and policy decisions are driving much-needed change. The theme of this year’s event is Identity: Reimagined.
Attendees are invited to stop by booth 441 to learn more about BIO-key's unique line of IAM solutions, including biometric civil ID, Multi-Factor Authentication (MFA), and Single Sign On (SSO) for workforce, customer, and supplier identities, that feature their exclusive Identity-Bound Biometrics (IBB). IBB fills significant user experience gaps in mainstream MFA solutions by positively and conveniently identifying users, not just their device, in passwordless, phone-less, tokenless use cases, including for remote workforces and in situations, such as in retail, healthcare, manufacturing, and call centers, where users rove among shared workstations or might be distracted by phones or searching for a hardware token to sign in. BIO-key will be demonstrating IBB through several supported modes, including their new MobileAuthTM with PalmPositiveTM mobile application that uses a phone camera palm scan to positively authenticate users.
BIO-key will also have a full line of hardware devices on display including:
Fingerprint Scanners: BIO-key offers a variety of fingerprint scanners including a line of Microsoft-qualified Windows Hello USB scanners that can be used out of the box with Windows Hello and Windows Hello for Business or in conjunction with BIO-key’s Identity Bound Biometrics:
The FBI-certified Mobile ID FAP 50 and Live Scan (10-Print) Pocket10™ for verification capture in 4-4-2 format.
PIV-Pro FIPS-201 compliant scanner
The newly released EcoID™ II
SidePass Compact USB-A or -C scanner
SideSwipe Compact USB-A scanner
FIDO Security Keys: BIO-key FIDO-keys are an affordably priced FIDO2 security key lineup, offering USB-A, USB-C, NFC, and iOS Lightning compatibility along with FIPS 140-2 certified options with on-device biometric verification.
All-in-One POS Terminal: BIO-key MobilePOS Pro is a handheld, all-in-one, smart POS machine, with a built-in FBI-certified fingerprint module for biometric identification and verification. Developed for the payment industry, BIO-key MobilePOS Pro is capable of meeting various transaction purposes, but also suits diverse user scenarios, such as microfinance, SIM registration, inventory management, and more.
BIO-key’s executive team members will be featured as speakers on the conference agenda as experts in the areas of identity and biometrics.
The conference is sponsored by one of the leading biometric advocacy organizations, the International Biometrics and Identification Industry Association (IBIA). Michael DePasquale, BIO-key’s Chairman and CEO, is Vice Chairman and member of the Board of Directors of the organization and will participate in the keynote IBIA Plenary Session, on October 6, at 1:20 p.m. In this session, “Challenges and Opportunities in Biometrics and Identity Management – An IBIA Perspective,” he will discuss how organizations can include biometric solutions in their identity management strategy.
Jim Sullivan, Senior Vice President of Strategy and Compliance, and Chief Legal Officer at BIO-key, will participate in multiple sessions including presenting on October 5, at 11:20 a.m. in the Seminar Theater on the topic, “You’ll know biometrics has arrived when…” to discuss the indicators that biometrics have become a mainstream authentication option, and at 2:00 p.m. to host a roundtable discussion on, “Fiction, FUD, & Friction – was the demonization of server biometrics a calculated attack?” On October 6, Jim will then join a panel of experts at 11:05 a.m. to discuss “Cutting Edge IAM”.
"We welcome this opportunity to participate in Connect:ID,” said Michael DePasquale. “We’re excited to attend and sponsor this event at such a critical time when we need to reimagine identity and come together to discuss and understand how we can use technology to confirm human identity in our physical and digital worlds.”
For more information about the Connect:ID 2021 conference please visit the conference website. To learn more about BIO-key’s IAM and Identity-Bound Biometric solutions please visit BIO-key's website.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multifactor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud solutions.
About CyberSecurity Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the CyberSecurity Breakthrough Awards program is devoted to honoring excellence in information security and cybersecurity technology companies, products and people. The CyberSecurity Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough information security companies and products in categories including Cloud Security, Threat Detection, Risk Management, Fraud Prevention, Mobile Security, Web and Email Security, UTM, Firewall and more. For more information visit CyberSecurityBreakthrough.com.
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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
BIO-key PortalGuard IDaaS Wins 2021 “Access Management Solution of the Year”
Annual Cybersecurity Breakthrough Awards Program Recognizes Top Performers in the Global Information Security Market
WALL, N.J., Sept. 30, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, today announced its PortalGuard® Identity-as-a-Service (IDaaS) platform has been selected as the winner of the “Access Management Solution of the Year” award in the fifth annual, 2021 CyberSecurity Breakthrough Awards program conducted by CyberSecurity Breakthrough, a leading independent market intelligence organization that recognizes the top companies, technologies and products in the global information security market today.
Rigid security controls and passwords make it difficult for today’s digitally transformed enterprise to prevent cyberattacks while making sure that employees, customers, and suppliers can get the resources they need. BIO-key PortalGuard IDaaS is a single, unified IAM platform that customers select for its powerful identity security with unmatched flexibility.
PortalGuard IDaaS offers an unmatched variety of choices for multi-factor authentication (MFA), single sign-on (SSO), and self-service password reset (SSPR), and is the only IAM platform on the market offering Identity-Bound Biometrics as an authentication method, that provides the highest level of integrity and is well-suited for everyday use cases including remote workforces, third-party access, Customer IAM (CIAM), and passwordless workflows. For over 20 years, PortalGuard has been trusted by customers across multiple industries, including education, healthcare, manufacturing, finance, and government to reduce password-related help desk calls by up to 95%, eliminate passwords, secure remote access, prevent phishing attacks, and improve productivity for the IT team.
With flexibility the focus of the platform, PortalGuard supports over 16 authentication methods, major federation and SSO standards as well as contextual authentication, empowering the IT Administrator to decide which authentication methods work best to support their security policies and access scenarios, and making it easy to protect on-premises, legacy, thick client, and web applications from a single comprehensive Identity Provider (IdP). PortalGuard also provides the flexibility to allow organizations to store identities where they want and have the flexibility to deploy on-premises or in the cloud.
“To navigate this complex cybersecurity landscape, customers need a solution that can adapt to their needs as attacks continue to evolve, user expectations are raised, and IT resources remain limited,” said Michael DePasquale, Chairman and CEO of BIO-key. “We are so pleased to be recognized by CyberSecurity Breakthrough – especially at a time when flexibility and ‘future proof’ solutions, that include biometrics, are essential to protecting the enterprise.”
The mission of the CyberSecurity Breakthrough Awards is to honor excellence and recognize the innovation, hard work, and success in a range of information security categories, including Cloud Security, Threat Detection, Risk Management, Fraud Prevention, Mobile Security, Email Security, and many more. This year’s program attracted more than 4,000 nominations from over 20 different countries throughout the world.
“Access management is all about flexibility and balancing both security and convenience. A complete solution needs to not only secure access but also ensure that it provides a streamlined and usable access experience,” said James Johnson, Managing Director, CyberSecurity Breakthrough. “To achieve the level of flexibility that’s required in today’s digital world, a solution needs to have enough options for all users and PortalGuard is a ‘breakthrough’ identity security platform that delivers on this need, working for all scenarios users may find themselves in. We extend our sincere congratulations to BIO-key for winning our 'Access Management Solution of the Year' award.”
To learn more about BIO-key PortalGuard IDaaS please visit BIO-key's website.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multifactor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud solutions.
About CyberSecurity Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the CyberSecurity Breakthrough Awards program is devoted to honoring excellence in information security and cybersecurity technology companies, products and people. The CyberSecurity Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough information security companies and products in categories including Cloud Security, Threat Detection, Risk Management, Fraud Prevention, Mobile Security, Web and Email Security, UTM, Firewall and more. For more information visit CyberSecurityBreakthrough.com.
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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/03727bff-14e8-47a7-a80e-be540f477ade
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
BIO-key Expands Product Line and Market Reach with Launch of FIDO2 Compliant Security Keys in a Variety of Form Factors
WALL, N.J., Sept. 27, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management (IAM) solutions featuring Identity-Bound Biometrics, today announced the immediate availability of an all-new lineup of BIO-key cryptographic security keys compliant with the FIDO2 authentication standard. FIDO2 is the industry’s “something you have” authentication standard addressing the global password problem, standardizing the way applications confirm a person’s possession of a cryptographic hardware key. BIO-key FIDO-keys, an affordably priced FIDO2 security key lineup, offer USB-A, USB-C, NFC, and iOS Lightning compatibility along with FIPS 140-2 certified options with on-device biometric verification, all backed by BIO-key’s US-based support and integration team.
BIO-key FIDO-keys deliver login credentials that are unique across every website and never leave the user’s possession. This security model eliminates the risks of phishing, all forms of password theft and replay attacks. Combined as a factor option with BIO-key’s “who you are” Identity-Bound Biometrics, these new FIDO2 security keys allow BIO-key customers complete flexibility to choose how they leverage the power of biometrics in strong authentication scenarios. They can choose a device-stored biometric FIDO2 security key, or a centrally-secured remote biometric authenticator using BIO-key’s Identity-Bound Biometrics. Both options are consistent with the FIDO Alliance’s FIDO2 Authenticator Lifecycle Management for IT Administrators white paper.
BIO-key’s FIDO-keys have many secure password-less workflow applications and are fully supported by BIO-key’s award-winning PortalGuard IAM platform, expanding its more than 16 supported authentication methods for Multi-factor Authentication (MFA), Single Sign On (SSO), and Self-service Password Reset. PortalGuard is available in IDaaS or on-premises configurations. FIDO-keys are also accepted for Windows 10 and Azure sign in, as well as the hundreds of applications and WebAuthn services applications that are FIDO2 ready.
“Customers want choices, not limitations, when implementing multi-factor authentication for their workforce and consumer users,” said Michael DePasquale, BIO-key Chairman and CEO. “Adding new FIDO2 security keys to our solutions set expands the already unmatched breadth of strong authentication methods we make available to our customers, providing them a competitively-priced alternative to single-choice hardware vendors,” continued DePasquale.
More information and detailed specifications for FIDO-keys are available on BIO-key’s website.
About BIO-key International, Inc. (www.bio-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
I'm still down 24k....it will come back,long time holder, left stock got in crypto....doing extremely well...
Interesting action here this morning… eom
BIO-key Expands Channel Alliance Partner Program with Intelisys
Partnership to Accelerate Growth with Partner Program
WALL, N.J., Sept. 09, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of identity and access management (IAM) solutions featuring Identity-Bound Biometrics, today announced the start of a Master Agent Referral Partner Program with Intelisys, a ScanSource company, and the nation’s leading provider of technology services and solutions. BIO-key will now be able to offer the first Identity and Access Management (IAM) platform as part of the solutions Intelisys provides to their network of partners. The relationship will help enhance BIO-key’s security practice and expand the company’s Channel Alliance Partner (CAP) program.
Earlier this year BIO-key announced an expanded Channel Alliance Partner (CAP) program designed to significantly broaden its global partner ecosystem and provide substantial new revenue opportunities for BIO-key and their partners. The continued momentum to BIO-key’s channel program with the announcement of the Intelisys partnership is a transformational move. Engaging in this Master Agent Referral Partner Program allows BIO-key to leverage their unique strengths to increase the opportunities with a variety of end customers.
The partnership with Intelisys includes the offering of the BIO-key PortalGuard® Identity-as-a-Service (IDaaS) platform, providing a hosted unified Identity and Access Management (IAM) platform. The platform offers an unmatched variety of choices to support an enterprise’s present and future IAM strategies, while delivering a superior user experience. These include workforce and customer multi-factor authentication (MFA), exclusive Identity-Bound Biometrics options, single sign-on (SSO), and self-service password reset.
"This is a great milestone for BIO-key as we continue to grow our channel program and ensure that we have geographic coverage in the top markets,” states Fred Corsentino, Chief Revenue Officer, BIO-key. "We look forward to working together with Intelisys to help solve security and identity and access management challenges for the enterprise as we look to a safer future.”
The partnership is set to be fully functional this quarter. For more information about BIO-key's CAP Program visit the BIO-key website.
About BIO-key International, Inc. (www.bio-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions. Its Portal Guard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Mary Amenta
Matter Communications
BIO-key@matternow.com
860-550-1736
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
University of Denver Selects BIO-key’s PortalGuard Identity and Access Mangement (IAM) Platform for Secure, Frictionless Portal and Application Access
DENVER and WALL, N.J., Sept. 07, 2021 (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 the University of Denver (DU) has selected BIO-key's PortalGuard® IAM platform to enhance access security to their portal and applications. DU, a private research university serving about 12,000 graduate and undergraduate students, is adopting PortalGuard to provide a unified approach to enterprise security and frictionless access to their portal and applications for the entire university community.
PortalGuard, one of the leading identity platforms, supports a variety of security policies in the most frictionless manner possible. DU chose PortalGuard to manage and consolidate multiple security vendor solutions based on its agility, flexibility, time to value, and scalability. PortalGuard also meets DU’s requirement for Single Sign-On (SSO) protocols to support a planned campus portal migration and to provide a consistent application access experience with integrated self-service capabilities.
"We are proud to add the University of Denver, the oldest private research university in the Rocky Mountain Region, to our customer community. We view this as a seminal relationship that further validates our value to higher education institutions in the region and across the country," said Mark Cochran, President of BIO-key - PortalGuard. "Our education customers require flexible and cost-effective enterprise-grade access security for critical operations and remote access, as well as to address cybersecurity insurance compliance requirements."
About BIO-key International, Inc. (www.bio-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions. Its PortalGuard IAM solution provides secure, convenient access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud 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, factors set forth under the caption see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes 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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
Orange County, Florida Supervisor of Elections Expands Use of Biometric Authentication With BIO-key's PortalGuard® Identity and Access Management Platform for Secure Election Data Access
WALL, N.J., Aug. 26, 2021 (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 Florida's Orange County Supervisor of Elections Office has selected BIO-key's PortalGuard® Identity and Access Management platform to provide secure, multi-factor authentication (MFA) and access to voter data and files in Florida's fifth-largest county. The decision builds on the Office’s earlier deployment of BIO-key’s fingerprint biometric solutions.
Based on the County’s evolving security requirements, its Supervisor of Elections Office chose PortalGuard because of its unique support for sixteen strong, multi-factor authentication methods, including advanced biometric authentication, and to leverage its earlier investment in BIO-key’s FIPS-compliant fingerprint scanners for government security applications. The Orange County Supervisor of Elections Office is comprised of a broad spectrum of full and part-time employees and volunteers, often in shared workstation environments, making secure MFA access to workstations an essential requirement. The large influx of new staff members during election cycles calls for an authentication solution that is secure, efficient, and easily adaptable in managing access to mission-critical election data and providing a clear user access audit trail.
BIO-key's PortalGuard IAM and IBB security platform is ideal for election applications because it is affordable, easy to deploy and manage, and supports cutting edge biometric authentication to deliver the highest level of data security to protect the integrity of elections. BIO-key meets or exceeds the strictest authentication requirements while also meeting disciplined IT resource investment goals. For election security, IBB is a better alternative to user-controlled, device-based biometric methods, ensuring that only an authentic user can access their online identity, preventing information from being accessed by unauthorized users or hackers.
"Our expanding engagement with leading County Supervisor of Elections Offices confirms that we understand their unique security use cases and that our tailored IAM solutions meet their needs. We have forged an election security program that is seamless, easy to launch, and able to support a wide array of authentications options. PortalGuard IAM with Identity-Bound Biometrics has proven to be highly desirable for organizations that require an enterprise-grade access security solution," said Mike DePasquale, Chairman and CEO of BIO-key International. “BIO-key enables election officials to meet the challenges of an evolving threat landscape in an easy to deploy and cost-effective manner.”
About BIO-key International, Inc. (www.bio-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
Updated hardware: https://www.bio-key.com/fingerprint-scanners/ecoid2/
BIO-key Announces Improved Next-Generation EcoID II USB Compact Fingerprint Scanner
BIO-key advances its biometric product lineup with more compact, improved performance scanner
WALL, N.J., Aug. 23, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of civil, workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics, today announced the availability of BIO-key EcoID II, the next generation of its highly-regarded EcoID USB fingerprint scanner. The EcoID II incorporates a entirely new scanner technology along with the latest generation of BIO-key’s NIST-tested algorithms for improved scanning, more reliable image capture, and a superior overall user experience. EcoID II’s breakthrough size makes it ideal for space-constrained workspaces, and perfect for desktop, docking station, and thin-client users in the workplace or at home.
EcoID II is fully integrated with BIO-key’s award-winning PortalGuard Multi-factor Authentication (MFA), Single Sign On (SSO), and Self-service Password Reset solutions, made available as an IDaaS or on-premise for simplified positive user authentication for enterprises. EcoID II and BIO-key’s exclusive Identity Bound Biometrics allow relying parties to be absolutely certain of remote user identity and to put a stop to credential phishing, the leading tool of ransomware attackers. Windows 10 users who want to add a Windows Hello sign in experience to their devices without a costly upgrade can experience Windows Hello by simply plugging the EcoID II into their device. The device has already been submitted to Microsoft for testing and qualification for Windows Hello and Hello for Business users and inclusion in Windows Update catalog.
EcoID II will be available for consumer purchase and in smaller quantities via BIO-key’s Amazon store, as well as through BIO-key’s partner network including Ingram, SHI and D&H channels for bulk purchase. The EcoID II features a USB-C female port and comes with a three-foot USB-C to USB-A cable and an adapter for USB-C ports.
“Feedback on the new EcoID II has been very positive and with the accelerating interest in biometric authentication for enterprise, we are proud to introduce our latest low-cost, compact fingerprint device,” said Michael DePasquale, BIO-key Chairman and CEO.
More information and detailed specifications for the EcoID II are available at https://www.bio-key.com/hardware/ecoid2/.
About BIO-key International, Inc. (www.bio-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
The new hardware: https://www.bio-key.com/hardware/mobilepos-pro/
BIO-key Announces New MobilePOS Pro Android All-in-one Terminal Enabling Convenient Biometric-Secured Commerce
BIO-key extends its leadership with comprehensive mobile POS hardware backed by a fully integrated IAM platform
WALL, N.J., Aug. 18, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of civil, workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics, today announced the availability of BIO-key MobilePOS Pro, a handheld, biometrically-enabled, rugged and powerful Android Point of Sale terminal, incorporating an FBI-certified capacitive fingerprint scanner into an all-in-one form factor featuring a thermal printer, high-resolution 5 megapixel camera, dual SIM 4G/LTE/CDMA/EDGE cellular and 802.11 b/g/n WiFi support, a barcode scanner, NFC scanner, triple-track magnetic stripe reader, long life 5800 mAh battery and large 5.5” touchscreen display. The new device enables self-contained mobile in-person commerce, ideal for banking, social- and aid-workers, healthcare-related transactions, including enrollment, identification, payment transactions, proof of presence/proof of life ID verification for secure, fraud-free transactions, supporting both BIO-key’s fingerprint and contactless PalmPositive identity verification solutions for absolute confidence about exactly who is participating in a transaction.
By adding biometric identity verification capabilities to a state-of-the-art mobile POS terminal, BIO-key MobilePos Pro advances the mobile POS to become part of an identity ecosystem that eliminates identity uncertainty, speeds positive identification and detects and stops fraud losses arising from identity theft.
MobilePOS Pro units are available to ship now and have already been deployed to BIO-key’s customers in Africa. Mobile POS Pro is available in hardware-only configurations or secured by BIO-key PortalGuard and WEB-key IAM IDaaS software solutions. Units may be pre-loaded with custom applications for bulk purchasers. More information on MobilePOS Pro is available at https://www.bio-key.com/hardware/mobilepos-pro/.
“We know that providing a full and complete biometric-ready product line is essential to supporting our customers who engage in mobile POS transactions,” said Michael DePasquale, BIO-key Chairman and CEO. “We see the new model of roving engagement for banking, healthcare, social work and payments as ideal applications for adding the certainty and ease of BIO-key Identity Bound Biometrics and Mobile POS Pro,” continued DePasquale.
More information and detailed specifications for the MobilePOS Pro are available at https://www.bio-key.com/hardware/mobilepos-pro/.
About BIO-key International, Inc. (www.bio-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud 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; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; 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 see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2020 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, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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
BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158
Investor Contacts:
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
BIO-key International, Inc. (BKYI) CEO Michael DePasquale on Q2 2021 Results - Earnings Call Transcript
Aug. 17, 2021 2:25 PM ETBIO-key International, Inc. (BKYI)
Follow
https://seekingalpha.com/earnings/earnings-call-transcripts
We cover over 4K calls/quarter
Contributor Since 2007
Seeking Alpha's transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team
BIO-key International, Inc. (NASDAQ:BKYI) Q2 2021 Earnings Conference Call August 17, 2021 10:00 AM ET
Company Participants
Kimberly Johnson - VP, Product Marketing
Michael DePasquale - Chairman and CEO
Fred Corsentino - Chief Revenue Officer
Cecilia Welch - Chief Financial Officer
Conference Call Participants
Jack Vander Aarde - Maxim Group
Operator
Good morning, ladies and gentlemen. And thank you for standing by and welcome to BIO-key International’s Second Quarter 2021 Conference Call. During management’s prepared remarks, all participants will be in a listen-only mode. Afterwards listeners will be invited to participate in a question-and-answer session. As a reminder, this conference is being recorded today, Tuesday, August 17, 2021. [Operator Instructions]
I would now like to turn the call over to Ms. Kimberly Johnson, BIO-key’s Vice President of Product. Please go ahead, ma’am.
Kimberly Johnson
Thank you, and thank you for joining our call this morning. With me on today’s call are BIO-key’s Chairman and CEO, Mike DePasquale; Chief Revenue Officer, Fred Corsentino; and our CFO, Ceci Welch.
I’d like to remind everyone that today’s conference call and webcast may contain forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these statements. Words such as, estimate, project, expect, anticipate, believe, think, plan, may or will or similar words typically identify and express forward-looking statements. Such forward-looking statements are made based on management’s beliefs and assumptions made using information currently available pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
For a complete description of these and other risk factors that may affect the future performance of BIO-key, please see Risk Factors in the company’s annual report filed on Form 10-K and in other filings with the Securities and Exchange Commission. Listeners are cautioned not to place undue reliance on forward-looking statements, which speak only as of today’s date. The company undertakes no obligations to revise or disclose revisions to such forward-looking statements to reflect events or circumstances that occur after today.
With that, I will turn the call over to Mike DePasquale. Mike?
Michael DePasquale
Thank you, Kim, and good morning and thanks to everyone for joining our call today. After my prepared remarks, I'll turn the call over to Fred to review some of our key initiatives followed by Kim, and then Ceci will briefly review our financial results and solid balance sheet position.
In past calls, we've discussed the favorable work and study from anywhere trends that have rapidly increased demand for the identity and access management solutions that we provide. We've also reviewed core capabilities that differentiate our solutions, including our industry-leading biometric capabilities and our support for a broad array of other identification factors that allow our solutions to easily integrate with most customers’ existing infrastructure. These factors continue to support our optimistic growth outlook.
Through the first half of 2021, our performance is showing growth in progress we envisioned, following last year's recapitalization and the strengthening of our team and our product offerings, including the acquisition of PortalGuard’s parent Company.
In particular, we are seeing strength in demand for our PortalGuard IDaaS cloud offering, including migrating existing customers, from our on-premise solutions to our cloud-based Software-as-a-Service or what we call ID-as-a-Service or IDaaS. We are also seeing strong interest in our channel alliance partner program, which Fred will touch on.
In Q2, we expanded our reach to over 55 high rated customers in the California College System and we continue to migrate other colleges and enterprises to our PortalGuard IDaaS offering. For example, Rio Hondo College selected our IDaaS platform to improve the security and user experience for its over 19,000 students, enabling them to securely and seamlessly access more than 20 of the school’s enterprise-wide applications.
Regarding BIO-key Africa, after starting initial hardware shipments in Q1 to support our large-scale ID projects in Nigeria, the reemergence of COVID-19 challenges caused a suspension of activity, impacting Q2 shipments. Though we continue to expect a reacceleration of activity in these efforts, it's very difficult to predict the exact timing with certainty though we do expect to recommence at some point in Q3 and through the remainder of 2021.
As I've mentioned on each of our recent earnings call, the challenge is balancing the equipment and services required with the availability of cash that is flowing through to our partners.
The good news is that we are now in process of receiving bank guarantees, so that BIO-key will be paid directly by the bank for what we deliver through to the partners and other service providers that are undertaking the mass enrollment and verification activities in Nigeria.
The World Bank is now pushing the funds down to the National Nigerian banks to accelerate the deployment process, much of which has been held up, because of funding. This is a seminal event because it now means we have surety of payment as the contracts evolve reducing or eliminating any risk on our part. Our managing director in Nigeria has been heavily engaged in this process over the last 30 days.
As for our financial performance in the quarter and year-to-date, we were able to increase revenue - Q2 revenue by 223% and revenue for the first six months of 2021 is up 247% versus the year ago periods. The performance keeps us on track to achieve our full year revenue guidance of $8 million to $12 million the midpoint of which would represent growth of 250% over 2020.
We continue to position BIO-key to achieve profitability within this revenue guidance range. However, that would depend on the mix of hardware and higher margin software revenues.
Given our strong balance sheet, expanding portfolio of solutions, building demand for our IDaaS cloud offering, and the substantial growth potential presented by our Africa initiatives, we made - we remain very excited regarding our prospects for the balance of this year.
Let me now pass the call to Fred to highlight a few key business development highlights.
Fred Corsentino
Thank you, Mike. As you have heard over the past several quarters, BIO-key is focused on building a sustainable, high margin, recurring revenue business that leverages our technology strength and the benefit of a Software-as-a-Service business model. We have started to see the benefit of this transition in our Q2 and six months revenue performance.
And now I'll provide an update on the key initiatives that are driving this progress. First, our channel alliance partner or CAP program continues to expand as we were able to add over 40 new partners in the first half of 2021 bringing our total to over 100.
We expect this program would substantially expand our sales and marketing reach on a global basis to be a key part of our long-term growth, particularly, as it cost-effectively expands our reach into new customers, new verticals and geographies.
Earlier this year, we expanded the program beyond system integrators and value-added resellers to include managed service providers, MSPs and managed security service providers MSSPs as they provide an ideal fit with our sales and marketing objectives. So we had less than 100k of revenue derived from this emerging program in Q2 2021.
We have built a pipeline of $1.6 million of opportunities targeted for the second half of 2021. This includes anticipated revenue from a new agreement with a large Silicon Valley-based IT distributor that we expect to commence in Q3. As we work to further expand the scope of this core program, we expect to provide further updates on our progress.
Turning to our cloud-based PortalGuard solution launched in Q4, which we call PortalGuard IDaaS or Identity-as-a-Service. We are very encouraged by its progress as most customer prospects are interested in having their new IT investments in asset light infrastructure with low upfront cost.
We continue to see strong demand for PortalGuard IDaaS, particularly in high education and certain enterprise markets that are grappling with security challenges related to the sudden increase in remote access demands for critical data and applications from outside the enterprise firewall.
Our attractively priced cloud IAM solution support a wide variety of multi-factor authentication options, including BIO-key’s core biometric and patented capabilities. Approximately, 10% of about 200 active PortalGuard on-premises’ customers have been migrated to our cloud solution and we expect this penetration to steadily increase in coming quarters, building a base of more predictable recurring revenue software subscription revenue.
Innovation and new product development remain a core element of our growth strategy and during the second quarter, we launched our mobile app, BIO-key MobileAuth with PalmPositive, a touchless palm scanning technology for IOS and Android mobile devices.
This easy-to-use app requires no specialized hardware as it utilizes the device’s camera to offer fast registration and enrollment while providing a very secure biometric factor to enable single sign on solutions that streamline logins.
We plan to add other biometric modalities such as facial authentication and voice recognition to expand biometric and multi-factor authentication options.
In Q2, MobileAuth was selected as the Winner of the 2021 Technology Innovation Award for Biometrics by Lucintel, a premier market research and management consulting firm. MobileAuth builds upon our substantial biometric offerings and PalmPositive adds a touchless biometric capability to the 16 authentication factors already supported by our PortalGuard platform.
We also introduced our SSO Concierge product, which eliminates passwords of sick client applications or applications that run from the client side with security is dependent on the local server, and we were awarded the eighteenth patent for continuous biometric authentication further expanding our IP library and providing another new method of authentication.
Continuous biometric authentication is somewhat similar to behavioral recognition as it uses continuous biometric readings for more robust, ongoing authentication versus a single point of time typically at the start of the computing session. We are excited about these next-generation capabilities and continue to focus on developing solutions that deliver great value to our customers and drive our continued top-line growth.
Now, I'll turn the call back to Kim Johnson to review some recent customer wins and other marketing-related updates.
Kimberly Johnson
Great. Thank you, Fred. As Mike mentioned, we had several significant customer announcements in Q2. We added another large outsourced call center customer to implement biometric authentication with a 500 user pilot that could grow to 20,000 users. We increased our footprint in higher education to over 55 colleges within the foundation for California Community Colleges System with the addition of Mendocino College as a new customer.
The Rio Hondo College IT team selected PortalGuard in Q2, as well to improve their end-user experience by streamlining access to critical applications using PortalGuard’s single sign on capabilities, while also having the flexibility in security from the wide variety of multi-factor authentication options that our systems provide.
As Fred mentioned, we are also focused on migrating existing PortalGuard customers to our IDaaS software model. We are increasing our direct customer communications to drive such IDaaS migrations, and have already seen at least five migrations due to this direct outreach including Barstow Community College and Southeastern Illinois College.
We will be working to expand our IDaaS penetration in coming quarters. The benefit of the IDaaS solution is that it allows customers to move their IT off-premise and benefits from the reduced resources required to host and maintain a system. For BIO-key, it creates a new recurring revenue stream that will provide greater predictability to our business as the program builds.
In Q2, we added two technical associates to further expand our customer services team and support future growth in the business. We hired our first dedicated business development representative for lead development and we executed several lead generation campaigns, which included multiple webinars, including a PortalGuard IDaaS virtual demo and we were a proud sponsor for the EDUCAUSE Cybersecurity showcase in order to build our brand visibility before key customer prospects.
We also hosted our first CAP program quarterly update webinar to our valued channel partners to increase awareness around BIO-key and our solutions.
In addition to webinars, we continue to create content such as the state of multi-factor authentication custom survey and Ebook and a SAML single sign-on Ebook, both released in Q2. We continue to optimize the ROI of our marketing efforts with defined quarterly goals and analysis. These efforts keep us focused on driving new business, customer retention and brand awareness.
Our cyber-focused, public relations partner, Matters Communications continued to help build our brand recognition and credibility in the market by securing coverage in several publications during the second quarter. Through these initiatives, we believe we are making solid progress and positioning BIO-key for further growth and success.
At this time, I will hand off the call to CC Welch for a review of BIO-key’s financial performance.
Cecilia Welch
Thank you, Kim. Q2 2021 revenue increased $658,000 or 223% to $922,000 from $307,000 in Q2 2020. The increase is primarily attributable to the $632,000 increase in license fee revenue, which included revenue from the PistolStar, PortalGuard acquisition that closed on June 30, 2020 and therefore, it did not impact the year ago second quarter results.
The prior year period was also somewhat negatively impacted by Covid-19 disruptions at the beginning of the pandemic.
For the first six months of 2021, revenue increased 247% to $2.9 million from $830,000 in the first six months of 2020. Q2 2021 gross profit increased to $753,000 from $159,000 in Q2 2020 principally, reflecting an increase in higher margin license revenues, as well as an improved gross margin.
Gross margin increased to 76% in Q2 2021, as compared to 52% in Q2 2020 as license fees comprised of much larger proportion of revenue in the current year period.
For the first six months of 2021, gross profit grew 237% to $1.9 million from $557,000, primarily due to the revenue growth.
Operating expenses increased 22% to $1.9 million in Q2 2021from $1.5 million in Q2 2020, which was significantly lower than the growth in revenue. This increase in expenses is attributable to higher product development and engineering costs, as well as higher SG&A costs reflecting continued investments in sales and marketing and customer service, along with the inclusion of the PortalGuard operations in BIO-key’s results.
BIO-key reported a reduced net loss available to common stockholders of $1.2 million or $0.15 per share in Q2 2021, compared to a net loss of $1.6 million or $0.60 per share in Q2 2020.
In the first six months of 2021, BIO-key’s net loss to stockholders improved 60% to $2 million from $5.1 million during the first six months of 2021. Weighted average basic shares outstanding were approximately 7.8 million for Q2 2021 and the first six months of 2021, which compares to 2.6 million and 2.3 million for Q2 2020 and the first six months of 2020 respectively, with the increase primarily reflecting the shares issued in the company's successful fundraising in July 2020.
We ended 2021 with current assets of $17.3 million including $11.5 million of cash and cash equivalents and no debt outstanding. This compares to current assets of $2.3 million and $2.7 million of notes payable outstanding at the end of Q2 2020, again, reflecting the July 2020 recapitalization.
We've also invested about $3.8 million in net working capital through the first six months of 2021, primarily in inventory and prepaid inventory as we prepare for the increased business volumes and manage through potential supply chain issues.
With that, we can now turn the call back to the operator for investor questions.
Question-And-Answer Session
Operator
Thank you. [Operator Instructions] And the first question will come from Jack Vander Aarde with Maxim Group. Please go ahead.
Jack Vander Aarde
Great. Good morning, guys. Appreciate the quarterly updates. Just a couple questions for me. I'll start with a question for Michael on the Africa contracts. In some of your comments that you mentioned in your prepared remarks.
First, can you provide – can you revisit what you said - restate what you said and then, provide some additional color regarding your comments in terms of the change of how you are now being paid. It sounds like payments are more of a guarantee now with the World Bank and how you're being paid.
Just, what has changed with that relationship exactly? I didn't quite catch that. And then, what does that mean going forward if we assume we move beyond COVID?
Michael DePasquale
Yes. Good morning, Jack, and thank you. I can add perhaps a little more color around that. Fundamentally, what I said was that, the reason - one of the reasons, right? Obviously, there has been COVID-related issues and that kind of thing that played literally every country around the globe.
But, one of the other challenges is and has been that getting the money from the central repository down to the vendors at the street level that are actually doing the work, meaning that are enrolling and creating the verification ecosystem has been slow.
In fact, so slow that the World bank has stepped in and has put in place a system such that the local or national banks in Nigeria can now do equipment and service financing directly to the vendors so that they can get the process moving.
Because only $60 million of the entire population has been enrolled to-date and there was a plan that originally said by the end of 2021, 80 plus percent of the population would be enrolled in this system, which is a couple hundred million people.
So in order to remedy that and really start to get things moving, now there is a process in place that will guarantee, for example, BIO-key is a vendor and there are other vendors, but guaranteed BIO-key payment for the products and the services that we provide directly from the bank. So, vendors like BIO-key will get more aggressive in ensuring we have, for example, the inventory where we have the resources on the ground to be able to support these programs.
Jack Vander Aarde
Yes. And then, just a follow-up to that, does this mean the dynamic you are kind of the chicken or egg kind of scenario you had before in terms of like you don't want to ship hardware without being paid. Does this now expedite?
Or does that – does this remove that friction altogether? And now the only bottleneck to your hardware shipments are just the fact that the country is kind of re-closing down a bit or being more strict because of this delta variant?
Michael DePasquale
Absolutely. It absolutely means that. And compounding the financial scenario that I just described was of course, the chip shortage. So, getting products has been challenging across the globe in virtually every industry in every sector within technology. But this absolutely alleviates that scenario, because we'll now be more comfortable.
And as you can see, when you look at our financials, we do have a reasonable or, I'll call it sizable inventory of product ready to turn into shipment, into revenue and obviously into cash in the coming months. So we're in a really good position in that regard. And having the capital to be able to do that, especially at this time was really critical for us and I think it's going to serve us well going forward.
Jack Vander Aarde
Great. I appreciate the color there. And then, maybe just one more on the Africa contracts. In the first quarter, just looking into the 10-Qs, the first quarter you had hardware sales over - almost $685,000. Looking at the second quarter here, you didn't have hardware shipments to Africa. You did generate - it looks like licensees fees within Africa of almost $250,000.
Is this related to – or is this not related to those two contracts? Or is this tied to that initial hardware you delivered there and this is the license revenue that's associated with that first quarter hardware deployment?
Michael DePasquale
I don't believe that license revenue was associated with Africa. CC maybe you could opine, but I believe that was licensed revenue associated with our PortalGuard business. And our, biometric business as well, our international biometric business.
So, the Africa, for example, we have a large customer in South Africa, Capitec Bank that has purchased well over 7 million or 9 million user licenses from us for a bank verification identification – identification and verification project.
So, the revenue associated with that perhaps might have been through the South African opportunity, but not the Nigerian or the Nigerian contracts that we have.
Jack Vander Aarde
Yes, that’s exactly right. Yes.
Michael DePasquale
Yes.
Jack Vander Aarde
Okay, great. Now, I appreciate the, clarity. Just curious there. And then, just switching gears, maybe a question for Fred, on the channel alliance program. Can you just remind me again of what you mentioned the revenue contribution was during - in the quarter? I think it was small, but just so I have as a baseline.
And then, if we assume you reach your target number of channel alliance partners, how much revenue would you expect to generate on an annual basis?
I know it's just the near term target, as well, but just – so what was the revenue in the quarter from the channel alliance? And then, what's your target if you add all your targets?
Fred Corsentino
Yes, as we said, I think that it was less than a 100k. So, it was close to the less than $100,000 last quarter. And we will see a growing percentage our revenue and that will go on a ramp over the course of the remaining year and into next year and as we highlighted in the statements, we recently signed on with a new distributor and are onboarding and training right now.
And you'll see some information about that shortly. But that will dramatically increase the number of partners. So I don't have total handle on that yet, but that won’t be a dramatic increase in the number of partners. So, probably more information to come on that if that progresses.
Jack Vander Aarde
Okay. Great. I appreciate the color there. And then, just one more question for anyone, maybe Michael, in terms of the guidance, you maintained your guidance of $8 million to $12 million for the year for revenue. Just wondering, is there any more color you can provide in terms of - that's a wide range, but just can you remind us, again, what factors are embedded in that guidance?
And why you remain confident that you are going to hit that target? What needs to happen business as usual or is there anything - is there any aggressive targets baked into that? Thank you.
Michael DePasquale
Well, I think – I think there are three things. Fred just described the CAP program and the partner acceleration that we expect in the second half. It's always been planned for the second half. And so, we're encouraged that that's going to help us and contribute to significantly to our growth. That’s number one.
Number two, we discussed Africa, obviously, with the guarantees and the finance flowing, which makes us feel pretty comfortable that we are going to achieve our objectives there. And then, just in general, the growth and the migration to the cloud increases our ARR and increases our revenue for each installed base customer.
So, that's another factor that we expect to contribute to our growth. So, all around blended, we feel really good about growth in the second half and expect to achieve our objectives. And hey, whether we can overachieve our objectives? Obviously, if things really fall into place, that may happen. But we're comfortable staying with the guidance we have right now.
Jack Vander Aarde
Okay. Great. I appreciate the time guys. I am going to hop back in queue. Thanks.
Operator
The next question will come from Richard Arnold, investor. Please go ahead.
Unidentified Analyst
This is Richard Arnold. I appreciate the opportunity to speak to you. I am impressed by the domestic side. My concern is totally in Africa. And I have really a three-part question. As the $680,000 that was billed in the first quarter been paid.
Secondly, what part of the $8 million to $12 million projection and I understand that $8 million was in the previous conference, a breakeven point, what part of the $8 million to $12 million is dependent on Africa?
And then, thirdly, the prepaid expenses and investment went up by $3 million, which would account for the decrease in cash. What part of that was sent to Africa, as well? I am concerned about Africa, since that represents a big shot for the company to improve. Thanks.
Michael DePasquale
Great. So, let me knock down the questions, one-by-one. The first was the payment from the first quarter shipments. That's in process right now. And again, with the change in the - I’ll call it process again, with the change in the payment process where the banks are going to pay us directly, we expect to see that cash very shortly. So that's the first.
The second is, you mentioned the inventory levels or cash reduction, i.e. turned into inventory levels. Obviously, a portion of that is clearly related to our Africa contract. But we're very careful not to get too far ahead of ourselves. But on the other hand, we had to take advantage of the opportunity to get equipment with the chip shortages and the difficulty in that most manufacturers are having right now, we wanted to be sure that we got ahead of the curve.
The third component, or second component of that inventory position is our traditional products. We are working on some new and innovative technology that we are going to introduce in the second half. And so, there is some money associated with that development, as well. So, I think that addresses the inventory question.
The other question you had was around our guidance and how much of that is related to Africa? Well, if you look at the last two quarters for example, and look at our PortalGuard business just in general at a steady state, if we didn't grow the business at all, it would represent probably about five – and our biometric business, probably represent about $5 million to $6 million independent of Africa.
So, as you can see in our guidance, we don't have a tremendous reliance on Africa although clearly, we do see significant, significant upside as the projects begin to roll out, because remember, there is tens of millions of dollars in opportunity there, not just - not just millions or single-digit millions. So, I hope that answers your question, as well.
Unidentified Analyst
It does. I don't think it answers the question, if you look at the stock this morning, at least the last I saw it, it doesn't represent the confidence in what we are projecting. But I try to be confident and I try to be positive and I hope you do well. Thank you for answering my questions.
Michael DePasquale
Thank you, Richard.
Operator
[Operator Instructions] Our next question will come from Dan Pamus [Ph] with investor. Please go ahead.
Unidentified Analyst
Hi guys. It sounded like from your initial comments, the bank guarantees are not a done deal. Is that correct?
Michael DePasquale
Yes, they are.
Unidentified Analyst
There is no other barriers you have to get over to actually get the guarantees?
Michael DePasquale
There is always barriers in Africa.
Unidentified Analyst
So, what does that mean, that they're done, but there is still barriers?
Michael DePasquale
No, no. I am being a little precocious there. I mean, again, their - that process is in place, it's in place and ready to go. So, that's the latest we have. We monitor this on a - almost on a daily basis. And that's the situation. But I'm precocious about there is always something in Africa, as Richard mentioned, the confidence in being able to deploy such a significant program is challenging. But the funding is there.
The requirement is there, especially again given that in order to really get the country, especially in Nigeria, out of the doldrums. And to begin to build an ecosystem that could put people to work and can create an economy outside of the government.
This is the only option. So, it's a challenging business. But for those of us who - I believe this. I very, very strongly believe this. For those of us who have invested and hang in here, there is going to be significant reward.
Unidentified Analyst
Okay. Can you say how much of the - I don't know if it's $45 million or $75 million in contracts will get guaranteed.
Michael DePasquale
I think it will be iterative. So, as things get deployed, obviously, our goal is deploying all of the initial hardware right, to get things moving. And I think it'll be iterative over time. We're not going to get that as I mentioned to Richard, we are not going to get too far ahead of ourselves.
We know we have to have the inventory in order to be able to immediately ship it. On the other hand, we don't want to be committing to huge amounts of product, if in fact the payment is going to be there. So, it's a balancing act. But the contracts are still of the magnitude that we discussed. Clearly, if they get fully deployed, it could represent near $100 million in business.
You will also see some as I mentioned before, you'll see some additional products that we're going to be introducing in the second half that will also have a significant impact on the revenue opportunity in Africa going forward.
Unidentified Analyst
Okay. Well, the last question on this. So will you at least, for 2021 or the next twelve months or something, get guarantees for the $4 million in inventory you've accumulated?
Michael DePasquale
We believe so.
Unidentified Analyst
On the continuous biometric user authentication patent, a few years ago, there seem to be a lot of buzz about in-screen fingerprint sensors, but to my knowledge, they haven't come to fruition and I don't think are there issues with the technology? And are you going to be able to monetize that patent going forward tangibly?
Michael DePasquale
Well, two things. In-screen fingerprint sensors, you are right, there was a very aggressive move at one point to get them embedded, in particular in mobile devices. And we haven't seen much innovation around that area recently. But the continuous biometric patent is not just associated with fingerprint scanners.
So, keep in mind that continuous authentication across, perhaps facial biometric read or a behavioral biometric read can also apply to that patent. So, it has a broader use and a broader perspective beyond just fingerprint scanners.
Unidentified Analyst
Okay. I got a question on the National Identity Management Commission. They've been putting out releases touting the increases of ten million users in the last four months and increase of enrollment centers to 3800 and what not? They have some - they tout this much awaited android enrollment system is now ready for deployment. Does that have anything to do with your system? Or is that something else?
Michael DePasquale
No, absolutely does. We are very focused. So they are touting again up to 60 million enrollees with - which is again only 20%, 25% of the total required enrollment over time. The centers that are set up are set up in the larger cities. Our vendors, the partners we're working with are very, very focused on mobile enrollment. And if you look at our Pocket10 fingerprint scanner, it's very, very small device that does 4 4 2 scanning.
And it's a device that is low power very, very portable. And in order to get the country truly enrolled, there have to be mobile center set up and you have to actually go to the people to get them enrolled. And that's what we're very, very focused. So the majority of the enrollments are going to take place in a mobile venue over time, because it's going to be out in the remote areas that collecting that data and getting those people enrolled is going to be critical.
And then the verification services that are going to be provided above and beyond the initial enrollment create a whole new level of opportunity for us where - for example we'll be creating that was the whole initiative around creating one million new jobs within the Nigeria ecosystem for payments, payment processing, financial services. So that's where all of this comes together. It is a huge, huge opportunity.
And the end game also for us beyond providing the hardware is providing the identity management ecosystem, the software and the service, our IDaaS is perfect for remote authentication on these mobile devices. All of these mobile POS devices will have fingerprint capability, as well as cameras and barcode capability, all of those things. They'll have printers.
So that's where the real, I’ll call it, I'll solid, high, high margin recurring revenue will come. And that will follow the initial equipment deployments, the enrollments, and then ultimately the verification services.
Unidentified Analyst
The thing I am not sure about is, they were touting that these 60 million users each have about three to four SIM cards and that's covers all the mobile devices in the country. So I thought they were well on their way. So I am a little confused about, is it SIM cards or is it the actual people that they are trying to get covered or both - just a little confused because it's…
Michael DePasquale
No don't be - don't be – no, don’t be confused. It’s individuals. It's individuals. So it's citizens. That has nothing to do with SIM cards. It's individuals. It's people.
Unidentified Analyst
Alright. That's all. I'll go back in the queue. Let's see if anybody has got anymore questions. Thank you very much.
Michael DePasquale
You're welcome.
Operator
[Operator Instructions] The next question will come from Frank [Indiscernible] Associates. Please go ahead.
Unidentified Analyst
Good morning, Michael, and nice to chat with you. And thank you for the up-to-date. I don't know if you're aware, but I've been - still called gambler since 1961. You should know there is someone on the telephone call today who is trying to get the stock down to zero. You understand what I mean by that right?
Michael DePasquale
I am not so sure, but…
Unidentified Analyst
But you should do Michael, if you want to care for the shareholders, what you should do is call the SEC and tell them that there is someone fictitiously trying to destroy the company.
Michael DePasquale
Okay. We'll certainly look into that.
Operator
[Operator Instructions] This concludes our question-and-answer session. I would like to turn the conference back over to Mike DePasquale for any closing remarks. Please go ahead sir.
Michael DePasquale
I just want to thank everyone for participating in today’s call. We look forward to updating you on our third quarter call, which will likely be in November. As always, we’ll continue to provide interim news and updates in the mean time. Also, we plan to present at the Lytham Partners Fall Investor Conference, a virtual event held in the first week of October. We will put those details out when we have them.
Again, thank you all for your time today.
Operator
The conference is now concluded. Thank you for attending today's presentation. You may now disconnect
DISCLAIMER
Nothing in the contents transmitted on this board should be construed as an investment advisory, nor should it be used to make investment decisions. There is no express or implied solicitation to buy or sell securities. The author(s) may have positions in the stocks or financial relationships with the company or companies discussed and may trade in the stocks mentioned. Readers are advised to conduct their own due diligence prior to considering buying or selling any stock. All information should be considered for information purposes only. No stock exchange has approved or disapproved of the information here.
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |