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.
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