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Factual info on the Biovault; Recent 10K filed tonight
? Concerning Biovault and Sales:
From Recent 10-K filed today
We market a personal access denial device called BioVault™ that uses patent-pending fingerprint recognition technology as the sole means to control access, and requires no key, card or combination. The BioVault™ is constructed of heavy-duty 12-gauge steel. The BioVault™ can be plugged into a house AC current or run independently on three D-cell batteries for up to one year, and is the only access denial device currently on the market with no manual override system. The BioVault™ uses the same non-volatile memory as cell phones to retain fingerprint information in the absence of any power source. When power is low, the BioVault™ signals the user like a smoke detector.
The BioVault™ measures 12.5 inches wide, by 17 inches long, by 3.5 inches deep, and provides room for two handguns plus ammunition, or valuables such as jewelry, stock certificates and other documents. The BioVault™ is easy to program and stores up to 15 authorized fingerprints. We believe that handgun owners are the largest market for this product and have developed a relationship with the National Rifle Association for the sale of the BioVault™.
We have re-designed, re-engineered and re-tooled the BioVault™ and have introduced it as the BioVault™ 2.0. The re-designed BioVault™ 2.0 includes features requested by partners who required improvements to be incorporated in order to commit to the product to a high degree. Some of these features include doors that open shallow enough to be in small spaces, a polished fit and finish, ability to wire mount in hotel rooms, ability to mount in police and other vehicles, an LCD screen to display helpful information for end users and most importantly a much lower price point. All the requested features have been successfully integrated into the new BioVault™ 2.0’s design. In addition to our partnership with the National Rifle Association, over 130 distributors and retail outlets have agreed to sell the BioVault™ 2.0. Sequiam Biometrics manufactures, assembles, tests and packages the BioVault™ 2.0 via Magstone Innovation, Inc. in Guangzhou, China. We acquired 80% of the outstanding shares of Magstone on January 8, 2007, pursuant to an amended and restated stock purchase agreement. Initial deliveries were made of the product in August 2006 and through streamlining of the manufacturing process larger quantities of the BioVault™ 2.0 became available in December 2006. For the year ended December 31, 2006, we had $183,822 in revenues from sales of the BioVault™ and BioVault™ 2.0.
Sequiam 10-K filed today; Paragraph concerning Biolock
BioLock
On September 13, 2005, we entered into a five-year, Exclusive Co-Operative Development and Supply Agreement with Black & Decker’s subsidiary, Kwikset Corporation. The purpose of this relationship is to develop, market and sell biometric enabled security door hardware and systems.
We, together with Kwikset Corporation, have developed the BioLock: a biometrically accessible door lock system to be applied to external and internal doors. Kwikset has since branded the BioLock the ‘Smart Scan’ for its introduction to the Home Depot chain of stores and other retail stores. The Smart Scan was introduced into Home Depot in a limited pilot program in November 2006 and is slated for nationwide release through Black and Decker partners in May-June 2007.
The system uses a Kwikset deadbolt and a biometric sensor with matcher developed at our laboratories in Orlando, Florida. When a valid finger is detected on the biometric sensor, it activates the remote control accessory module to open the lock.
The BioLock biometric module is a completely self-encapsulated device that incorporates advanced AC Capacitive biometric sensing technology. The technology can read through dirt and oil and overcomes many of the common ‘real world’ failings of previous biometric devices. The BioLock features a simple 3-step enrollment of fingerprints on the sensor and no computers or servers are required. The BioLock can hold up to 50 fingerprints and operates using either battery power or house low voltage power for at least 12 months average operation without the need to replace batteries. The BioLock features automatic detection of the bolt position and avoids the common issue of the consumer having to worry about the position of the bolt when they leave their home. The BioLock also features a user-friendly interface via an integrated LCD screen that allows users to be named and features such as automatic timing out of fingerprint records. The BioLock also comes with 2 keys for backup in case of battery failure, a low battery warning indicator and a lifetime finish warranty.
During 2006, we provided Kwikset with the biometric and electronic components of the BioLock and Kwikset performed the remaining manufacturing of the BioLock. Limited deliveries of the BioLock commenced during the fourth quarter of 2006. For the year ended December 31, 2006, revenues earned from the sale of the BioLock were $51,024. For the year ended December 31, 2006, revenues earned from the sale of the biometric and electronic components of the BioLock were $952,162.
In future years, we expect to earn revenues from the BioLock by selling the product, providing non-recurring engineering services and earning a royalty on non-Sequiam BioLock sales.
TEEROY: This looks good. I can't wait to see what else Black and Decker has forthcoming as well.
NRA
Black and Decker
DeWalt
MOL: Thanks for the post and insight concerning the NRA Convention.
Back and fill Back and fill!!!
Start watching the Live NRA show starting tomorrow.
We could see an interesting demonstration before the weekend is over.
Link below;
http://www.nraam.org/
Start watching the Live NRA show starting tomorrow.
We could see an interesting demonstration before the weekend is over.
Link below;
http://www.nraam.org/
From Recent 8-K filing. Concerning new product BB-007 to be introduced at the NRA Convention in St. Louis. I believe it will be item 2 below. Below is listing of products Sequiam has available and forthcoming to the market.
Hardware
1. Biovault 2.0. Full features biometric vault.
2. BioBox. Smaller version of the Biovault 2.0
3. Bank Box. Box designed to hold money for Banks in the Chinese market.
4. ScanQ. Fujitsu and CMOS II based PC based biometric pod.
5. BioPod. A match-on-device pod for real time authentication. Contains an ISO 7816 smart card reader and an Authentec sensor. We store the fingerprint on a smart card and the device compares the fingerprints taken from the device to the one on the card.
6. Biolock. Low cost biometric door lock.
7. HCB. Client/server time and attendance box that communicates billing data in real time to Sequiam’s network operations center. The billing data is then made accessible to clients.
8. HDT. Biometric/RFID PDA. This is a wireless Windows CE 5.0 PDA with a removable RFID/Biometric module. When the device scans a user using its RFID chip the fingerprint sensor authenticates that user, then the device wirelessly pulls that users records from the server and displays it on the screen. Can be used for venue control, ticketing and other portable projects (similar to devices used by rental car attendants).
9. HCT. This device is under development for the US Border Patrol and the US Army. It records a voice entry and attaches it to a fingerprint record.
10. OEM Mini. Inexpensive stripped down version of the UBI. This is used in very low cost devices such as small safes and inexpensive products.
11. OEM 2. Full featured ‘wall-hang’ box used for access control and time and attendance. Features include wireless access, Power over Ethernet, Data over Ethernet, Camera, Anti-pass-thru mechanism, smart card interface, match fingerprints on board and via server.
12. UBI. Mid to low range device for allowing manufacturers of products to enable biometrics. This device can be added to safes, medicine cabinets etc. Can be used with any product that uses an electric locking mechanism.
13. CMOS II. Low cost flat form factor optical biometric sensor. 500 dpi biometric sensor for use in notebook computers, PDA’s, portable devices etc..
14. Fujitsu BioPod. Enclosure and mechanical design for the Fujitsu OEM/ODM sensor.
Mick: Time to get back in?
James I've been flat just watching since middle of last month. Time to add on again?
I think it may be a smaller version of the Biovault but not sure.
You have done no research on this company in which you admit. Everyone on this board understands your motive.
You continue to bring up a comapany for discussion in which Sequiam no longer does business and has publicly declared in default.
Find something else to do on this Easter Holiday. Your juvenile behavior is obvious in your posts.
Jack of Stocks gives you a link to a post that answers your question and evidently you can't even read. Your agenda is again noted as a basher and potential troublemaker.
From Orange County Register article Jack of Stocks previously sent you.
After that year of improvements, SmartScan lock was test-marketed last fall at 55 Home Depot stores in New York and San Diego and at 150 stores in Canada.
"They couldn't keep them on the shelves," Maridakis says.
Johnson, the trade magazine editor, says locksmiths are eagerly awaiting the new biometric lock.
"At the recent locksmith convention in Chicago," he says, "everyone was interested in it. Everyone was gathering at that booth."
Read the information in the Ibox.
maui:
I will answer the on-topic posts. However, when 3 active GLXI posters all of a sudden decide on a Saturday night to ask the same question in 15 separate posts it says a lot about their motive concerning the question. Therefore I deleted the multiple posts as they were all basically the same question.
It is very unnecessary for other individuals doing proper DD to wade thru unnecessary posts when the answer is right in front of your eyes.
Sure there was dilution. Anytime a company issues stock it is dilutive. However, the manner this was done in my opinion is less of an issue as it is all properly disclosed in SEC filings.
With the warrants just announced on the recent deal with Biometric Investors the fully diluted would be approximatley 260 million. That is if the B funding is used.
The fully diluted prior to this deal was approx. 150 million. Biometric Investors will receive 64 million warrants on the A funding. If the B funding comes into play they will receive another 36 million.
No it is not 400 million at this time.
Keep in mind when a warrant is exercised the investor has to buy stock which translates to cash to the company.
Float is not increasing and the warrants issued to Biometric Investors LLC are restricted for 12 months per Rule 144.
Existing/prior warrants could cause float to increase but they won't come into play unless stock is at a higher price.
The transfer agent on this company is very accurate concerning float, outstanding, and authorized shares. Feel free to call and inquire as to outstanding and authorized on a business day.
Maui:
They were deleted at is what very obvious all of the posters came from the GLXI board with an alterior motive to not discuss issues but bring on an alterior motive and they repetitive posted the same questions.
If you have a question like the one I am responding then the PM feature is available to use. If you need to repetitive post issues which we have already discussed then I find no need for the repetitive comments.
They were erased as it was very obvious someone from the GLXI board wanted to complicate a discussion on this board that could very well be answered in a logical manner.
The posts were deleted in a very quick manner. I didn't realize you followed this company so closely you would have noticed as you have never posted before.
Gabeh:
Yes,,,Keep the GLXI posters discussion about other investments on this board. Obviously they have an alterior motive.
TeeRoy: Thanks for pointing out the dated issue which the poster made reference. Obviously looks like a new poster with no knowledge of what is taking place.
Danno: I'll try to get the expiration date on the warrants. Concerning management having to produce. I agree exactly in your statement as they will have to produce rather than being concerned about default and cash flow issues. They should be able to concentrate on the fundamental side of the business without having to worry about cash flow issues over the next 18 months.
I'm expecting third quarter to be cash flow positive for the company as sales from all products should be reflective in 3Q07
Danno: No problem with the cautious approach. I think things are just now coming together for this company as they just began selling product after a 2 1/2 year of R&D in which they had no sales.
The next few monthd should be very interesting. I think Biometric Invetors will bring more to the table for the amount of shares/warrants they will be receiving.
Sequiam could have easily gone to V-Finance or other dilutive investment bank for financing which would would have only been a short term fix for financing in which the investors that get involved are only in for a quick flip.
I think the relationship they are forging will take them to the finish line and open up opportunities they didn't have available due to lack of funding with an investor/partner with a long term objective.
The SQUM deal looks more like a strategic partnership versus a traditional financing arrangement. Note they will also be gaining two seats on the board of directors as well as being active in the management of the company.
By being involved in a managerial capacity I'm not as concerned about the financing terms as it is apparent to me Biometric Investors is participating for the long term best interest of the company as they will also be shareholders in the company.
The deal looks more like a strategic partnership versus a traditional financing arrangement. Note they will also be gaining two seats on the board of directors as well as being active in the management of the company.
By being involved in a managerial capacity I'm not as concerned about the financing terms as it is apparent to me Biometric Investors is participating for the long term best interest of the company as they will also be shareholders in the company.
Unlocking the future with a finger scan
Lake Forest team prepares for launch of biometric front-door lock.
http://www.ocregister.com/ocregister/news/local/lakeforest/article_1631868.php
"A concoction."
"Something like a doorbell."
That's how electronics expert Nick VandenBrekel describes his company's first attempt at constructing a door lock that opened with a fingerprint scan instead of a key.
The awkward contraption served its purpose. In 2004, it proved to his company, Sequiam Corp. of Orlando, Fla., and to its prospective partner, Black & Decker, that the idea of building a moderately priced biometric front-door lock was feasible.
"They had taken our Powerbolt and rigged it with their biometric sensors," recalls Dave Albert, vice president of brand marketing and business development for Black & Decker's Hardware & Home Improvement Group in Lake Forest. "We thought, 'Wow. They can do this.' As a concept, it had merit."
Such a lock promptly became part of each company's business strategy, so they teamed up to create a marketable version, combining Sequiam's experience in designing biometric scanners and the expertise of Black & Decker's Kwikset lock division.
Their shared development of the SmartScan lock, scheduled to go on sale June 1, is an example of companies acting decisively to prepare for what they foresee as the future of technology and the consumer marketplace.
VIDEO: Click here to see SmartScan in action.
"Biometrics we saw as strategically important for the future," Albert says. "It's not a question of if, but when mechanical keys will become obsolete."
TWO TEAMS
The companies assigned teams of specialists to the project.
On the Sequiam side, the team consisted of 15 people from the company's work force of about 60. Among them were 13 engineers specializing in the technology of using fingerprints and eye scans to control access to electronic devices.
The Black & Decker side was represented by its advanced development team — eight to 10 engineers from the 500 Orange County employees of Black & Decker's Hardware & Home Improvement Group.
Their specialties were locks and hardware, but their leader was Michael Maridakis, chief electronic engineer at the Lake Forest division, who was hired in April 2005 to spearhead the project. As a veteran of defense and medical-device industries, he was the liaison between the hardware experts of Kwikset and the biometrics experts at Sequiam.
"He could speak our language," says Sequiam's VandenBrekel.
The advanced development team for the local division of Black & Decker is responsible for planning and researching technology for future products. In 2005, that team's focus became the biometric lock.
"They look over the horizon, watching for something that no one else is doing, or something we can do better," says Eric Lundquist, director of brand marketing in Lake Forest.
NECESSARY FEATURES
The group's marketing and product management staff contributed its own advice, such as the new lock's recommended $199 price tag.
That puts it above Kwikset's standard $39 deadbolt lock and keypad-controlled $99 deadbolt, but far below other biometric locks on the market.
Competitors are offering "high-end commercial applications controlled by fingerprint and eye scans," says Gale Johnson, editor of the Locksmith Ledger trade magazine in Chicago. Prices for rival locks range from $500 to $750.
Black & Decker said the SmartScan lock needed to:
Fit in a door's standard deadbolt hole.
Be simple for a consumer to use.
Have no connection to household wiring. Making the system work for a year with four AA batteries required creating a "whole new power management system," VandenBrekel says. When it's not in use, the biometric system goes into a "sleep mode," with just a low-power monitor to wake up the system when a user touches it.
In October 2005, within six months of starting his new job, Maridakis, his team and the Sequiam team had developed what he calls "a working prototype with some functionality."
They could then debug it, improve it and test how well it functioned in different situations, including temperatures from 150 to minus 40 degrees Fahrenheit. During a year of testing, revising and retesting, the teams worked to make the system easier to use.
The control commands on the unit's LCD panel had seemed clear to the engineers, but the sales and marketing staff suggested changes to make them "more human," Maridakis says. The revised system allows a homeowner to name rather than just number the people whose fingerprints have been entered as authorized users.
Also, babysitters and housekeepers can be authorized to open the door only on specific days each week. Guests, contractors and others can be authorized for a specific period of time.
"If my teenagers aren't back by midnight, I can set it so they'll have to knock on the door and wake me up to get in," Lundquist says.
The scanner consists of radio-frequency sensors that are focused just under the outer layer of skin, so they work even with dirty or callused fingers
After that year of improvements, SmartScan lock was test-marketed last fall at 55 Home Depot stores in New York and San Diego and at 150 stores in Canada.
"They couldn't keep them on the shelves," Maridakis says.
Johnson, the trade magazine editor, says locksmiths are eagerly awaiting the new biometric lock.
"At the recent locksmith convention in Chicago," he says, "everyone was interested in it. Everyone was gathering at that booth."
Blue,,,,SQUM has some exciting irons in the fire. Now that the financing issues have been resolved the sky could be the limit for this company.
Sequiam Obtains $11.5 Million in New Credit Facilities, Restructures Debt and Cures Default
http://biz.yahoo.com/bw/070405/20070405005799.html?.v=1
Very nice. Looks good to me
Very unpredictablechart pattern on this one.. Check out what GOOG is doing with interactive TV. CTO of OpenTV is now with Google. Lots of puzzle pieces to put together with this but worthy of following.
Ice????
Concering the Biovault you purchased. Did it have the Keepsafe logo on it or was it the Sequiam Biovault label on the front?
Ralphkaz:
I don't believe the deal with Biometric Investors, LLC has officially closed yet which is probably reason for the lack of news and p.r.'s.
Once this deal is official I think we can dig deeper into what is really going on here.
Just watching to see how this unfolds. Still Looking for Part 2 of interview yesterday.
Funny!
Can you get Part 2 to work? I saw Part 1 but link http://www.mn1.com/members/modules.php?name=Downloads&d_op=viewdownload&cid=1
doesn't work now.
Any suggestions? I heard part 2 included GLXI management.
The link doesn't work. I saw Part 1 but haven't been able to see Part 2.
Does the below link work for you?
http://www.mn1.com/members/modules.php?name=Downloads&d_op=viewdownload&cid=1
Mn1.com interview. Anybody have link to part 2? I heard someone from GLXI called in. Would appreciate link to the interview.
How can you listen to Part 2 of the GLXI interview? Very interesting
I have noticed one thing. Over the past couple of weeks with all the negative news hitting the fan, Sequiam's share price war remained relatively unchanged. One would have assumed it would dropped as well.
Not a bad idea. At least they still have them and never delivered. Once notice of default time expires maybe they will.
220K @ .035 and now 500K @.05 with warrants at premium.
Hearing is in April?