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jonQ, I’m thinking another Reverse Split to rid all of the original investors. Then Micky D can be free of all his obligations.
I’m surprised, didn’t think there was even a bio key message board anymore.
Looks like the end is near again. So what’s next, another reverse split, sell a bunch more shares for pennies on the dollar to managements buddies?
Cyber-Security Provider BIO-key Reports Q3 and Year-to-Date Revenues Rose to $1.4M and $5.3M, Respectively, on Growing Software and Services Revenue; Investor Call Tomorrow at 10am ET
WALL, N.J., Nov. 14, 2022 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer identity and access management (IAM) and large-scale identity solutions, featuring Identity-Bound Biometrics (IBB), today reported results for its third quarter ended September 30, 2022 (Q3’22). BIO-key will host an investor call tomorrow at 10:00 a.m. ET (details below).
Q3 Highlights:
Q3’22 revenues rose 6% to $1.4M vs. Q3’21 and year-to-date revenues increased 26% to $5.3M, with increased software license and service fees which were partially offset by lower hardware revenue in both 2022 periods.
BIO-key expanded its global footprint with enterprise customers including a Dutch-based multi-national conglomerate and a leading Saudi Arabia healthcare procurement provider.
Broadened partner network with Florida-based Darksteel Technologies and Israel’s Multi-Point Group.
Advanced higher education franchise with PortalGuard deployments for the University of Arkansas at Fort Smith and California's Long Beach Community College District.
Showcased Launch of our Mobile Authenticator App (MobileAuth), featuring both server-secured and on-device multi-biometrics at 2022 Gartner IAM Summit.
BIO-key Chairman & CEO Michael DePasquale commented, “Despite delays in our African business, some slippage from Q3 to Q4 in our domestic business, and seasonal slowness in Europe in the late summer, BIO-key continued to grow revenues and integrate our expanding operations. We have developed a substantial customer footprint generating high-margin annual recurring revenue (ARR) and our brand is now recognized on a global basis.
“Our integration of Swivel Secure Europe, which we acquired in March, is proceeding well, and we are now a truly global company. Through the first nine months of 2022, our sales by region grew in North America, Europe, the Middle East, South America, and Asia, but not in Africa, which continues to experience delays in the rollout of government sponsored national ID programs. In particular, the Nigerian Identity Management Commission has had both technical and financial issues that have led to delays in enrolling significant numbers of citizens, and we expect that to resolve itself in Q1 of 2023.
“Innovation remains core to our mission as we continue to expand password-less and mobile user IAM options, including the launch of BIO-key’s Mobile Authenticator App which supports both server-secured and on-device biometric multi-factor authentication (MFA). We also introduced an enhanced admin panel for our PortalGuard, Identity-as-a-Service (IDaaS) platform. Our PortalGuard IDaaS franchise continues to expand within higher education, county governments, and enterprises. Customers are drawn to this highly secure, efficient, user-friendly and cost-effective solution designed to meet today’s needs for scalable, secure on-site, mobile, and off-site user access.
“To enhance the global awareness and reach of our solutions and brand, we have invested in an expanded team of direct sales resources, supported by traditional and digital marketing.
“We believe the IAM and multi-factor authentication segments of the cybersecurity space are some of the most lucrative opportunities in the global software market right now. We are building a recurring annual revenue stream with a proven portfolio of Identity-as-a-Service products across customers in several key verticals. Our expanding global footprint of direct sales and distribution partner resources positions us well to address significant IAM and cybersecurity needs around the world. In addition to integrating Swivel Secure and launching BIO-key Europe, we’ve built a strong pipeline of significant customer and project opportunities, some of which have progressed more slowly than anticipated over the past several months, or slipped to Q4, as I had mentioned.
Outlook
“We expect a strong close to the year, however, given our slower than expected sales so far this year, we now expect full-year revenues of $7M to $9M in 2022, representing growth of 37% to 76% over 2021 revenue. Our updated outlook anticipates growth in recurring software license revenue to roughly 70% of our total revenue, supported by hardware and services revenue contributions, which are typically in support of specific projects.
“Our current outlook is supported by our technology leadership, our talented global sales, marketing and management teams, and the growing productivity of our channel partner program. With our acquisition of Swivel Secure Europe, we have added critical mass in Europe, the Middle East and Asia (EMEA). Accordingly, we expect to see significant EMEA growth moving into 2023 now that our team has been fully trained on the value and capabilities of our extended line of solutions and services.”
Financial Results
Q3’22 revenues rose 6% to $1.4M vs. Q3’21 and year-to-date revenues increased 26% to $5.3M, with increased software license and service fees which were partially offset by lower hardware revenue in both 2022 periods.
Gross profit was $1.0M in Q3’22, flat from Q’21, due to higher cost of license fees as a result of third party-software required for Swivel Secure licenses, which offset revenue growth. Likewise, realized gross profit margin declined to 71% in Q3’22 from 77% in Q3’21.
Total operating expenses increased to $3.3M in Q3’22 from $2.0M in Q3’21, reflecting a $1.1M increase in selling, general and administrative (SG&A) expenses, and a $0.2M increase in research, development and engineering expenses. The SG&A increases included costs related to Swivel Secure operations, trade show expenses, share based compensation, travel, and wages and benefits for new employees. Higher research, development & engineering expenses were due to higher personnel costs, including consulting, wages, and benefits for new employees and product development, including the Q3 launch of significant enhancements and updates to the MobileAuth application.
BIO-key reported a Q3’22 net loss of $2.4M, or $0.29 per share, compared to a Q3’21 net loss of $1.0M, or $0.13 per share. The weighted average basic shares outstanding were approximately 8.1M in Q3’22 and 7.8M in Q3’21.
Financial Strength
As of September 30, 2022, BIO-key had current assets of $9.9M, including $2.8M of cash and cash equivalents, $1.8M of accounts receivable, and $4.9M of inventory. Stockholders’ Equity was $11.2M, or approximately $1.32 per share at quarter end.
Conference Call Details
Date / Time: Tuesday, November 15th 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 8070313
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key provides 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, Europe, and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; 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; the duration and extent of continued hostilities in Ukraine and its impact on our European customers, 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, 2021 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,
2022 December 31,
2021
(Unaudited)
ASSETS
Cash and cash equivalents $ 2,774,617 $ 7,754,046
Accounts receivable, net 1,808,036 970,626
Due from factor 49,500 49,500
Note receivable, net of allowance - 82,000
Inventory 4,892,667 4,940,660
Prepaid expenses and other 357,726 216,041
Total current assets 9,882,546 14,012,873
Resalable software license rights 41,286 48,752
Investment – debt security, net 262,821 452,821
Equipment and leasehold improvements, net 125,824 69,168
Capitalized contract costs, net 298,673 249,012
Deposits and other assets 8,712 8,712
Note receivable, net of allowance 146,000 113,000
Operating lease right-of-use assets 263,377 254,100
Intangible assets, net 1,799,074 1,298,077
Goodwill 2,197,698 1,262,526
Total non-current assets 5,143,465 3,756,168
TOTAL ASSETS $ 15,026,011 $ 17,769,041
LIABILITIES
Accounts payable $ 1,068,571 $ 427,772
Accrued liabilities 875,903 828,997
Earnout payable – Swivel acquisition 500,000 -
Government loan – BBVA Bank, current portion 120,000 -
Deferred revenue, current portion 600,819 565,355
Operating lease liabilities, current portion 178,277 177,188
Total current liabilities 3,343,570 1,999,312
Deferred revenue, net of current portion 75,187 67,300
Operating lease liabilities, net of current portion 86,874 86,974
Government loan – BBVA Bank, net of current portion 321,872 -
Total non-current liabilities 483,933 154,274
TOTAL LIABILITIES 3,827,503 2,153,586
Commitments and Contingencies
STOCKHOLDERS’ EQUITY
Common stock — authorized, 170,000,000 shares; issued and outstanding; 8,452,621 and 7,853,759 of $.0001 par value at September 30, 2022 and December 31, 2021, respectively 845 786
Additional paid-in capital 121,123,352 120,190,139
Accumulated other comprehensive loss (229,350 ) -
Accumulated deficit (109,696,339 ) (104,575,470 )
TOTAL STOCKHOLDERS’ EQUITY 11,198,508 15,615,455
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 15,026,011 $ 17,769,041
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
Three months ended
September 30, Nine months ended
September 30,
2022 2021 2022 2021
Revenues
Services $ 371,956 $ 318,500 $ 1,202,866 $ 985,163
License fees 918,260 870,459 3,540,592 2,011,610
Hardware 83,333 109,870 518,377 1,182,784
Total revenues 1,373,549 1,298,829 5,261,835 4,179,557
Costs and other expenses
Cost of services 162,632 176,976 554,222 511,360
Cost of license fees 173,310 45,986 604,677 133,328
Cost of hardware 57,841 71,712 296,278 656,190
Total costs and other expenses 393,783 294,674 1,455,177 1,300,878
Gross profit 979,766 1,004,155 3,806,658 2,878,679
Operating Expenses
Selling, general and administrative 2,510,706 1,385,534 6,315,277 4,276,016
Research, development and engineering 829,506 612,597 2,418,855 1,545,200
Total Operating Expenses 3,340,212 1,998,131 8,734,132 5,821,216
Operating loss (2,360,446 ) (993,976 ) (4,927,474 ) (2,942,537 )
Other income (expense)
Interest income 8 329 216 3,776
Loss on foreign currency transactions - - - (50,000 )
Investment-debt security reserve (40,000 ) (30,000 ) (190,000 ) (30,000 )
Noncash interest expense - - - (18,000 )
Interest expense (2,071 ) - (3,611 ) -
Total other income (expense), net (42,063 ) (29,671 ) (193,395 ) (94,224 )
Net loss $ (2,402,509 ) $ (1,023,647 ) $ (5,120,869 ) $ (3,036,761 )
Comprehensive loss:
Net loss $ (2,402,509 ) $ (1,023,647 ) $ (5,120,869 ) $ (3,036,761 )
Other comprehensive loss – Foreign currency translation adjustment (119,269 ) - (229,350 ) -
Net loss available to common stockholders $ (2,521,778 ) $ (1,023,647 ) $ (5,350,219 ) $ (3,036,761 )
Basic and Diluted Loss per Common Share $ (0.29 ) $ (0.13 ) $ (0.64 ) $ (0.39 )
Weighted Average Common Shares Outstanding:
Basic and diluted 8,148,848 7,790,778 8,054,207 7,788,734
CORRECTION -- BIO-key, Provider of Identity Access Management (IAM) and Biometric Cybersecurity Solutions, Hosts Q3 Investor Call Tues, November 15th at 10am ET
WALL, N.J., Nov. 07, 2022 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by BIO-key International, Inc. (NASDAQ: BKYI), please note that the Audio Replay code has been updated to 8070313. The corrected release follows:
BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) and large-scale identity solutions, featuring Identity-Bound Biometrics (IBB), will review its Q3 results in a conference call on Tuesday, November 15th at 10 a.m. after releasing results November 14th after market close. Members of the management team including Mike DePasquale, Chairman & CEO and Cecilia Welch, CFO will participate on the call.
Conference Call Details
Date / Time: Tuesday, November 15th 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 8070313
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy to deploy, convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions as well as customized on premises solutions.
Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
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, Provider of Identity Access Management (IAM) and Biometric Cybersecurity Solutions, Hosts Q3 Investor Call Tues, November 15th at 10am ET
WALL, N.J., Nov. 07, 2022 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) and large-scale identity solutions, featuring Identity-Bound Biometrics (IBB), will review its Q3 results in a conference call on Tuesday, November 15th at 10 a.m. after releasing results pre-market. Members of the management team including Mike DePasquale, Chairman & CEO and Cecilia Welch, CFO will participate on the call.
Conference Call Details
Date / Time: Tuesday, November 15th 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 6599160
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy to deploy, convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions as well as customized on premises solutions.
Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
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
California's Santa Rosa Junior College Moves its Identity Access Management to the Cloud – Migrating to BIO-key's PortalGuard® Identity-as-a-Service Platform
October 31, 2022 07:58 ET
| Source: BIO-key International, Inc.
SANTA ROSA, Calif. and WALL, N.J., Oct. 31, 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 its PortalGuard Identity-as-a-Service (IDaaS) footprint continues to grow within the California Community College System. Santa Rosa Junior College, with a student enrollment of approximately 20K, elected to migrate its current BIO-key on-premises solution to the PortalGuard IDaaS cloud solution. The migration enables the school to accomplish more with its IT budget by eliminating the costs and resources of on-premise hosting and deploying a cloud IAM solution that is ideally suited to the on-campus/off-campus nature of learning today.
PortalGuard IDaaS provides a complete IAM cloud-based platform with flexible options for single sign-on, multi-factor authentication, adaptive authentication, and self-service password reset. Colleges and universities are high-value targets because they hold masses of sensitive personal and financial data that are attractive targets for cyberattacks. The growth in remote learning has created budgetary, and personnel pressures for IT teams seeking to adopt a dynamic security response. BIO-key has a proven track record with higher-educational institutions looking to improve their security posture and migrate their cybersecurity strategy to the cloud while helping address remote access and budgetary challenges.
"We value our partnership with the California Community College System and are pleased that PortalGuard IDaaS has been so well received in this community," said Mark Cochran, President of BIO-key - PortalGuard. "BIO-key is ready to assist institutions with their strategic cloud security initiatives to reduce the risk of cyberattacks, which can result in data breaches, reputational damage, operational disruption, and potentially extreme financial loss. Gartner predicts that consolidated security platforms like PortalGurd IDaaS are the future because security and risk management leaders continue to be asked to do more with less – facing more demand for service, fast-changing threat landscapes, and insufficient internal IT staff. PortalGuard IDaaS ensures our customer's cyber threats are addressed appropriately and cost-effectively."
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, 2021 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 Showcases PortalGuard Identity and Access Management Platform for Higher Education at EDUCAUSE Annual Conference October 25-28
DENVER, Colo. and WALL, N.J., Oct. 24, 2022 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI) will demonstrate its Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions at the EDUCAUSE Annual Conference (Booth 871) in Denver, Colorado, October 25-28. BIO-key will be available for meetings, Q&A sessions, and live demonstrations of its solutions.
Stop by booth 871 to learn about the award-winning PortalGuard IAM platform, which is perfectly suited for higher education and trusted by over 200 institutions. PortalGuard sets itself apart with Identity-Bound Biometrics, one of many supported multi-factor authentication (MFA) options, along with single sign-on (SSO), and self-service password reset (SSPR) capabilities. As experts in higher education solutions, BIO-key excels in helping higher education IT professionals leverage limited resources to improve their cybersecurity strategies.
BIO-key has partnered closely with Pathify, a market leader in reimagining the student portal experience, to deliver a secure, modern, user-friendly interface that guides students to the resources they need quickly, without passwords getting in the way. This “better together” story will also be highlighted at the event.
The EDUCAUSE Annual Conference is a premier global higher education IT event to discuss discoveries, grow professionally, and explore solutions to continuing challenges. Cybersecurity and privacy are key agenda items as the education sector has experienced a 44% increase in cyberattacks over 2021, with an average of 2,297 attacks against institutions weekly.
“Higher education needs to continue to improve their cybersecurity,” said Mark Cochran, President of PortalGuard, BIO-key. “Rapid adoption of cloud technology to support remote learning, higher expectations from students for a modern online experience, and the continued hacking of traditional authentication methods creates a perfect storm of cyber risk for institutions. We look forward to helping higher ed IT professionals evolve their cyber strategies with our industry expertise and tailored IAM solutions.”
For more information on the EDUCAUSE Annual Conference, please visit the conference website. To learn more 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 cloud-based Identity-as-a-Service (IDaaS) solutions, as well as customized enterprise solutions.
Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
Media Contact
Erin Knapp
Matter on behalf of BIO-key
BIO-Key@matternow.com
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
Six US County Governments Select BIO-key's PortalGuard® Identity and Access Platform to Provide Cybersecurity Resilience
WALL, N.J., Oct. 20, 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 that six county governments in KS, VA, NM, FL, SD, and NY have recently selected its PortalGuard IDaaS® platform for improved data security and regulatory and insurance compliance. County governments are facing a cascade of ransomware attacks targeting the public sector, so they require proven IAM solutions like PortalGuard that enable secure and convenient access to devices, information, applications, and transactions.
In partnership with the National Association of Counties (NACo) and the New York State Association of Counties (NYSAC), BIO-key is proud to help educate county leaders on the most imminent cyber security threats and baseline cyber defense strategies to protect their governments and constituents. County Governments are selecting PortalGuard over competitive solutions because of its flexible multi-factor authentication (MFA) capabilities and tight integration with highly secure Identity-Bound Biometrics.
Incorporating BIO-key's multiple biometric authentication options, which confirm each user's true identity instead of merely validating their hardware device, delivers much more robust protection against cyber security threats – while providing very user-friendly means to access county systems and data. The combination of BIO-key's PIV-Pro fingerprint readers, a highly accurate FIPS 201 compliant scanner for office users, and BIO-key's MobileAuth application with PalmPositive biometric palm authentication for remote users, provides counties with very flexible options that ensure a successful implementation of advanced security capabilities.
"It is no surprise that the dangers relating to cybersecurity are constantly evolving, and the stakes are high," said Mark Cochran, President of BIO-key – PortalGuard. "We assist county governments in delivering successful security solutions to prevent cyberattacks and better protect citizens, businesses, and critical infrastructure. County governments across the US are seeking flexible and cost-effective approaches to implementing highly-scalable and redundant IAM solutions. BIO-key's PortalGuard has proven security capabilities that provide our customers with superior convenience and affordability while ensuring that only authorized users are granted access to county data."
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, 2021 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
Large Southwestern US Auto Group Selects BIO-key's Cloud-Based PortalGuard® Identity-as-a-Service (IDaaS) Platform to Safeguard Consumer Financial Data
WALL, N.J., Oct. 17, 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 that a large auto group in the Southwestern US, which supports multiple dealerships, has selected its PortalGuard® IDaaS platform to protect its critical corporate data. PortalGuard will enable the auto group to meet its cybersecurity compliance requirements related to the Federal Trade Commission's (FTC) Safeguards Rule that mandates the protection of consumer financial information, strengthen access security with multi-factor authentication (MFA), and improve user satisfaction and productivity by eliminating password fatigue.
The auto group sought a new IAM solution to support FTC compliance requirements for data protection by strengthening access security with MFA. The FTC's updated Safeguards Rule requires non-banking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders to develop, implement, and maintain a comprehensive security system to keep their customers' information safe. BIO-key's PortalGuard IDaaS platform enables companies to provide comprehensive IAM capabilities and robust MFA methods to strengthen their overall security posture and ensure compliance with government regulations.
"We assist financial institutions and other entities in protecting their sensitive consumer data from cyberattacks and meeting compliance rules," said Mark Cochran, President of BIO-key - PortalGuard. "Companies are seeking flexible vendor solutions to help them with their strategic security initiatives, including implementing highly scalable and redundant solutions. BIO-key's PortalGuard IDaaS has flexible IAM options, such as MFA or Single Sign-On across applications, that also significantly improve the user experience while strengthening log-in security for accessing enterprise software and data."
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, 2021 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 Platform Wins 2022 “Access Management Solution of the Year”
Cybersecurity Breakthrough Awards Recognize Outstanding Information Security Products & Companies
WALL, N.J., Oct. 06, 2022 (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® platform has been selected as the winner of the “Access Management Solution of the Year” award in the sixth annual, 2022 CyberSecurity Breakthrough Awards conducted by CyberSecurity Breakthrough, for the second consecutive year. This acknowledgement adds to a growing list of industry awards the platform has earned. CyberSecurity Breakthrough is a leading independent market intelligence organization that recognizes the top companies, technologies, and products in the global information security market today.
The mission of the CyberSecurity Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success across a range of information security categories. This year’s program attracted more than 4,100 nominations from over 20 different countries throughout the world.
“Access management is all about flexibility and being able to balance both security and convenience. A complete solution needs not only to secure access, but also needs to ensure that it provides a streamlined and usable access experience for customers, employees, and suppliers,” said James Johnson, Managing Director, CyberSecurity Breakthrough. “With Identity-Bound Biometrics, BIO-key PortalGuard offers a “breakthrough” identity security that can work for all scenarios that users may find themselves in when trying to gain access to systems, applications, devices, and data. Congratulations on being our choice for ‘Access Management Solution of the Year.’”
PortalGuard is the only IAM platform on the market offering Identity-Bound Biometric authentication methods that use a unique, centralized biometric identity to verify the person completing the action. This means that trust can be established that the person is the correct person, not just their device, password, or token. Importantly, Identity-Bound Biometrics are impervious to common attacks as they cannot be stolen, lost, handed over, forgotten, or forged.
BIO-key PortalGuard provides a single, unified IAM platform that offers more flexible options for multi-factor authentication (MFA), single sign-on (SSO), and self-service password reset (SSPR) than any other access management solution, to support a customers’ security initiatives and deliver an optimized user experience. PortalGuard consolidates and aggregates multiple point solutions under centralized security policies so that customers can take a holistic approach to their access management strategy.
“We are deeply honored to again be recognized by CyberSecurity Breakthrough for our innovations in access management,” said Michael DePasquale, Chairman and CEO of BIO-key. “When it comes to MFA, many access management solutions are unable to support all the requirements that users have for the various access scenarios across the business. The methods they offer are only able to verify something the user knows or has. The individual, the most important part of access, is taken out of the equation altogether. Biometrics are continuing to grow in popularity as fast, convenient, and secure methods of authentication. We feel that Identity-Bound Biometrics are a must-have to complete an MFA strategy for unique workflows, such as shared workstations, roaming users, and remote access – where it is essential to verify the person and/or where no other methods will work.”
PortalGuard supports multiple Identity-Bound Biometric methods, including fingerprint, palm and face scanning, using the one-of-a-kind MFA mobile app, BIO-key MobileAuth™ that brings the power of Identity-Bound Biometrics to any mobile device. For over 20 years, PortalGuard has been trusted by customers across multiple industries, including education, healthcare, manufacturing, finance, and government, to secure remote access, reduce password-related help desk calls by up to 95%, reduce or eliminate passwords, prevent phishing attacks, meet cyber insurance requirements, and improve productivity for the IT team.
To learn more about BIO-key PortalGuard and Identity-Bound Biometrics 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 cloud-based Identity-as-a-Service (IDaaS) solutions, as well as customized enterprise solutions.
About CyberSecurity Breakthrough (www.CyberSecurityBreakthrough.com)
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.
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, 2021 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 Contact
Erin Knapp
Matter on behalf of BIO-key
BIO-Key@matternow.com
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
BIO-key Demonstrates Security and Power of Identity-Bound Biometrics at 2022 Identity Week America October 4–5
WASHINGTON and WALL, N.J., Oct. 03, 2022 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI) will demonstrate its Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions at the Identity Week America 2022 Conference (Booth 345) in Washington, DC, Tuesday and Wednesday, October 4-5. BIO-key has seamlessly integrated the power of Identity-Bound Biometrics into its PortalGuard® IAM platform and its multi-factor authentication mobile app, BIO-key MobileAuth™, making it easy to incorporate the security and convenience of biometrics into any IAM strategy.
Stop by booth 345 to discover BIO-key's unique line of hardware and software IAM solutions, including their unified IAM platform PortalGuard that sets itself apart by offering Identity-Bound Biometrics, one of many supported methods for its multi-factor authentication (MFA), single sign-on, and self-service password reset capabilities. IBB’s inherent security and flexibility make it ideal for authenticating identities in password-less, phone-less, token-less, remote work, and zero trust environments, and for users who roam among shared workstations or kiosks (such as in retail, healthcare, manufacturing, and contact centers).
Jim Sullivan, an expert in IAM and biometrics and BIO-key’s SVP of Strategy and Compliance and Chief Legal Officer, will be featured in multiple sessions on the conference agenda. Jim will host a Seminar Theater session on the topic, “Overcoming an unholy trio of anti-biometric adversaries,” October 4th at 4:20 p.m., discussing how privacy experts, device manufacturers, and even fraudsters are delaying the adoption of biometrics for all the wrong reasons. Jim will also host a roundtable discussion “War stories from the front lines of BIPA abuse,” October 5th at 12:10 p.m.
Formerly known as Connect ID, Identity Week is one of the most important identity and authentication events in the United States, focusing this year on the importance of identity and trust in our 'new normal' world.
“Identity Week provides an ideal, expanded platform to highlight the unique ability of our Identity-Bound Biometrics to establish trust between people completing digital transactions,” said Michael DePasquale, Chairman and CEO of BIO-key. “This year is particularly exciting for BIO-key given the event’s expanded focus on how we can reimagine digital identity.”
BIO-key will showcase FacePositive™, the newest IBB-powered modality for its MobileAuth MFA mobile app, which uses facial recognition to verify the person requesting access, and builds on PalmPositive™, the app’s palm scanning authentication method. MobileAuth also now supports device-based biometric authentication methods including Apple Face ID, Touch ID, and Android Biometrics, as well as push token authentication support. These enhancements make biometrics even easier to deploy across a broader set of use cases and allow customers to further consolidate their authentication and security needs into one solution.
BIO-key will also demonstrate its hardware devices:
Fingerprint Scanners: BIO-key’s 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:
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
EcoID™ II scanner
SidePass Compact USB-A or -C scanner
SideSwipe Compact USB-A scanner
FIDO Security Keys: BIO-key offers an affordably priced FIDO2 security key lineup, with 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’s MobilePOS Pro is a handheld, all-in-one, smart Point of Sale (POS) machine, with a built-in FBI-certified fingerprint module for biometric identification and verification. Developed for the payment industry, MobilePOS also suits diverse user scenarios, such as microfinance, SIM registration, inventory management, and more.
For more information on Identity Week America 2022, please visit the event website. To learn more about BIO-key’s IAM and IBB solutions, please 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, 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, 2021 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 Contact
Erin Knapp
Matter on behalf of BIO-key
BIO-Key@matternow.com
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
BIO-key Demonstrates Award-Winning Biometric-Enhanced Cybersecurity Solutions at ScanSource Channel Connect Conference in Nashville Oct. 2-5
NASHVILLE, Tenn. and WALL, N.J., Sept. 29, 2022 (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 it will demonstrate its solutions and meet with partner prospects at 2022 ScanSource Channel Connect (Booth 205) in Nashville, TN, October 2–5. ScanSource Channel Connect combines for the first time the ScanSource Partner Conference and Intelisys Channel Connect to create an even greater opportunity for partners and suppliers to gain knowledge, strengthen relationships, and create new partnerships. BIO-key is the exclusive IAM provider for Intelisys, the nation’s leading distributor of IT solutions and services and a ScanSource company.
BIO-key will demonstrate its BIO-key PortalGuard® IAM platform and BIO-key MobileAuthTM, its one-of-a-kind, multi-factor authentication mobile app with new and enhanced Identity-Bound Biometric capabilities. BIO-key solutions make it easy for partners to address their customers’ most pressing cybersecurity requirements and competitively differentiate their business. BIO-key seeks to further expand its Channel Alliance Partner (CAP) Program within the Intelisys partner community by demonstrating the substantial revenue opportunities and customer value its solutions provide.
“Despite the rise in cyberattacks, the market for IAM is far from saturated – and expected to grow at a 14.5% compound annual rate to more than $34 billion by 2028,” said Fred Corsentino, Chief Revenue Officer of BIO-key, “creating a significant revenue opportunity for BIO-key and our global partner network. We look forward to informing partners and suppliers about how to use BIO-key’s differentiated solutions to create profitable and long-lasting customer relationships.”
Stop by booth 205 to learn about BIO-key’s award-winning cybersecurity solutions and how partnering with BIO-key can:
Differentiate your cybersecurity portfolio with Identity-Bound Biometrics;
Build a new strong recurring revenue stream for your business;
Help your customers reduce cyber risk & meet cyber insurance requirements;
Provide an IAM solution that beats the competition in both features and price; and
Enhance your expertise and position as a trusted cybersecurity advisor.
BIO-key’s award-winning PortalGuard IAM platform has been implemented by 1,000+ customers worldwide to consolidate security applications under a single, unified solution, reducing overhead and improving productivity for users and the IT team. PortalGuard is recognized for its flexible options for multi-factor authentication (MFA), single sign-on, and self-service password reset, with exclusive Identity-Bound Biometric authentication that provides the highest levels of risk reduction, flexibility, and cost efficiency. For enterprises dealing with passwordless workflows, remote workforces, and customer IAM, BIO-key’s MobileAuth MFA mobile app enables users to authenticate with Identity-Bound Biometrics on any mobile device, eliminating the risks and high costs associated with traditional authentication methods.
For more information about 2022 ScanSource Channel Connect, please visit the event website. To learn more about BIO-key’s IAM solutions and 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 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, 2021 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 Contact
Erin Knapp
Matter on behalf of BIO-key
BIO-Key@matternow.com
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
Dutch-Based Multinational Conglomerate Selects BIO-Key IAM Security product to Secure Data Access for Supply Chain Partners
MADRID, Spain and WALL, N.J., Sept. 14, 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 that Swivel Secure Europe today deployed AuthControl Sentry to a Dutch-based multinational conglomerate ("Company") in the furniture and home accessories market that will allow their suppliers to have secure SSO access to legacy enterprise applications. For the Company, its suppliers and service providers are its most important partners for maintaining vital business operations and supply chain logistics, so ensuring seamless, secure access to key applications and data is mission critical for their business.
The BIO-key solution assisted the Company with implementing robust SSO capability combined with multifactor authentication (MFA) security that allows the users to select from up to 10 different authentication methods depending on the risk-based authentication rules, ensuring that the proper authentication is applied to each access request. Another important project requirement was securing access to the Company's enterprise SAP ERP environment, where access requests can be validated with MFA using a unique combination of authenticator factors that we call MFA+. The BIO-key security solution is currently in Phase 1 of deployment, and the Company plans to roll it out to its other locations worldwide and leverage it with other enterprise applications.
"We are glad to be selected by the Company to provide this innovative solution that will securely connect more of its supply chain logistic partners, strengthen their business processes, and improve overall partner efficiency. The Company has millions of customer transactions daily, and we are providing the access security to support that success." Alex Rocha, Managing Director, BIO-key EMEA. “BIO-key excels at providing its customers with fluid access to corporate systems and data without sacrificing the company’s security.”
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. With industry-leading biometric capabilities, BIO-key's patented software and hardware solutions enable large-scale on-premises and cloud-based Identity-as-a-Service (IDaaS) solutions and customized enterprise solutions. Swivel Secure Europe, S.A, is a 100% owned BIO-key IAM solutions provider based in Madrid, Spain, that serves the European, Middle East, and African markets.
BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital; 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 and Multipoint GROUP Join Forces to Promote Cybersecurity and Identity Solutions to High-Growth Global Markets in Europe and the Middle East
Partnership includes distribution, pre-sales, training, and full support to resellers and customers
WALL, N.J. and MADRID, Spain, Sept. 12, 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 a distribution partnership with Israel-based Multipoint GROUP in Southern and Central Europe and the Middle East. Multipoint has joined BIO-key's Channel Alliance Partner (CAP) program designed to leverage the expertise, reach and onsite presence of a range of leading IT service providers that deliver security solutions to their customers. BIO-key continues to expand worldwide customer support through its growing Channel Alliance Partner community, and this new partnership with Multipoint further strengthens BIO-key's presence in important regions.
The Multipoint partnership provides BIO-key with a strategic value-added distributor of cybersecurity with solid technical experience and a knowledgeable commercial sales team. Multipoint offers not only distribution but also pre-sales analysis, training, and full support to resellers and customers interested in security and identity solutions. Multipoint operates in 15 countries, including Greece, Cyprus, the United Arab Emirates, Romania, Bulgaria, Estonia, Poland, Malta, , Turkey, and Portugal as well as Singapore. Both new and existing customers of all sizes and industries in these regions can benefit with enterprise-grade security IAM solutions that are phoneless, tokenless, and passwordless.
BIO-key's Channel Alliance Partner program allows its partners to represent BIO-key's full line of biometric authentication solutions and large-scale identity management security products that provide robust Single Sign-on (SSO) and Multi-factor (MFA) authentication capabilities. The BIO-key suite of products also includes a full line of compact biometric fingerprint scanners that are Microsoft tested and qualified to support Windows Hello and Windows 10 and 11.
"Multipoint remains committed to partnering with cyber companies that offer advanced cyber solutions, that are aware of the latest threats and adapt their solutions accordingly, such as advanced IAM and MFA solutions. We believe BIO-Key offers one of the best security solutions on the market. This collaboration provides a platform for exchanging knowledge and aspirations to reduce cyber threats together," said Ricardo Resnik, CEO & Founder of Multipoint GROUP.
"Multipoint has a proven track record as a value-added distributor for delivering quality cyber security solutions. Their core focus is on high-quality security products and vendors, and as such, Multipoint Group and BIO-Key are a perfect match. This partnership will support BIO-key's strong growth in market share in the countries where Multipoint Group is currently active and should also drive substantial new revenue growth in new regional markets as they expand their footprint," said Erik Notermans, VP of Sales for BIO-key in Europe.
"We are excited about our partnership with Multipoint because both leadership teams share the same values and vision for future market opportunities in Southern and Central Europe and the Middle East. We continue to develop strong partner alliances through our CAP program that deliver new business to BIO-key and strengthen our customer support worldwide," said Alex Rocha, Managing Director of EMEA at BIO-key.
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 EMEA (formerly Swivel Secure Europe, S.A) is a 100% owned BIO-key IAM solutions provider based in Madrid, Spain, that serves the European, Middle East, and African markets.
BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital; 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, 2021 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
Leading Saudi Arabia Healthcare Procurement Provider Selects BIO-key for Secure Data Access, Including Multi-factor Authentication (MFA) and Single Sign-On (SSO), for Approximately 15,000 Users
MADRID, Spain and WALL, N.J., Sept. 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 that its EMEA (Europe, the Middle East, and Africa) business (formerly Swivel Secure Europe) has deployed AuthControl Sentry for a leading Saudi Arabia Healthcare Procurement Provider in Riyadh, Saudi Arabia. The authentication solution will protect approximately 15,000 employee and supplier users with secure Multi-factor (MFA) access with Single Sign-on (SSO) capabilities for all of its web and legacy applications. The client is the largest value-driven and centralized health care procurement, re-exporting, warehousing, and distribution company for pharmaceuticals, medical equipment, and supplies in the Kingdom of Saudi Arabia.
The objective of this project was to centralize all web and legal applications in a unified portal to provide employees and suppliers across the Middle East with secure access to applications. Using the AuthControl Sentry solution will reduce password reset requests by removing the need for authentication to four or five different applications typically required to send a pharmaceutical or medical package through a courier.
"We are proud to help streamline the procurement process for one of the largest and most trusted suppliers to hospitals, clinics, and pharmacies in Saudi Arabia and the Middle East. Secure, reliable authentication is vital for delivering urgent medicines to patients in need. Reducing time and friction in the authentication process can improve the delivery of healthcare services and even save lives. For example, authentication for four common software applications that took an average of four minutes before has been reduced to just one minute using our AuthControl Sentry solution. This solution saves time and increases the productivity and reliability of healthcare procurement processes," said Alex Rocha, Managing Director, BIO-key EMEA.
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 and customized enterprise solutions. Swivel Secure Europe, S.A, is a 100% owned BIO-key IAM solutions provider based in Madrid, Spain, that serves the European, Middle East, and African markets.
BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital; 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, 2021 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
Fyi… 8/30/22 “If you want to consolidate security solutions, eliminate passwords, simplify access, and lower the total cost of ownership, register for our live webinar: Introduction to PortalGuard IDaaS tomorrow at 2pm ET.
You'll see a live demo of the award-winning PortalGuard IDaaS solution, including unique Identity-Bound Biometrics authentication methods and other flexible options for multi-factor authentication, single sign-on, and self-service password reset.
To make it easy for you, please select one of the following:
Yes! I can make it and need to register.
I'm interested but really busy. I'd like to register to get the recording.
No thanks. This topic isn't interesting to me.
We look forward to you joining us! ??
BIO-key”
This Company Believes Biometrics Could Be One Of The New Super Powers Of The Digital World
This Company Believes Biometrics Could Be One Of The New Super Powers Of The Digital World
(MENAFN- News Direct)
Wall Township, New Jersey | August 25, 2022 03:16 PM Eastern Daylight Time
In March 2017, Netflix's official Twitter Inc. (NYSE: TWTR) account tweeted 'love is sharing a password.'
Five years later, media reports created a furor, hinting that Netflix was considering ways to curtail password sharing with people beyond the main user's household.
Password sharing on digital streaming platforms like Netflix Inc. (NASDAQ: NFLX) and Amazon.com Inc. 's (NASDAQ: AMZN) Prime Video is common practice with multiple people sharing a single account with different user profiles.
But what Netflix has taken issue with now, and is trying to curtail, is the unauthorized and illegal sharing of passwords through password-sharing marketplaces run by bad actors, which it says costs the company more than $6 million in annual revenue loss.
The consequences of credential-related cyber crime could prove to be very expensive for organizations if the spate of reported incidents is anything to go by.
Some of the most significant password-related security breaches of the last year include those at Microsoft Corp. (NASDAQ: MSFT), SolarWinds Corp. (NYSE: SWI), and GoDaddy Inc. (NYSE: GDDY).
Microsoft reported a cyberattack by Chinese hacking group Hafnium, which targeted thousands of its servers across the United States and affected government agencies and businesses, exposing the email communications of each affected organization.
In a separate incident, U.S. government agencies were compromised in a series of nationwide attacks involving software from the cyber security firm SolarWinds where hackers reportedly exploited a vulnerability in its network monitoring software, allowing them to infiltrate companies that were using that software and gain access to their email communications.
Cybercriminals apparently had access to GoDaddy's systems for over two months before they were detected and their access blocked, by which time considerable damage had already been done.
Rising Cyber Crime Could Be Driving Companies' Focus Toward Identity And Access Management
User credentials are the entry point to an organization's data, and securing the network and access to data has become a top priority for businesses in the highly digital world.
Companies like BIO-key International Inc. (NASDAQ: BKYI), 3M Co. (NYSE: MMM), Fujitsu Ltd. (TYO: 6702), and Safran SA (SAF.PA) provide secure access management solutions in different parts of the world could play an important role in addressing the challenges that are inherent with password-based security solutions and the risk and cost associated with traditional methods of access management.
More organizations are moving away from password-based solutions to biometric authentication.
Identity-Bound Biometrics (IBB) provides a type of authentication that verifies the actual identity of the individual behind the keyboard, and BIO-key says its world-class biometric platform integrates into its customers' Identity and Access Management (IAM) strategy.
The company reports that it offers multiple Identity and Access Management system options when it comes to enforcing stronger security and multi-factor authentication. It is showcasing new innovations at the Gartner Identity and Access Management (IAM) Summit (Booth 232) at Caesars Palace in Las Vegas, Nevada, August 22-24th. At the Summit, BIO-key will highlight new authentication methods, as additions to its current PalmPositiveTM palm scanning method, for its BIO-key MobileAuth ™ mobile app, including FacePositive™ for server-secured facial recognition, device-based biometrics for Android and iOS, and new push token support.
It boasts decades of expertise in the field and claims it has a proven track record of successful Identity & Access Management (IAM) project delivery and strong customer relationships in financial services, healthcare, education, manufacturing, communication, transportation, and government.
BIO-key says its signature product — PortalGuard® IDaaS (Identity-as-a-Service) — has flexible single sign-on and various authentication options to meet the security goals of most modern organizations to deliver an optimized user experience.
Features the company says make PortalGuard an attractive access management solution include:
Accessibility to a suite of apps from multiple devices without requiring the user to manage numerous, difficult-to-remember passwords.
Multi-factor Authentication (MFA), including biometric authentication options like Identity-Bound Biometrics, to prevent unauthorized access if an attempt to access an application is made from outside of the company's usual geography.
Reduced operational costs and a less heavy burden on tech support to enable password resets because users can quickly reset their own passwords using their fingerprint as their authentication method of choice.
To learn more about BIO-key's biometric solutions visit the company webpage .
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy to deploy, convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions, as well as customized on premises solutions.
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.
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8/25/2022
BIO-key’s Cybersecurity Solutions Deliver Critical Benefits to Higher Education Institutions
Recent Deployments Include PortalGuard’s IDaaS Solution for the University of Arkansas at Fort Smith and a Multi-Factor Solution for the Long Beach Community College District
BIO-key International, Inc.
August 24, 2022 07:59 ET
| Source: BIO-key International, Inc.
WALL, N.J., Aug. 24, 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 that the University of Arkansas at Fort Smith has selected to move their current BIO-key on-premises deployment to the PortalGuard IDaaS cloud solution to address their cybersecurity requirements. Separately, the Long Beach Community College District in California purchased BIO-key branded hardware tokens to support multi-factor authentication for a portion of their student user base.
Higher education institutions face complicated security challenges, primarily driven by the need to protect, support, and manage an expansive volume of digital assets, which are constantly vulnerable to attack. IT teams at colleges and universities are tasked with protecting intellectual property, sensitive personal information like academic, health, and financial data, and a wide range of academic and research pursuits. These teams also have to manage and support access to Cloud-based applications, while embracing new thinking regarding higher education cybersecurity, including challenges presented by remote and hybrid education models. For these reasons, over 200 colleges and universities trust BIO-key to keep their faculty, staff, and students secure with affordable and reliable identity management solutions.
"While higher education cybersecurity investment has increased in recent years, many colleges and universities may not have large budgets, so they are often reactive in their approach to finding the right cybersecurity solution. Unfortunately, if organizations are breached, they will likely incur a significant financial loss," said Mark Cochran, President of BIO-key – PortalGuard. "IT security teams are strained to find the most up-to-date solutions to support and protect their institution. BIO-key’s cybersecurity solutions provide robust security capabilities for higher education and save on associated costs by allowing institutions to decrease dependency on multiple vendors."
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, 2021 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.
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 email:
Register for our live webinar: Introduction to PortalGuard IDaaS on Wednesday, August 31st at 2pm ET to see why customers select PortalGuard IDaaS for its:
Breadth of flexible multi-factor authentication options
Single sign-on and self-service password reset capabilities
Identity-bound Biometric authentication methods
Quality support and short SLAs
Affordable pricing
Save Your Spot
BIO-key’s Cybersecurity Solutions Deliver Critical Benefits to Higher Education Institutions
Recent Deployments Include PortalGuard’s IDaaS Solution for the University of Arkansas at Fort Smith and a Multi-Factor Solution for the Long Beach Community College District
WALL, N.J., Aug. 24, 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 that the University of Arkansas at Fort Smith has selected to move their current BIO-key on-premises deployment to the PortalGuard IDaaS cloud solution to address their cybersecurity requirements. Separately, the Long Beach Community College District in California purchased BIO-key branded hardware tokens to support multi-factor authentication for a portion of their student user base.
Higher education institutions face complicated security challenges, primarily driven by the need to protect, support, and manage an expansive volume of digital assets, which are constantly vulnerable to attack. IT teams at colleges and universities are tasked with protecting intellectual property, sensitive personal information like academic, health, and financial data, and a wide range of academic and research pursuits. These teams also have to manage and support access to Cloud-based applications, while embracing new thinking regarding higher education cybersecurity, including challenges presented by remote and hybrid education models. For these reasons, over 200 colleges and universities trust BIO-key to keep their faculty, staff, and students secure with affordable and reliable identity management solutions.
"While higher education cybersecurity investment has increased in recent years, many colleges and universities may not have large budgets, so they are often reactive in their approach to finding the right cybersecurity solution. Unfortunately, if organizations are breached, they will likely incur a significant financial loss," said Mark Cochran, President of BIO-key – PortalGuard. "IT security teams are strained to find the most up-to-date solutions to support and protect their institution. BIO-key’s cybersecurity solutions provide robust security capabilities for higher education and save on associated costs by allowing institutions to decrease dependency on multiple vendors."
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, 2021 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 Launches Mobile Authenticator With Server-Secured
On Aug 22, 2022
LAS VEGAS and WALL, N.J., Aug. 18, 2022 (GLOBE NEWSWIRE) — BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, will showcase new innovations at the Gartner Identity and Access Management (IAM) Summit (Booth 232) at Caesars Palace in Las Vegas, Nevada, August 22-24th. BIO-key will highlight new authentication methods, as additions to the current PalmPositiveTM palm scanning method, for its BIO-key MobileAuthTM mobile app, including FacePositiveTM for server-secured facial recognition, device-based biometrics for Android and iOS, and new push token support. They will also highlight a new admin user experience for its award-winning PortalGuard® Identity-as-a-Service (IDaaS) platform.
The Gartner Summit gathers some of the most influential industry leaders and enterprise organizations in the IAM business. This year’s theme focuses on the adoption of new IAM approaches amidst a great digital transformation and reliance on remote business being experienced by organizations of all sizes. The shift in how businesses engage with employees, customers, and suppliers makes connecting identity management with the requirements of the business even more urgent for safeguarding critical information. For Enterprises who are dealing with remote workforces and consumers, MobileAuth with its Identity-Bound Biometric (IBB) methods allows them to use highly secure credentials that cannot be phished, SIM-swapped, handed over, or used for Account Takeover (ATO). MobileAuth dramatically reduces the cost of deploying strong authentication compared with cost of mainstream multi-factor authentication (MFA) solutions, for example the provisioning of multiple hardware tokens per user.
“Shifting paradigms in authentication have made one thing clear – the status quo is not enough for today’s challenges and certainly not for tomorrow’s,” said Michael DePasquale, Chairman and CEO of BIO-key. “We plan to disrupt the status quo with our cutting-edge security solutions, like Identity-Bound Biometrics and our one-of-a-kind multi-factor authentication (MFA) app, MobileAuth, which put people back at the center of IAM. We expect global enterprises and industry leaders to take note of how we’re re-establishing the role of trust in security by providing authentication that verifies the person.”
Attendees are invited to stop by booth 232 to discuss their cybersecurity priorities and see live demonstrations of BIO-key’s IAM solutions. Demonstrations will include support for Zero Trust environments, securing remote access, meeting cyber insurance requirements for MFA, implementing passwordless workflows, and providing Customer IAM (CIAM) capabilities for streamlined enrollment and secure customer access. Visitors to BIO-key’s booth during the summit can register to win $500, or a donation to a charity of their choice in that amount, by scanning their palm using MobileAuth.
BIO-key will showcase its latest innovations that reimagine authentication for companies, their employees, and their customers:
To learn more about BIO-key MobileAuth, Identity-Bound Biometrics, and PortalGuard please visit the BIO-key website.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy to deploy, convenient and secure access to devices, information, applications, and high-value transactions. BIO-key’s patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions, as well as customized on premises solutions.
BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes,” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; 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, 2022 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, 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 Contact
Erin Knapp
Matter on behalf of BIO-key
BIO-Key@matternow.com
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
Now this is positive! BIO-key adding more biometric modalities to mobile authenticator for IAM
Aug 19, 2022, 11:56 am EDT | Alessandro Mascellino
BIO-key adding more biometric modalities to mobile authenticator for IAM
BIO-key announced it will soon add new biometric modalities to its MobileAuth mobile app, starting with facial recognition.
The identity solution provider said it will showcase MobileAuth’s updates at the Gartner Identity and Access Management (IAM) Summit in Las Vegas, taking place August 22 to 24.
At the moment, the mobile authentication tool supports palm biometrics (as part of BIO-key’s PalmPositive offering), but the company confirmed it will soon support face biometrics via BIO-key’s FacePositive solution.
Alongside the new authentication method, the company also said MobileAuth will now officially support device-based biometrics for Android and iOS (enabling users to authenticate themselves using their smartphone’s biometric system, like Face ID), new push token support, and a new admin user experience for PortalGuard Identity-as-a-Service (IDaaS).
The latter update introduces more granular controls for Zero Trust, remote access, and other access scenarios with intuitive workflows aimed at supporting IT administrators in saving team time.
According to Michael DePasquale, chairman and CEO of BIO-key, the updates come amidst a must-needed overhaul of technologies aimed to improve the security of remote workforces, a theme that is also being explored at the Gartner Summit this year.
“Shifting paradigms in authentication have made one thing clear – the status quo is not enough for today’s challenges and certainly not for tomorrow’s,” DePasquale explains.
“We plan to disrupt the status quo with our cutting-edge security solutions, like Identity-Bound Biometrics and our one-of-a-kind multi-factor authentication (MFA) app, MobileAuth, which put people back at the center of IAM.”
BIO-key is inviting attendees to the Gartner Summit to stop by booth 232 to discuss their cybersecurity priorities and see live demonstrations of BIO-key’s IAM solutions.
The company says demonstrations will include securing remote access, meeting cyber insurance requirements for MFA, supporting Zero Trust environments, implementing passwordless tools, and providing Customer IAM (CIAM) capabilities for improved enrollment and secure customer access.
“We expect global enterprises and industry leaders to take note of how we’re re-establishing the role of trust in security by providing authentication that verifies the person,” DePasquale concludes.
The MobileAuth updates come days after BIO-key announced its revenues increased by 96 percent to $1.9 million in Q2, with more than half of the gain coming from software license fees.
Look up (BIO-key International Inc.) Annual report pursuant to Section 13 or 15(d) (10-K) Filed on 2022-04-01
Oldman285, Excellent question. I’m not versed in how these registrations are completed, but I’m willing to open a discussion regarding such. So, where do we start?
Wick, when does BKYI register their securities with SEC according to Rules 12G....???
Common Stock, $0.0001 par value per share BKYI Nasdaq Capital Market
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ? No ?
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ? No ?
Wick, when does BKYI register their securities with SEC according to Rules 12G....???
BIO-key Launches Mobile Authenticator with Server-Secured and On-Device Multi-Biometric Methods to be Showcased at 2022 Gartner IAM Summit
New Innovations Expand Availability of Passwordless, Tokenless Identity-Bound Biometric Options and Enhances User Experience for PortalGuard Identity-as-a-Service Admin Panel
LAS VEGAS and WALL, N.J., Aug. 18, 2022 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, will showcase new innovations at the Gartner Identity and Access Management (IAM) Summit (Booth 232) at Caesars Palace in Las Vegas, Nevada, August 22-24th. BIO-key will highlight new authentication methods, as additions to the current PalmPositiveTM palm scanning method, for its BIO-key MobileAuthTM mobile app, including FacePositiveTM for server-secured facial recognition, device-based biometrics for Android and iOS, and new push token support. They will also highlight a new admin user experience for its award-winning PortalGuard® Identity-as-a-Service (IDaaS) platform.
The Gartner Summit gathers some of the most influential industry leaders and enterprise organizations in the IAM business. This year’s theme focuses on the adoption of new IAM approaches amidst a great digital transformation and reliance on remote business being experienced by organizations of all sizes. The shift in how businesses engage with employees, customers, and suppliers makes connecting identity management with the requirements of the business even more urgent for safeguarding critical information. For Enterprises who are dealing with remote workforces and consumers, MobileAuth with its Identity-Bound Biometric (IBB) methods allows them to use highly secure credentials that cannot be phished, SIM-swapped, handed over, or used for Account Takeover (ATO). MobileAuth dramatically reduces the cost of deploying strong authentication compared with cost of mainstream multi-factor authentication (MFA) solutions, for example the provisioning of multiple hardware tokens per user.
“Shifting paradigms in authentication have made one thing clear – the status quo is not enough for today’s challenges and certainly not for tomorrow’s,” said Michael DePasquale, Chairman and CEO of BIO-key. “We plan to disrupt the status quo with our cutting-edge security solutions, like Identity-Bound Biometrics and our one-of-a-kind multi-factor authentication (MFA) app, MobileAuth, which put people back at the center of IAM. We expect global enterprises and industry leaders to take note of how we’re re-establishing the role of trust in security by providing authentication that verifies the person.”
Attendees are invited to stop by booth 232 to discuss their cybersecurity priorities and see live demonstrations of BIO-key’s IAM solutions. Demonstrations will include support for Zero Trust environments, securing remote access, meeting cyber insurance requirements for MFA, implementing passwordless workflows, and providing Customer IAM (CIAM) capabilities for streamlined enrollment and secure customer access. Visitors to BIO-key’s booth during the summit can register to win $500, or a donation to a charity of their choice in that amount, by scanning their palm using MobileAuth.
BIO-key will showcase its latest innovations that reimagine authentication for companies, their employees, and their customers:
Expanded authentication methods for BIO-key MobileAuth: To bring the power of IBB to any mobile device, BIO-key has added new authentication methods to MobileAuth, their MFA mobile app. The app’s newest IBB-powered modality is FacePositive, which uses facial recognition to verify the person requesting access, and builds on PalmPositiveTM, which uses a palm scan to authenticate the user. MobileAuth now supports device-based biometric authentication methods including Apple Face ID, Touch ID, and Android Biometrics, as well as support for push token authentication. These enhancements make biometrics even easier for customers to deploy across a broader set of use cases and further consolidate their authentication and security needs in one solution. Requiring no additional hardware and an easy self-registration process, MobileAuth is ideal for large enterprise organizations that need to scale quickly and efficiently. MobileAuth’s enhanced Identity-Bound Biometric capabilities make it suitable for common use cases including remote workforces, third-party access, passwordless workflows, and CIAM.
A new user experience for the PortalGuard IDaaS Admin Panel: Resource limitations are a common challenge as most IT teams face limited budgets and staff, with 58% of tech employees in the US saying they are suffering from burnout. A frequent major pain point for IT teams is supporting IAM strategies with multiple security solutions that are difficult to integrate, configure, and manage. The new PortalGuard IDaaS Admin Panel user experience makes it even easier to implement more granular controls for Zero Trust, remote access, and other access scenarios with intuitive workflows that save the IT team time.
PortalGuard stands out for its ability to help customers implement a complete IAM strategy. PortalGuard is the only IAM platform to offer Identity-Bound Biometric authentication as part of its MFA capabilities, using a unique, centralized biometric identity to verify the person – not just a password, token, or device. The platform offers unmatched flexibility to support solution consolidation and aggregation under one set of centrally managed security policies and drive better user adoption. PortalGuard is affordable for organizations of all sizes, offering all platform capabilities often at pricing 50-60% below the competition, and it is backed by a team of IAM experts, who are easy to reach and act as an extension of the customer's IT team, thereby improving their cybersecurity posture quickly.
To learn more about BIO-key MobileAuth, Identity-Bound Biometrics, and PortalGuard please visit the BIO-key website.
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy to deploy, convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions, as well as customized on premises solutions.
BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; 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, 2022 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, 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 Contact
Erin Knapp
Matter on behalf of BIO-key
BIO-Key@matternow.com
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
BIO KEY INTERNATIONAL INC MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS (form 10-Q)
This Management's Discussion and Analysis of Financial Condition and Results of
Operations is provided as a supplement to and should be read in conjunction with
our unaudited condensed consolidated financial statements and related
information contained herein and our audited financial statements as of December
31, 2021.
Overview
BIO-key International, Inc. (the "Company," "BIO-key," "we," or "us") is a
leading identity and access management (IAM) platform provider enabling secure
work-from-anywhere for enterprise, education, and government customers. Our
vision is to enable any organization to secure streamlined and passwordless
workforce, customer, citizen and student access to any online service,
workstation, or mobile application, without a requirement to use tokens or
phones. Our products include PortalGuard® and PortalGuard Identity-as-a-Service
(IDaaS) enterprise IAM, PINsafe, WEB-key® biometric civil and large-scale ID
infrastructure, and high-quality, low-cost accessory hardware to provide a full
and complete solution for identity-innovating customers.
Built to leverage BIO-key's world-class biometric core platform among 16 other
strong authentication factors, BIO-key PortalGuard and hosted PortalGuard IDaaS
are platforms that enable our customers to securely and easily assure that only
the right people can access the right systems. PortalGuard goes beyond
traditional MFA solutions by addressing sizeable gaps, such as allowing roving
users to biometrically authenticate at any workstation without using their
phones or tokens, eliminating unauthorized account delegation, detecting
duplicate users, and accommodating in-person identification.
With our recent acquisition of Swivel Secure, we have added AuthControl Sentry,
AuthControl Enterprise and AuthControl MSP product lines to our solutions set.
The software includes a patented one-time-code extraction technology, helping
enterprises manage the increasing data security risks posed by cloud services
and bring you own device policies.
Millions of people use BIO-key every day to securely access a variety of cloud,
mobile and web applications, on-premise and cloud-based servers from all of
their devices. Employees, contractors, students and faculty sign in through
PortalGuard to seamlessly and securely access the applications they need to do
their work, without relying on personal phone use or per-user tokens.
Organizations use our platform to securely collaborate with their supply chain
and partners, and to provide their customers with flexible, resilient user
experiences online or in-person.
Large-scale customer and civil ID customers use our scalable biometric
management platform and FBI-certified scanner hardware to manage enrollment,
de-duplication and authentication for millions of users. One large bank has
enrolled and identifies over 19 million of their customers in branches on a
daily basis.
19
--------------------------------------------------------------------------------
We sell our branded biometric and FIDO authentication hardware as accessories to
our IAM platforms, so that customers can have a single vendor providing all
components of their IAM solution. We do not mandate the use of BIO-key hardware
with our software and services. Our NIST-certified fingerprint biometric
platform is unique in that it supports interoperable mixing and matching
combinations of different manufactures' fingerprint scanners in a deployment, so
that the right scanner can be selected for the right use case, without mandating
the user of a particular scanner.
Security-conscious software developers leverage our platform APIs and federation
interfaces to securely and efficiently embed biometric and MFA identity
capabilities into their software. Our approach to IDaaS allows our customers to
efficiently scale their security and identity infrastructures to protect both
internal cloud workforce- and external customer-facing applications.
We operate a SaaS business model with customers subscribing to term use of our
software for annual recurring revenue. We sell our products directly through our
field and inside sales teams, as well as indirectly through our network of
channel partners including resellers, system integrators, master agents and
other distribution partners. Our subscription fees include a term license of
hosted or on-premise product and technical support and maintenance of our
platform. We base subscription fees primarily on the products used and the
number of users enrolled in our platform. We generate subscription fees pursuant
to noncancelable contracts with a weighted average duration of approximately one
year.
PortalGuard is used by our customers to manage and secure IT access by their
employees, contractors and partners, which we call workforce identity.
PortalGuard is also used to manage and secure the identities of an
organization's customers through integration of APIs we have developed and
industry-standard federation standards, which we call customer identity. We
invoice customers in advance in annual and multi-year prepaid installments for
subscriptions to our platforms.
Strategic Outlook
Historically, our largest market has been access control within highly regulated
industries such as government, financial services, and healthcare. In 2019 we
became the go-to biometric authentication provider for board of election offices
which continue to deploy our hardware and software to secure internal access to
the voter registration database. Upon acquiring PortalGuard in 2020, we now
serve the higher education vertical. We have and expect to continue to extend
this footprint in 2022 and beyond.
In 2020, we announced that we had secured two contracts with our partner
Technology Transfer Institute. The contracts are for large-scale identification
projects in Africa and Nigeria. Under the first contract, we will provide
biometric authentication to support the infrastructure of a new e-commerce
project developed with the expectation to generate more than one million jobs in
Nigeria. The second contract provides for BIO-key hardware and software to be
used by a leading African telecommunications company to secure internal access
to customer data. Currently Africa and the surrounding regions are receiving
government funding to expand the use of biometric authentication solutions to
help establish trustworthy government programs and reduce fraud. We received our
first purchase order related to these contracts in the fourth quarter of 2020
which we shipped in the first quarter of 2021. The COVID-19 pandemic has and may
continue to delay the rollout of these programs.
We plan to have a more significant role in the IAM market which continues to
expand. We plan to offer customers a suite of authentication options that
complement our biometric solutions. The more well-rounded offerings of
authentication options will allow customers to customize their approach to
authentication all under one umbrella.
We expect to grow our business within government services and highly-regulated
industries in which we have historically had a strong presence including
financial services, higher education, and healthcare. We believe that continued
heightened security and privacy requirements in these industries, and as
colleges and universities continue operating in remote environments, we will
generate increased demand for security solutions, including biometrics. In
addition, we expect that the compatible, yet superior portable biometric user
experience offered by our technology for Windows 10 users will accelerate the
demand for our computer network log-on solutions and fingerprint readers.
Through value add-offerings via direct sales, resellers, and strategic
partnerships with leading higher education platform providers, we will continue
to grow our installed base.
Our primary sales strategies are focused on (i) increased marketing efforts into
the IAM market, (ii) dedicated pursuit of large-scale identification projects
across the globe and (iii) growing our channel alliance program which we have
grown to more than one hundred and fifty participants and continues to generate
incremental revenues.
A second component of our growth strategy is to pursue strategic acquisitions of
select businesses and assets in the IAM space. In furtherance of this strategy,
we are active in the industry and regularly evaluate businesses that we believe
will either provide an entry into new market verticals or be synergistic with
our existing operations and in either case, be accretive to earnings. We cannot
provide any assurance as to whether we will be able to complete any acquisition
and if completed, successfully integrate any business we acquire into our
operations.
20
--------------------------------------------------------------------------------
Recent Developments.
On March 8, 2022, we expanded our sales and support operation into Europe,
Africa and the Middle East ("EMEA") by acquiring Swivel Secure Europe, SA.
("Swivel Secure") for up to $2.25 million. Swivel Secure is a Madrid, Spain
based provider of IAM solutions serving over 300 customers through a network of
channel partners throughout EMEA. Swivel Secure is the exclusive distributer of
AuthControl Sentry, AuthControl Enterprise and AuthControl MSP product line in
EMEA, excluding the United Kingdom and Ireland. Swivel Secure maintains a direct
sales force with offices in Madrid, Spain and Lisbon, Portugal. There can be no
assurance that we will be able to manage Swivel Secure's business or
successfully integrate the business with our historic operations without
substantial costs, delays or other operational or financial challenges.
Given the uncertainty of the duration and severity of the current COVID-19
pandemic and the conflict between Ukraine and Russia and their effects on our
business operations, sales cycles, personnel, and the geographic markets in
which we operate, and numerous other matters of national, regional and global
scale, including those of a political, economic, business and competitive
nature, the related financial impact cannot be reasonably estimated at this
time.
The complications caused by COVID-19 has forced organizations to quickly adapt
to a work from home remote business model. This increases the risk of
unauthorized users, phishing attacks, and hackers who are eager to take
advantage of the challenges of securing remote workers. We believe that
biometrics should continue to play a key role in remote user authentication.
Critical Accounting Policies and Estimates
For detailed information regarding our critical accounting policies and
estimates, see our financial statements and notes thereto included in this
Report and in our Annual Report on Form 10-K for the year ended December 31,
2021. There have been no material changes to our critical accounting policies
and estimates from those disclosed in our most recent Annual Report on Form
10-K.
Recent Accounting Pronouncements
For detailed information regarding recent account pronouncements, see Notes to
Condensed Consolidated Financial Statements included in Part I, Item 1 of this
report.
© Edgar Online, source Glimpses
I'm tired of the old pep taiks each year... BKYI big time loser
BIO-key GAAP EPS of -$0.21, revenue of $1.9M
Aug. 12, 2022 9:44 AM ETBIO-key International, Inc. (BKYI)By: Deepa Sarvaiya, SA News Editor
BIO-key press release (NASDAQ:BKYI): Q2 GAAP EPS of -$0.21.
Revenue of $1.9M (+91.9% Y/Y).
Outlook
“BIO-key has built a strong base of products and services and a growing global footprint of partnerships and direct sales resources to address the substantial cybersecurity and IAM needs around the world. Given our progress to date and the growing scope of opportunities we are identifying, we remain confident in achieving our full-year 2022 revenue guidance of $10-13M, representing growth of over 100% above 2021. We believe BIO-key is positioned to achieve break-even operations within this range, subject to our mix of hardware and higher-margin software revenue.
“Our guidance anticipates continued growth in recurring software license revenue to roughly 70% of the lower end of our revenue range, supported by hardware and services revenue contributions that are generally tied to specific projects. Our outlook is supported by our strong capital position, talented management and product development teams, and our expanding global sales, marketing and channel partner footprint.”
Now Read: BIO-key International, Inc. (BKYI) CEO Mike DePasquale on Q1 2022 Results - Earnings Call Transcript
BIO-key International, Inc. (BKYI) CEO Michael DePasquale on Q2 2022 Results - Earnings Call Transcript
Aug. 12, 2022 4:01 PM ETBIO-key International, Inc. (BKYI)
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Q2: 2022-08-12 Earnings Summary
EPS of - beats by $0.08 | Revenue of $1.95M (96.26% Y/Y) misses by $552.88K
BIO-key International, Inc. (NASDAQ:BKYI) Q2 2022 Earnings Conference Call August 12, 2022 10:00 AM ET
Company Participants
William Jones - Vice President, Catalyst Global LLC
Michael DePasquale - Chief Executive Officer
Alex Rocha - Managing Director, EMEA
Cecilia Welch - Chief Financial Officer
Conference Call Participants
Jack Vander Aarde - Maxim Group LLC
Operator
Good morning, ladies and gentlemen. Thank you for standing by, and welcome to BIO-key International Second Quarter Conference Call. During management’s prepared remarks, all participants will be in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded today, Friday, August 12, 2022.
I would now like to turn the call over to Bill Jones, BIO-key’s Investor Relations. Please proceed, sir.
William Jones
Thank you. Thank you for joining our call. Presenting today are BIO-key’s Chairman and CEO, Mike DePasquale; as well as Alex Rocha, who is Managing Director of BIO-key EMEA; and BIO-key’s CFO, Ceci Welch. I will remind everyone that today’s conference call and webcast, and answers to questions include forward-looking statements, which are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected. Words such as anticipate, believe, estimate, expect and plan, or similar words typically identify and express forward-looking statements.
Such forward-looking statements are made based on management’s beliefs, and assumptions using information that’s 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 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 obligation to revise or disclose revisions to forward-looking statements to reflect future events or circumstances after today.
And with that, I would like to turn the call over to Mike. Mike?
Michael DePasquale
Thank you, Bill, and thank you for reading our Safe Harbor this morning. Bill is from our IR firm Catalyst Global; Kim Biddings, who’s normally on the call, is on vacation. So again, thanks, Bill. Good morning and thank you for joining our call today. After my remarks this morning, I will turn the call over to Alex Rocha to review our efforts in Europe and the Middle East. Then Ceci will provide financial highlights for the quarter, and then we’ll open the call for investor questions.
The second quarter was the first full quarter of operating results from our Swivel Secure acquisition, which closed in March, and its integration into BIO-key is proceeding well and according to plan. Alex will discuss the business in more detail, but we expect it to make an important contribution to our 2022 performance as it significantly expands our international team, our operations, our customer base, and our growth potential.
Our revenue for the second quarter nearly doubled from 2021 driven by a 75% increase in software license revenue, reflecting growth in our installed base of customers, including the benefit of Swivel Secure. We continue to advance our core identity and access management business, both through inside sales efforts and our growing Channel Alliance Partner program or CAP program. Leveraging the CAP model, we expect 50% or more of new sales domestically going forward to be sourced through partners.
One of our key partners is Intelisys, where we have a master agent referral relationship with a very broad reach. We’ve had particular success with certain Intelisys agents. So we’re focused on developing those key relationships, as well as working to finding more successful agents within the Intelisys universe. We spoke on a panel at their channel partner events in Boston in Q2, and we continue to meet with their team to solidify joint marketing events and programs for the second half to continue to build on this relationship.
In the second quarter, we partnered with 3Eye Technologies, a value-added distributor of mobile, security and identity solutions with a network of value-added resellers and MSPs that expands the scope of our channel sales and marketing opportunities. This affiliation will enable BIO-key to introduce our complete IAM solution packages to customers in their network, particularly within the financial services and local government markets. Joint marketing programs developed in collaboration with 3Eye were launched in Q2.
Just last month, we announced that Darksteel Technologies, a managed security services provider or MSSP, in Orlando, had selected our PortalGuard identity-as-a-service platform to provide its customers with enterprise grade identity authentication security for access to desktops, critical business applications and data. Darksteel delivers enterprise class security, cybersecurity solutions to small- and medium-sized customers, expanding the reach of our solutions.
Also in Q2, BIO-key joined the Amazon Web Services Partner Network, a global community of partners who leverage AWS to build solutions and services for customers. BIO-key now also has access to the AWS ISV Accelerate Program, a co-sell program for companies that provide software solutions that run on or integrate with AWS. Co-selling not only provides BIO-key with more opportunities, but also can result in better customer outcomes given the mutual commitment from partners like AWS and BIO-key.
We continue to increase the penetration of our flagship PortalGuard solution within county and municipal government agencies, higher education institutions, and businesses and enterprises. PortalGuard resonates as a high value easy to deploy IAM solution that addresses increasing security threats of a hybrid workforce, and users that require access to critical data, applications and information from anywhere. Its feature set includes workforce and customer multi-factor authentication, Identity-Bound Biometrics, which is a big differentiator that BIO-key provides. Single sign-on and self-service password reset options that support complete enterprise grade IAM strategies.
Customers recognize PortalGuard’s flexibility and unique capabilities, including support for 16 different multifactor authentication methods, including, as I just mentioned, our industry leading Identity-Bound Biometric capability. New customers include a city in Texas that selected PortalGuard in Q2 to strengthen its overall security posture and effectively respond to evolving cyber threats.
As you may be aware, cyber attacks against municipalities have increased in the last year, not only in terms of ransomware for profit, but also to disrupt critical infrastructure with school districts, city halls, and police departments among the most vulnerable. Counties and other local government entities are choosing PortalGuard to provide strong multi-factor authentication, access management, and compliance with insurance requirements. This new customer relationship in Texas was secured by Dallas IT consulting firm Mejeticks through Intelisys.
In Africa, we have forged a new partnership with a company called eTranzact Nigeria PLC for equipping its mobile money agents that along with our Sterling Bank’s Specta relationship will accelerate the deployment of our solutions in the second half of the year. Separately, we are awaiting commencement of a voter registration project that is expected to require 2,000 of our Pocket10 devices. We also recently secured application programming interfaces or API’s for key access from the National Identity Management Commission or NIMC in Nigeria for verification of all national identity numbers.
In summary, we anticipate a rise in deployment of our hardware, transactional software and partner relationships in Africa. There’s an incredible demand for mobile security solutions across the continent. And we are front and center with the right technology and relationships to monetize this opportunity. It certainly has taken longer than we believed, but we remain very bullish on our prospects in Africa.
Switching the product development, BIO-key remains committed to continued innovation and new product development, such as our Q2 launch of important updates and enhancements to our MobileAuth solution. MobileAuth is currently the only multi-factor authentication mobile app that integrates the power of Identity-Bound Biometrics with other authentication modalities, allowing customers to build a more complete and secure multi-factor strategy.
MobileAuth supports palm scanning with our PalmPositive solution and facial recognition now with our FacePositive solution, empowering mobile devices to integrate with our PortalGuard offering. MobileAuth also supports Apple Face ID, Touch ID, and Android biometrics, as well as push token authentication. These enhancements make MobileAuth much more powerful and even easier for customers to meet their increasing authentication and security requirements.
I’m proud to say that BIO-key received further recognition in Q2 with a number of industry awards, including those for our PortalGuard solution mentioned in today’s press release. But there were a couple of individual leadership awards that I want to acknowledge. One is for our very own Mira LaCous, who received a Gold Globee CTO of the Year Award for security software in this year’s IT World Awards. And Kim Biddings was named as channel reseller network or CRNs, woman of the channel list for the second year in a row. Congratulations to both Mira and Kim, and to the entire BIO-key team, our employees and staff that play an integral role in our success and industry recognition.
BIO-key has built a strong base of product and service offerings, and an expanding base of partnerships to address the growing global demand for organizations to protect their data information systems with strong cybersecurity solutions. We continue to see expanding opportunities to grow our business globally, driven by compelling security solutions that are scalable, easy to use and deploy, and cost effective.
Protection begins with securing an organization’s digital borders with strong, but user friendly IAM solutions. Our PortalGuard platform meets this need, providing a strong customer value proposition with an expanding array of cutting edge authentication solutions. We will continue to build on our solution set both internally and be a value enhancing M&A opportunities that could also expand our customer base, or our sales and marketing reach as we have done successfully over the past 2 years.
Given the building momentum we are seeing in our business, including with the integration of Swivel Secure Europe, and further progress advancing opportunities in Africa. We are reiterating our full year 2022 revenue guidance of $10 million to $13 million, 70% of which we expect to come from recurring software license revenue.
Our guidance represents growth of approximately 100% or more, over 2021 sales. This outlook is supported by our solid capital position, talented global management and product development teams, as well as our expanding global sales, marketing and channel partner footprint. We’re focused on building on our positive Q2 momentum for the balance of 2022 and the company is positioned to breakeven operations or operating cash flow within this revenue guidance range subject obviously to our mix of software and hardware revenues.
With that, I’ll now turn the conference call to Alex Rocha to discuss our European and Middle East business. Alex?
Alex Rocha
Thank you, Mike. I’m very exciting by the progress we have made so far in integrating into BIO-key organization and maintain solid sales momentum. We are proud to announce that our sales team is already full operational with many years of knowledge and experience in identity solutions and projects. [Eric Nottingham] [ph] is covering Europe. [Nadine Mohamed] [ph] focusing Middle East and APAC; and [Joseph Francis] [ph] will use his expertise on Africa.
In September, a new member will join this team with the responsibility of selling our products in Spain and Latin America. To support the sales strategy, we both and high recognized sales engineer in EMEA with more than 10 years of experience only in identity. Regarding support our EMEA stock [ph] offered 24/7 with 2 hours SLA and as became the leader in the sector. BIO-key University will be available in Q3 to train our channel. We will offer an innovative online training solution that helps the channel knowing our product, even approve an exam and receive a PortalGuard certification.
Our international office are in Madrid and Dubai. And we’re going to expand soon to London, Frankfurt, Tokyo, and South Africa. All these combined with our strategy will make us a reference in the international market. Results are there and we have several new customers in the second sector – in the second quarter, 5 in Spain, 1 of which also operate in Germany, and several new Middle East clients including 2 in Saudi Arabia, 1 in Dubai and national – international organizations in the country that we cannot disclose.
Our priority is to build the channel engagement program with partner levels from reseller to plotting [ph], where our strategy is a 100% channel. And technologic partnership is another subject that is part of our strategy. And we are working close with SAP, SailPoint Okta and Microsoft on these methods. Our Identity-Bound Biometrics add value to their product.
PortalGuard family will receive PortalGuard MSP and PortalGuard CIM to feel the demand of our customers and the market and we are already counting on opportunities. PortalGuard MSP which will present innovative unique features request by the market is expecting to be released first then PortalGuard CIM will focus on e-shopping and online banking authentication needs.
The products are being development with garner expertise and guidance, who have been working closely with us in other subjects to improve our product and the company. All our products have been modified to be ready for the international market with high relevance for EU, where we have the concern of GDPR compliance.
Last note, we overachieved our revenue projected for Q2 by more than 50%. All good signs are that we are following the right strategy.
Allow me now to turn the conference calls to Ceci.
Cecilia Welch
Thank you, Alex. I believe briefly review the financials which were released this morning and will be filed with the 10-Q on Monday. BIO-key’s Q2 2022 revenue nearly doubled to $1.9 million from $1 million in Q2 2021. The period included $725,000 of revenue related to the Swivel Secure business that we acquired in Q1 2022. Our annually recurring revenue from software licenses increased 75% to $1.2 million in Q2 22 versus Q2 2021 due to new customers and migrating PortalGuard customers from on premises to cloud-based SaaS solutions, particularly in the higher education segment.
Service revenue increased 52% to $435,000 in Q2 2022 with 74% representing recurring maintenance and support. Non-recurring services increased 82% to $111,000 in Q2 2022 versus Q2 2021 due to new customer customizations and upgrades from on prem to cloud deployments. Hardware sales increased to $350,000 in Q2 2022, from $43,000 in Q2 2021, largely due to add-on orders from existing customers in Asia, and one order from our Pocket10 product from a new customer.
For the first half of the year, revenue increased 35% primarily related to the addition of Swivel Secure partially offset by lower hardware revenue. Gross profit grew to $1.2 million in Q2 2022 from $750,000 in Q2 2021 due to increased revenues. Gross profit margin declined from 76% [ph] in Q2 2021 to 63% in Q2 2022, due to growth in lower margin, hardware sales growth, and a decline in overall gross margin on license fees due to third party software required for the Swivel Secure licenses.
Operating expenses increased to $2.8 million in Q2 2022 from $1.9 million in Q2 2021 reflecting the consolidation of the Swivel Secure expenses, as well as new employees and related benefits. We also encourage higher research and development, and engineering expenses attributable to the costs associated with the development of the significant enhancements and upgrades in our MobileAuth application.
The company reported a Q2 2022 operating loss of $1.6 million versus an operating loss of $1.1 million in Q2 2021 due to operating costs increasing more than gross profit. BIO-key recorded a Q2 2022 net loss of $1.7 million or $0.21 a share as compared to a net loss of $1.2 million or $0.15 per share in Q2 2021. For the first 6 months is 2022 BIO-key reported a net loss of $2.7 million, or $0.34 per share, versus a net loss of $2 million or $0.26 per share for the first 6 months of 2021.
BIO-key ended the quarter with $12.3 million of current assets, including $4.9 million in cash and cash equivalents, $2 million of accounts receivables, and $4.9 million in inventory. Net working capital excluding deferred revenue was $9.4 million, and book value of total stockholders’ equity was $13.6 million, or $1.61 per share. So far, the first 6 months of 2022, we used $2.2 million of cash and operating activities as compared to $5.2 million in the year ago period when we invested in inventory to support our opportunities in Africa.
And with that, we can turn the call back over to the operator for investor questions.
Question-and-Answer Session
Operator
Thank you. We will now begin the question-and-answer session. [Operator Instructions] Our first question comes from Jack Vander Aarde with Maxim Group. Please go ahead.
Jack Vander Aarde
Okay, great. Good morning, guys. I appreciate the update. I’ll start with a few questions. But Ceci, I will finish with a couple of questions. Just, I mean, you didn’t touched the Swivel Secure revenue and also what stock comp was in the quarter? And I’ll come back to that. Michael, thanks for the added color. Just a question on the 2Q license result looks like it is a big year-over-year, but it was down, I think, Q-over-Q. Just to understand why that was a bit more?
Michael DePasquale
License – We had a very large renewal from a customer in Africa in the first quarter that was valued over $600,000. And so – that was just kind of a timing scenario. That’s the reason that, that was – it was one big single order that really drove the Q1 license revenue. So we are still – excluding that we’re growing significantly, but the overall growth year-over-year is really significant. Part of that is growth in our base, as I mentioned in my prepared comments, and also adding the Swivel Secure business now is also significant for us. And that will continue to grow as we go through the year. As you know, in Europe, and Alex will probably comment on this later. Seasonality is significant, obviously, in the third quarter in the summer, things are slower, but they have a very big Q4.
So, overall, we expect our license revenue to grow significantly year-over-year. And as I mentioned, approximately 70% of our business is contracted meaning its ARR right now. We have moved now exclusively to a subscription model and are not selling any perpetual license anymore to new customers, only fulfilling against our existing relationships with older customers.
Jack Vander Aarde
Okay. That makes a lot of sense. I appreciate the color there. And then on that point, it’s good to hear the guidance is maintained. This is clearly implies a strong back half of the year, I think, your comments is now regarding Europe and strength in the fourth quarter. As a whole, would you expect revenue to be much stronger in the fourth quarter relative to the third quarter then, as for all of the revenue segments?
Michael DePasquale
Well, I think that’s always the case, right? So we would expect the fourth quarter just because – it’s the close of the year, because, again, the scenario in Europe that I just described, we’d expect Q4 to be certainly stronger than Q3. But we do also expect Q3 to be a good strong quarter for us. So if you look at – saying that the year will be back end loaded, we’ve done approximately, let’s say, $4 million in revenue in the first half. And to hit the minimum of our guidance range of $10 million, we’d have to do $6 million. Again, 70% of that contracted. I think we’re in a pretty good position to be able to achieve or overachieved those numbers.
Jack Vander Aarde
Okay, great. And then just maybe one more, I guess, like you have some more activity going on and positive developments with Africa? Can you just remind me – maybe how your guidance incorporates your 2 – the 2 existing African contracts? And, I think, it was pretty minimal, but just an update there. And maybe looking into 2023, what are your thoughts on these African contracts ramping up? Thanks.
Michael DePasquale
I think, first of all, you’re correct. We have, as you consider my comments, around 70% of our revenue being contracted, especially on the licensing services side. We have very little in our guidance for Africa in 2022. I did that intentionally, because it’s taken us quite some time right to get productive. That’s really happening right now. And it’s ramping significantly, because of the relationships that we’re building, in particular, with the financial institutions that are backing the procurement of all of this hardware that – we ultimately will sell in the beginning, and then creating an ARR, or recurring revenue stream for transactional fees that will start this quarter.
So, I think, we’re going to see that business ramp into the second half, we do not have a lot built into our guidance for 2022. In 2023, I think, you’re going to see a significant increase in revenue against the 2 big contracts that we have as well as some newer relationships that we’re building. But, what we’re really after, we’ve always said this, the hardware’s episode [ph]. So you sell the hardware to facilitate the transactional business, that’s really what we’re after. And being able to secure transactions across the agency model in Africa, and not just in Nigeria, but in other countries as well, is really important for us. Also, we have – we continue to build on our partner network in Africa. And you’re going to hear a lot more about that in the coming weeks and months.
But, in particular, we have a partner that has a contract for a large voting registration program in a country in Africa. And so there’s quite a bit of hardware associated with that particular contract that will come through BIO-key, as well as software to support it. So we remain really bullish on that market. It’s probably the most significant emerging market on the globe, and for the next few years. Also securing – all kinds of transactions, banking, healthcare, insurance, there’s government type access, that’s just going to continue to grow and grow and grow.
Also, on the other side of the business, Alex, given that we now have an office in Dubai, and are serving the Middle East out of that office. We will begin to proliferate the sale of PortalGuard across many of the countries in Africa through the initiatives and efforts that Alex will be kicking off in the next quarter as well.
Jack Vander Aarde
Okay, great. Lots of helpful color there. I appreciate that. And then maybe just lastly, Ceci, if you have it on hand, could you please remind me of the Swivel Secure revenue? And then what stock comp was in the quarter?
Cecilia Welch
Sure. So the Swivel was $725,000 probably 85% software and the web services. And the share-based comp was $84,000 for the 3 months, and $193,000 for the 6 months.
Jack Vander Aarde
Great. I appreciate that. All right, guys. That’s it for me. Thanks a lot.
Michael DePasquale
Thank you. Thank you, Jack.
Operator
[Operator Instructions] Your next question comes from [Dan Kenny] [ph] a private investor. Please go ahead.
Unidentified Analyst
Hi, guys. How much of the $350,000 in hardware sales was for Nigeria, if any?
Michael DePasquale
About $100 – or so $120,000 off the top of my head.
Unidentified Analyst
Got it. And did that come off the original sale from last year the $680,000? Or is that – no, because you already took that revenue? So is that original hardware sale? Has that been moved into a different way to account for that where the consultants have to get work and make income before you get paid on that? I don’t quite understand what happened to that revenue?
Michael DePasquale
I’ll defer to Ceci, but no, that was new revenue, Dan, that $120,000 or so that I just mentioned is new sales and new revenue to new partner customers.
Cecilia Welch
Right. So, yeah, it was $105,000 new customer for African product, but it was sold domestically, and it had been paid for already. So fully recognize that revenue.
Unidentified Analyst
Okay. But what happened – what’s happening with that $680,000 revenue sale or sale you took in revenues? I don’t know must be a year ago now.
Cecilia Welch
Yeah, so we are recognizing – I mean, sorry, we are receiving cash monthly on that. It’s smaller on the smaller side now, but it’s ramping up every month. So…
Unidentified Analyst
I think, you paid on it. Okay. I just noticed there was $150,000 reserve, I was just wondering what that was for whether that hardware or something that?
Cecilia Welch
No. That’s actually for a bond that we have in Hong Kong. Will it be fully disclosed in the 10-Q.
Unidentified Analyst
I noticed $122,000 in new debt was that for Swivel?
Cecilia Welch
Yes. That’s a loan that they have it was like we got for during the pandemic, they received the same thing government loan, and we are splitting it into current and long term. It’s getting paid over the next 2026 basically so.
Unidentified Analyst
Maybe a question for Mr. Rocha. What’s the percentage of Swivel customers that have converted PortalGuard at this point?
Alex Rocha
We continue to operate us 2 independent companies. That mean has not been converted yet and we expected that conversion going to be only see in the next year.
Unidentified Analyst
I see. And what’s your headcount at Swivel now after any reorganization?
Alex Rocha
Right now in Swivel Secure Europe, we are 12 persons. That mean we are half of what we have before, and the rest – the strategy is clearly BIO-key and that is where we are putting our focus.
Unidentified Analyst
I see. Thank you.
Alex Rocha
My pleasure.
Unidentified Analyst
Mike, the margin on your license fees looks like about 70% is that a reasonable number for the next couple of quarters?
Michael DePasquale
Yes. Yes, that’s a reasonable number. And keep in mind that the gross margin on the BIO-key PortalGuard licenses that are sold is much higher. But remember with Swivel, Swivel Secure and Alex’s business which is why again you’ll see us over the next year converting that base to BIO-key. We still [Technical Difficulty] pay a license fee to the mother company, right, the mother company, Swivel Secure. So the margins are a little bit lower. And I think CeCi mentioned that in her prepared comments. That’s why you saw the gross margin. Gross margins across the board go down, because of the mix of hardware. But, more importantly, the license fee margin just will tremor a little bit because of that.
Unidentified Analyst
Got it. A couple more questions here, maybe the SG&A looks like it grew about 50% in the second quarter over last year and 40% for 6 months or so. So the expense seems to be accelerating. Was that non-recurring? Or is there something driving that increase and where do you think that’ll settle out? What will be the growth rate in SG&A for the second half you think?
Michael DePasquale
Well, I’ll let Ceci address the core question, and then I’ll talk about the future. But go ahead, Ceci.
Cecilia Welch
Yes, so that is a full month – or a full quarter, excuse me, the integration is Swivel. So a lot of that in the SG&A is attributed directly to the Swivel. And research and development also has quite a bit extra in it for the development of MobileAuth. So going forward, I expect R&D to be reduced. And SG&A to stay, where it is – it’s going to be level we don’t have any hiring in the second half of the year except for maybe one more in sales and that’s about it.
Unidentified Analyst
I see. Okay. I think actually – that’s it. That’s it. I have – okay, thanks a lot.
Michael DePasquale
Thank you, Dan.
Operator
[Operator Instructions] I’m showing no more questions. So at this time, the question-and-answer session has ended. I will now turn the call back over to Mike for closing remarks.
Michael DePasquale
Thank you. I just want to thank everyone for joining today’s call. We look forward to updating you on our Q3 call in November. In the meantime, we hope to see some of you at the H.C. Wainwright Global Investment Conference in New York in September, where we will be attending in person. As always, we will continue to provide regular news updates via press releases as significant develops happen within the business. Once again, thank you for your time this morning and have a great weekend.
Operator
This conference is now concluded. Thank you for listening today’s presentation. You may now disconnect
Another job well done BKYI. If you hadn’t diluted shareholders so that you could acquire Portal Guard…. would you ever have any sales at all?
I’m sure Mike and the Board are perfectly situated for another one of those highly “coveted” awards! As a long term shareholder, I may have lost a boat load of money, but at least I can point to those coveted awards and proudly tell myself, something’s are just worth so much more than profit.
What say you other disgruntled shareholders?
Identity and Access Management Cyber-Security Provider BIO-key’s Q2 Revenue Rises 96% to $1.9M, Driven by Growth in Software, Services and Products; Investor Call Today at 10am ET
WALL, N.J., Aug. 12, 2022 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer identity and access management (IAM) and large-scale identity solutions, featuring Identity-Bound Biometrics (IBB), today reported results for its second quarter ended June 30, 2022 (Q2’22). BIO-key is hosting a conference call today at 10:00 a.m. ET (details below) to review its results and outlook.
Highlights:
Q2’22 revenues rose 96% to $1.9M from $1.0M in Q2’21, driven by a $0.5M increase in software license fees, as well as $0.3M and $0.15M increases in hardware and services revenue, respectively.
Expanded PortalGuard Penetration with new customers, including YYK Enterprises Operations and a Texas City and New Channel Alliance Program partners, including the Amazon Web Services Partner Network, 3Eye Technologies and Darksteel Technologies.
BIO-key’s PortalGuard® platform was a gold recipient of Security Today magazine’s 2022 Govies Government Security Award in User Authentication/Identification/Credentialing and Management; the Publisher's Choice for Multi-factor Authentication (MFA) Award from Cyber Defense Magazine during RSA 2022; the 2022 Fortress Cyber Security Award in Authentication and Identity; and RemoteTech Breakthrough’s Identity Management Solution of the Year 2022.
BIO-key CEO Michael DePasquale commented, “Our second quarter and first half revenue demonstrate growing momentum in our base of annual recurring revenue (ARR) from software licenses, which is a core focus and principal value driver for our business. Our Q2’22 performance included the first full quarter of operating results from our Swivel Secure Europe operations acquired in March and the integration of this business is proceeding according to plan.
“PortalGuard continues to gain momentum in higher education, municipal governments, and enterprises as a high-value, easy-to-deploy solution for hybrid access needs. Our progress is being supported by a growing base of Channel Alliance Partners (CAP) around the world, strong customer references, an expanding base of industry awards, and our digital and direct sales and marketing initiatives. Customers are increasingly recognizing PortalGuard’s value, flexibility and support for sixteen multi-factor authentication factors, including BIO-key’s industry leading Identity Bound Biometric capabilities.
Outlook
“BIO-key has built a strong base of products and services and a growing global footprint of partnerships and direct sales resources to address the substantial cybersecurity and IAM needs around the world. Given our progress to date and the growing scope of opportunities we are identifying, we remain confident in achieving our full-year 2022 revenue guidance of $10-13M, representing growth of over 100% above 2021. We believe BIO-key is positioned to achieve break-even operations within this range, subject to our mix of hardware and higher-margin software revenue.
“Our guidance anticipates continued growth in recurring software license revenue to roughly 70% of the lower end of our revenue range, supported by hardware and services revenue contributions that are generally tied to specific projects. Our outlook is supported by our strong capital position, talented management and product development teams, and our expanding global sales, marketing and channel partner footprint.”
Financial Results
Q2’22 revenues increased 96% to $1.9M from $0.9M in Q2’21, driven by a 75.5% increase in software license revenue as well as solid growth in both hardware and services revenue.
Gross profit grew to $1.2M in Q2’22 from $0.8M in Q2’21, due primarily to increased revenues. Gross profit margin declined from 75% in Q2’21 to 63% in Q2’22, due to growth in lower-margin hardware revenue and a decline in the gross margin realized on license fees as a result of third party-software required for Swivel Secure licenses.
Total operating expenses increased to $2.8M in Q2’22 from $1.9M in Q2’21, reflecting a $0.6M increase in selling, general and administrative expenses and a $0.3M increase in research, development and engineering expenses. Increases included the consolidation of Swivel Secure and increased personnel costs related to multiple new hires. Higher research, development & engineering costs were attributable to costs associated with the development and Q2 launch of significant enhancements and updates to our MobileAuth application, the only multi-factor authentication mobile app that integrates Identity-Bound Biometrics with other authentication modalities.
BIO-key reported a net loss of $1.7M, or $0.21 per share, compared to a Q2’21 loss of $1.2M, or $0.15 per share. Weighted average basic shares outstanding were approximately 8.1M in Q2’22 and 7.8M in Q2’21.
Financial Strength
BIO-key ended the second quarter with working capital of $8.8M, including $4.9M of cash and cash equivalents and $4.9M in inventory, and a book value of $13.6M, or approximately $1.61 per share.
Conference Call Details
Date / Time: Friday, August 12th 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 6599160
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 and Swivel Secure into our business; fluctuations in foreign currency exchange rates; 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; the duration and extent of continued hostilities in Ukraine and its impact on our European customers, 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, 2021 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
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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
June 30,
2022 December 31,
2021
(Unaudited)
ASSETS
Cash and cash equivalents $ 4,893,042 $ 7,754,046
Accounts receivable, net 2,039,062 970,626
Due from factor 76,940 49,500
Note receivable, net of allowance 119,644 82,000
Inventory 4,888,601 4,940,660
Prepaid expenses and other 331,697 216,041
Total current assets 12,348,986 14,012,873
Resalable software license rights 43,768 48,752
Investment – debt security, net 302,821 452,821
Equipment and leasehold improvements, net 135,237 69,168
Capitalized contract costs, net 301,225 249,012
Deposits and other assets 8,712 8,712
Note receivable, net of allowance 68,356 113,000
Operating lease right-of-use assets 206,792 254,100
Intangible assets, net 1,952,606 1,298,077
Goodwill 2,256,402 1,262,526
Total non-current assets 5,275,919 3,756,168
TOTAL ASSETS $ 17,624,905 $ 17,769,041
LIABILITIES
Accounts payable $ 1,279,301 $ 427,772
Accrued liabilities 849,719 828,997
Earnout payable – Swivel acquisition 500,000 -
Government loan – BBVA Bank, current portion 122,000 -
Deferred revenue, current portion 588,949 565,355
Operating lease liabilities, current portion 192,581 177,188
Total current liabilities 3,532,550 1,999,312
Deferred revenue, net of current portion 71,524 67,300
Operating lease liabilities, net of current portion 22,004 86,974
Government loan – BBVA Bank, net of current portion 379,287 -
Total non-current liabilities 472,815 154,274
TOTAL LIABILITIES 4,005,365 2,153,586
Commitments and Contingencies
STOCKHOLDERS’ EQUITY
Common stock — authorized, 170,000,000 shares; issued and outstanding; 8,441,574 and 7,853,759 of $.0001 par value at June 30, 2022 and December 31, 2021, respectively 844 786
Additional paid-in capital 121,022,606 120,190,139
Accumulated other comprehensive loss (110,081 ) -
Accumulated deficit (107,293,830 ) (104,575,470 )
TOTAL STOCKHOLDERS’ EQUITY 13,619,540 15,615,455
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 17,624,905 $ 17,769,041
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
Three months ended
June 30, Six months ended
June 30,
2022 2021 2022 2021
Revenues
Services $ 435,106 $ 286,641 $ 830,910 $ 666,663
License fees 1,162,148 662,193 2,622,331 1,141,151
Hardware 349,861 43,256 435,045 1,072,914
Total revenues 1,947,115 992,090 3,888,286 2,880,728
Costs and other expenses
Cost of services 180,677 158,440 391,590 334,384
Cost of license fees 358,136 48,373 431,366 87,342
Cost of hardware 185,140 32,756 238,438 584,478
Total costs and other expenses 723,953 239,569 1,061,394 1,006,204
Gross profit 1,223,162 752,521 2,826,892 1,874,524
Operating Expenses
Selling, general and administrative 2,006,573 1,374,084 3,804,571 2,890,482
Research, development and engineering 784,083 490,952 1,589,349 932,603
Total Operating Expenses 2,790,656 1,865,036 5,393,920 3,823,085
Operating loss (1,567,494 ) (1,112,515 ) (2,567,028 ) (1,948,561 )
Other income (expense)
Interest income 77 832 208 3,447
Loss on foreign currency transactions - (50,000 ) - (50,000 )
Investment-debt security reserve (150,000 ) - (150,000 ) -
Interest expense (1,540 ) - (1,540 ) (18,000 )
Total other income (expense), net (151,463 ) (49,168 ) (151,332 ) (64,553 )
Net loss $ (1,718,957 ) $ (1,161,683 ) $ (2,718,360 ) $ (2,013,114 )
Comprehensive loss:
Net loss $ (1,718,957 ) $ (1,161,683 ) $ (2,718,360 ) $ (2,013,114 )
Other comprehensive income – Foreign currency translation adjustment (165,883 ) - (110,081 ) -
Comprehensive loss $ (1,884,840 ) $ (1,161,683 ) $ (2,828,441 ) $ (2,013,114 )
Basic and Diluted Loss per Common Share $ (0.21 ) $ (0.15 ) $ (0.34 ) $ (0.26 )
Weighted Average Common Shares Outstanding:
Basic and diluted 8,098,020 7,776,190 7,992,102 7,774,946
BIO-key partners with Darksteel on biometric security solutions distribution
Aug 8, 2022, 11:25 am EDT | Alessandro Mascellino
BIO-key partners with Darksteel on biometric security solutions distribution
BIO-key has been selected by managed security service provider (MSSP) Darksteel Technologies to provide customers with enterprise-grade digital identity authentication security and access control tools.
Darksteel will bundle and resell PortalGuard’s Identity-as-a-Service (IDaaS) platform for the solution’s versatility and numerous security features, including multi-factor authentication (MFA), ‘Identity-Bound Biometrics’ (IBB) options, single sign-on (SSO), and self-service password reset (SSPR).
“We needed a solution that could fit many of our varied customer needs,” says Carlos Cisneros, managing director of Darksteel Technologies.
“We were impressed with BIO-key’s wide variety of [MFA] options for our customers to choose from to secure access to their desktops and applications.”
BIO-key also entered a similar partnership with Rio Arriba County, New Mexico last February.
LIU renews contract with BIO-key
Long Island University (LIU) has renewed its digital identity and access management contract with BIO-key, continuing the customer relationship the company has had with LIU since 2015.
The renewal of the Portal IAM platform comes at a time of increased breaches and cyberattacks against higher education institutions, which has prompted a number of universities and colleges to partner up with biometric security providers.
“We are pleased to extend our relationship with LIU and offer an integrated security approach to protecting the institution,” comments BIO-key president Mark Cochran.
“Many higher educational institutions must expand their security footprint without increasing net security costs.”
According to the executive, several institutions are looking for solutions that keep faculty, staff, and students safer while reducing both business disruptions and the number of outside providers they need to juggle.
“We excel at delivering security solutions with a tangible return on investment for our customers,” Cochran concludes.
The new partnerships come weeks after BIO-key joined the Amazon Web Services (AWS) Partner Network (APN) and participated in the MSP Expo conference in Florida.
Identity and Access Management (IAM) and Biometric Cybersecurity Solutions Provider BIO-key Hosts Q2 Investor Call Friday, August 12th at 10am ET
WALL, N.J., Aug. 05, 2022 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) and large-scale identity solutions, featuring Identity-Bound Biometrics (IBB), will review its Q2 results in a conference call on Friday, August 12th at 10 a.m. after reporting results pre-market. Members of the management team including Mike DePasquale, Chairman & CEO and Cecilia Welch, CFO will participate on the call.
Conference Call Details
Date / Time: Friday, August 12th 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 6599160
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy to deploy, convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions as well as customized on premises solutions.
Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
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
I will not miss Earnings Report on Thursday before mkt opens... Boom Time
The company pays for incomplete sentences that n a crappy PR: “Effective February 1, 2022, BIO-key International Inc’s (the “Company”) independent registered public accounting firm, Rotenberg Meril Solomon Bertiger & Guttilla, P.C. Certified Public Accountants (“Rotenberg”), combined with Marcum LLP. Rotenberg continued to operate as an independent registered public accounting firm as a wholly-owned subsidiary of Marcum LLP. “
Item 4.01 Changes in Registrant’s Certifying Accountant.
Effective February 1, 2022, BIO-key International Inc’s (the “Company”) independent registered public accounting firm, Rotenberg Meril Solomon Bertiger & Guttilla, P.C. Certified Public Accountants (“Rotenberg”), combined with Marcum LLP. Rotenberg continued to operate as an independent registered public accounting firm as a wholly-owned subsidiary of Marcum LLP.
Rotenberg continued to serve as the Company’s independent registered public accounting firm through the filing of the Company’s Report on Form 10-Q for the quarter ended March 31, 2022. On July 20, 2022, the Audit Committee of BIO-key approved the engagement of Marcum LLP to serve as the independent registered public accounting firm of the Company for the year ended December 31, 2022.
During the two years ended December 31, 2021 and through the date of this report, the Company did not consult Marcum LLP with respect to any of (i) the application of accounting principles to a specified transaction, either completed or proposed; (ii) the type of audit opinion that might be rendered on the Company’s financial statements; or (iii) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K) or an event of the type described in Item 304(a)(1)(v) of Regulation S-K.
Rotenberg’s transition into Marcum has progressed and Rotenberg has formally resigned on July 20, 2022, as our independent registered public accounting firm and the services previously provided by Rotenberg will now be provided by Marcum LLP.
Rotenberg’s report on our financial statements for the fiscal years ended December 31, 2021, and 2020 did not contain an adverse opinion or a disclaimer of opinion, nor was it qualified or modified as to audit scope or accounting principles.
During the years ended December 31, 2021 and 2020 and the subsequent interim period through the quarter ended March 31, 2022 (i) we did not have any disagreements with Rotenberg on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to Rotenberg’s satisfaction, would have caused them to make reference thereto in their reports on the Company’s financial statements for such periods, and (ii) there were no reportable events, as defined in Item 304(a)(1)(v) of Regulation S-K.
Long Island University Reinvests in BIO-key's PortalGuard Identity and Access Management Platform to Address Security Requirements at Multiple Campuses
BROOKVILLE, N.Y. and WALL, N.J., July 21, 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 that Long Island University (LIU), a private university with approximately 15,000 students and two primary campuses, LIU Post and LIU Brooklyn in New York State, has re-selected its PortalGuard IAM platform to once again protect its enterprise applications and data. The new agreement extends a customer relationship that BIO-key has had with LIU since 2015.
Breaches and cyberattacks against higher education institutions have increased significantly in the last year and pose a severe financial and reputational risk to these institutions. To fend off these cyber threats, institutions require a robust, proven IAM solution that can adapt to various secure access requirements successfully and cost-effectively. LIU is continuing to leverage the BIO-key PortalGuard IAM platform to strengthen its overall security posture to effectively respond to these evolving cyber threats while reducing costs and associated burden on its Information Technology team. A key point for LIU was PortalGuard's capability to support an integrated security system and allow the institution to utilize previous investments in other security solutions and deliver best-in-class technical capabilities, such as multi-factor authentication (MFA), single sign-on (SSO), and self-service password reset (SSPR) to its user community.
"We are pleased to extend our relationship with LIU and offer an integrated security approach to protecting the institution," said Mark Cochran, President of BIO-key – PortalGuard. "Many higher educational institutions must expand their security footprint without increasing net security costs. Institutions are looking for solutions that keep faculty, staff, and students safer while reducing business disruptions while simultaneously reducing the number of outside providers they need to juggle. We excel at delivering security solutions with a tangible return on investment for our customers."
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, 2021 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
Darksteel Technologies, a Managed Security Services Provider, Selects PortalGuard IAM as their Identity Security Platform for Key Customers
ORLANDO, Fla. and WALL, N.J., July 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 Darksteel Technologies, a Managed Security Service Provider (MSSP) based in Orlando, has selected BIO-key's PortalGuard® Identity-as-a-Service (IDaaS) platform, to provide its customers with enterprise-grade identity authentication security for access to their desktops, critical business applications, and data.
As an MSSP, Darksteel Technologies (Darksteel) prides itself on delivering enterprise-class cybersecurity solutions to its small-to-medium sized customer base. Darksteel selected PortalGuard IDaaS for its unmatched variety of choices for workforce and customer multi-factor authentication (MFA), exclusive Identity-Bound Biometrics (IBB) options, single sign-on (SSO), and self-service password reset (SSPR) to support its customer's IAM strategies fully. PortalGuard IDaaS provides enterprise security capabilities that MSPs and MSSPs can use to improve operational effectiveness and their customer's security posture, all at an affordable price.
"We needed a solution that can fit many of our varied customer needs. We were impressed with BIO-key’s wide variety of multi-factor authentication (MFA) options for our customers to choose from to secure access to their desktops and applications," said Carlos Cisneros, Managing Director for Darksteel Technologies, "We are looking forward to a long, mutually beneficial partnership with BIO-key."
"We are pleased to add Darksteel Technologies to our community of MSPs and MSSPs who use our award-winning PortalGuard platform as their identity security solution for customers," said Fred Corsentino, CRO of BIO-key. "We were very impressed with the expertise and professionalism of Darksteel Technologies and feel confident that their customers are in good hands."
About Darksteel Technologies, LLC (www.darksteeltechnologies.com)
Darksteel Technologies is a complete technology solution provider. We are 100% committed to ensuring business owners have the most reliable and professionally managed IT security in Orlando. Our team of talented cybersecurity pros can help address those concerns that keep most people up at night. We handle all aspects of your IT security, including compliance, training, malware/crypto/ransomware protection, cloud security, DevSecOps, vulnerability management, professional services, architecture design, and other infosec requirements. We focus on your cybersecurity, so you don't have to.
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 Participate in CIO Forum Panel and Showcase its PortalGuard Identity and Access Management Platform at National Association of Counties Conference July 20-24
VP of Product Kimberly Biddings is an Expert Panelist in “A Crash Course in Marketing – Communicating About Cybersecurity Across Your County” during the CIO Forum on Weds.
AURORA, Colo. and WALL, N.J., July 14, 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 it will sponsor and exhibit at the National Association of Counties (NACo) Annual Conference at the Gaylord Rockies Resort and Convention Center in Aurora, Colorado, July 20-24th. BIO-key will meet with customer prospects and host Q&A sessions, and live demonstrations of their award-winning PortalGuard® IAM platform at Booth 507. BIO-key’s VP of Product, Kimberly Biddings, will be a featured expert panelist in “A Crash Course in Marketing – Communicating About Cybersecurity Across Your County” during NACo’s CIO Forum on Wednesday, July 20th.
Counties carry the significant responsibility of keeping resident personal information, priceless historical records, and critical infrastructure protected and secure in the event of a security breach. Over the past few years, counties have faced hundreds of cyberattacks that threaten their residents and critical infrastructure, including 911 call centers and water treatment plants. For another consecutive year this has elevated cybersecurity to a top priority for attendees at the conference, with multi-factor authentication (MFA) remaining at the top of the NACo Cyber Security Priorities and Best Practices List.
“For the second year in a row we are excited to sponsor and attend this event at a critical time when cybersecurity is top of mind for all counties,” said Fred Corsentino, Chief Revenue Officer of BIO-key. “Counties are an integral part of our national infrastructure and as an active partner to NACo member counties, we look forward to helping County IT leaders implement stronger IAM controls and to discussing cybersecurity measures that are essential to keeping their constituents safe from increasing cyberattacks.”
Attendees are invited to stop by booth 507 for live demonstrations of BIO-key’s PortalGuard solutions and to discuss their cybersecurity priorities, including:
Implementing multi-factor authentication, including biometrics;
Securing remote access;
Eliminating passwords with single sign-on;
Election security; and
Security policy configuration.
During demonstrations, attendees will see why PortalGuard stands out for its ability to help counties implement a complete IAM strategy. PortalGuard is the only IAM platform to offer Identity-Bound Biometric (IBB) authentication as part of its multi-factor authentication capabilities, which uses a unique, centralized biometric identity to verify the person – not just a password, token, or device. The platform offers unmatched flexibility to support solution consolidation and aggregation under one set of centrally managed security policies and drive better user adoption. PortalGuard is affordable for counties of all sizes, offering all capabilities of the platform often at 50-60% below the competition, and is backed by a team of IAM experts, who are easy to reach and act as an extension of the county's IT team, thereby improving their cybersecurity posture quickly.
To learn more about BIO-key’s IAM solutions for counties, please 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, 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, 2021 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 Contact
Erin Knapp
Matter on behalf of BIO-key
BIO-Key@matternow.com
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
BIO-key PortalGuard Wins 2022 Fortress Cyber Security Award in Authentication and Identity
WALL, N.J., June 08, 2022 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. ( BKYI), an innovative provider of Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, today announced that its BIO-key PortalGuard® platform has won the 2022 Fortress Cyber Security Awards in the Authentication and Identity category. The industry awards program sought to identify and reward the world’s leading companies and products that are working to keep our data and electronic assets safe among a growing threat from hackers.
The global community of cyber security experts, technology developers and governments are taking proactive steps to thwart attacks and preventative measures to remain one-step ahead so responses can be quick and efficient. With evidence that multi-factor authentication has the ability to prevent as much as 80-90%, of cyberattacks one of the most essential steps organizations can take is to implement an authentication and identity strategy.
For multiple reasons, BIO-key PortalGuard® stands out for its ability to help organizations implement a complete IAM strategy. It is the only IAM platform to offer Identity-Bound Biometric (IBB) authentication as part of its multi-factor authentication capabilities, which verifies the person – not just a password, token, or device. It offers unmatched flexibility to support solution consolidation and/or aggregation under one set of centrally managed security policies and drive better user adoption. PortalGuard is also competitively priced, offering all capabilities of the platform often at 50-60% below the competition, and is backed by a team of IAM experts, who are easy to reach and act as an extension of the customer's IT team, thereby improving their cybersecurity posture quickly.
“Traditional authentication methods, based on something the user knows or has, are being hacked,” says Michael DePasquale, BIO-key’s Chairman and CEO. “We are honored to have PortalGuard recognized for its ability to not only control access, but more importantly for its ability to offer true biometric authentication, a better way to authenticate, at a time when it is needed more than ever.”
The Fortress Cyber Security Awards program highlights, discusses, and rewards creative thinking, engineering, people, and projects that are taking on the growing cybercrime threat for the benefit of the global community.
“We are so proud to name BIO-key PortalGuard as a winner in the 2022 Fortress Cyber Security Awards program,” said Maria Jimenez, Chief Nominations Officer, Business Intelligence Group. “As our society continues to evolve and become more reliant on networks and data, companies like BIO-key are critical at providing the protection and trust consumers demand.”
BIO-key PortalGuard offers an unmatched variety of choices for multi-factor authentication (MFA), single sign-on (SSO), self-service password reset (SSPR), and Identity-Bound Biometrics 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, meet cyber insurance requirements, and improve productivity for any IT team.
For information about BIO-key please visit the company website. For information about the annual Fortress Cyber Security Awards, please visit the awards 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.
About Business Intelligence Group (www.bintelligence.com)
The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. Unlike other industry award programs, these programs are judged by business executives having experience and knowledge. The organization's proprietary and unique scoring system selectively measures performance across multiple business domains and rewards those companies whose achievements stand above those of their peers.
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, 2021 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 Contact
Erin Knapp
Matter on behalf of BIO-key
BIO-Key@matternow.com
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
1-212-924-9800
Wickw50 - I probably just assumed that BKYI was going to webcast the meeting because many other companies do. Guess that is what I get for assuming.
Gamco, I don’t recall any mention of a webcast.
Wickw50 - thank you. I had that information together with my control number from voting my proxy but I was thinking that the stockholders meeting would be webcast.
Gamco, Here’s the official invitation:
BIO-key International, Inc.
3349 Highway 138, Building A, Suite E
Wall, NJ 07719
Notice of Annual Meeting of Stockholders
Friday, June 24, 2022
To Our Stockholders:
The Annual Meeting of Stockholders of BIO-key International. Inc., a Delaware corporation (the “Company”), will be held on Friday, June 24, 2022, at 10:00 a.m., local time, at our offices at 3349 Highway 138, Building A, Suite E, Wall, NJ 07719, for the following purposes:
1.
To elect seven members of the board of directors to serve until the 2023 Annual Meeting of Stockholders and until their successors have been duly elected and qualified;
2.
To ratify the selection of Rotenberg Meril Solomon Bertiger & Guttilla, P.C. as the Company’s independent registered public accounting firm for the year ending December 31, 2022;
3.
To approve, on an advisory basis, our executive compensation; and
4.
To transact such other business as may properly come before the meeting or any continuation, adjournment or postponement thereof.
All stockholders are invited to attend the meeting. Holders of record of the Company’s common stock at the close of business on April 26, 2022, are entitled to notice of, and to vote at, the meeting.
By Order of the Board of Directors
sig.jpg
Michael W. DePasquale
Chairman of the Board of Directors
Wall, NJ
May 5, 2022
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.
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