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Sequiam Corp., founded in 1999, is a biometrics company headquartered in Orlando, Florida that uses human attributes to create new safety products and services. Its BioLock, BioVault, and BioSwitch are activated by human fingerprints, only allowing entry to authorized users and screening out intruders. Sequiam is researching other cost effective security products and biometric applications for which there is a demonstrated, immediate need. Its 5-year growth strategy calls for sales through third party vendors, licensing fees, royalties, and prospective acquisitions.
Investor relations write to . . . Mr. Tom Addison at advisors@beecom.net In 2004, Sequiam introduced six commercially tested products, with one more due in November, all developed since 1999, at a cumulative estimated cost of $12 million. Revenues are now expected to ramp up at a compounded rate through March 2005.
Cumulative number of product introductions in 2004 shown by month and product
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Important Trends
(numbers refer to bibliography entries that follow)
I. All research and development has now been completed on first products which are in safety and security sector -- Biolock, BioVault, and BioSwitch. The products are priced for value oriented consumers, volume production can be ramped up quickly. The company's print and travel subsidiaries have also recently introduced products. The development cycle has been very rapid and cost effective.
Consumer market for biometric security to show rapid growth; 14, 8, 4
Sequiam collaborates with Blackboard on Web-based printing solutions; 5
BioLock, BioVault and BioSwitch product descriptions; 6
BioLock featured on America's #2 rated TV program; 13
Danka to co-market Print It, 123!; 12, 9
BioTime update released to distribution partner; 21
Blackboard and Sequiam collaborate on printing solutions; 10
Sequiam Sports addresses International Sports Security Summit; 11
II. Company has third party distribution and licensing strategy which will allow for wide distribution and the branding of the company as key biometrics participant.
Sequiam acquires Constellation Biometrics: 20
National Rifle Association endorses BioVault for gun safety; 16, 1
Sequiam to host travel services site for NRA's 3.5 million members; 7
Sequiam partners with DuVal Development, developer of luxury residential mountain resorts; 18, 17
OEMs will help fill demand by resellers; 6
III. Research team has critical database, software, and electrical engineering skills that can lead to product extensions and to other practical applications of biometrics.
Homeland security and biometric identification databases; 6
Security access to laptop and desktop computers, credit card and healthcare transactions; 8, 6
Voice, facial, and active-DNA recognition; 6
Optical organ reflection; 6
IV. Company officers have made deep personal financial commitment of their own funds to the company.
V. Now in a marketing phase, the company is building a selling team of industry figures with highly relevant industry experience and close relationships with potential customers. This has led to several announcements of customer relationships.
Sequiam partners with nation's largest baggage handling system manufacturer on airport projects; 6
Department of Defense Biometrics Management Office
The Biometric Consortium . . . a focal point for research, development, testing, evaluation, and application of biometric-based personal identification/verification technology . . .
Research and Databases
Information Technology Laboratory
Biometrics Resource Center
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21. Sequiam delivers updated version of BioTime access control, time, and attendance software
Company Press Release -- September 6, 2005
Sequiam’s Biometrics subsidiary has delivered an updated version of its BioTime access control, time, and attendance software. Using finger-print reader technology, BioTime “makes business more secure, insuring that employees (and others) are where they are authorized to conduct business.” BioTime can also save “companies up to 35 percent in accounting costs per year because it eliminates the need for tedious calculation and verification of payroll records and prevents "buddy punching" (which the US Census says causes the average business an 11% annual loss of income).”
Nat Sprague of Sequiam’s distribution partner BioMetAccess comments, “After extensive testing of competing products, we have determined that the Sequiam solution is extremely user-friendly, and among the best on the market.” Mr. Sprague goes on to say, “This is the product we have been waiting for as it supports most of our popular lines of biometric access hardware.” Sequiam estimates “initial annual revenue of approximately $1 million and that sales are expected to ramp rapidly through the remainder of the year.”
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20. Sequiam acquires Constellation Biometrics
Company Press Release -- June 09, 2005
Sequiam has acquired Constellation Biometrics, a developer of biometric hardware and software, for 1.6 million shares of Sequiam common stock. Constellation serves a range of corporate and government clients, including Pitney Bowes, Ford UK, Siemens Business Systems, Royal Shell, and Metropolitan Life. Constellation’s President Kevin Henderson will assume the same roll at what will be know as Sequiam Biometrics. Mr. Nick VandenBrekel, CEO of Sequiam, believes Kevin to be “an accomplished IT executive with very strong credentials in the biometrics industry.” Constellation's home web site is http://www.constellationbiometrics.com/solutions.asp
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19. Sequiam receives patent for BritePrint Forensic Fingerprint Technology
Company Press Release -- May 04, 2005
Sequiam announced today that, through its Fingerprint Dectection Technologies unit, it has received a patent for the technology behind its BritePrint product used for detecting latent fingerprints. Specifically, the patent covers the firm’s LED Intense Headband Light Source for Fingerprint Analysis. The technology, developed for the forensic investigator, helps to reveal “otherwise invisible fingerprints, footprints and other latent markings at crime scenes, and may save valuable time in the investigative process.” The patent was issued to the Westinghouse Savannah River Company, with whom Sequiam has a working partnership. Dale Haas, a technology-licensing specialist at Westinghouse Savannah, comments, “Working in partnership with Sequiam Corporation, we look forward to having BritePrint made available to law enforcement and other industry environments where forensic fingerprint detection is required.”
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18. Sequiam signs $1 million services agreement with HomeInPlay
Company Press Release -- April 28, 2005
Sequiam announced that its Sequiam Software unit has entered a $1 million agreement to provide software development and transaction management tools to HomeInPlay, an affiliate of DuVal Development, LLC. The arrangement calls for HomeInPlay to provide on-line auction, escrow and real-estate sales services exclusively through Sequiam Software. The service, according to DuVal's President Lee M. Hindin, will enable "sales agents and buyers to more effectively sell and secure exclusive properties nationwide. We are responding to the high demand for exclusive resort homes with a national service that links buyers, realtors and sellers through a secure competitive bidding and escrow system."
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17. Luxury ski-home developer to launch mountain Ski-Ranch Community with Sequiam Biometric products
Company Press Release -- February 09, 2005
Sequiam Biometrics has announced that a premier builder of luxury, outdoor resort communities, DuVal Development, LLC, will be equipping all of its “new home construction with Sequiam’s state of the art locking systems.” DuVal plans on marketing “Sequiam’s BioLock and BioVault II for use in its residential home developments nationwide.” Currently, DuVal is developing “Aspen Creek Crossing, a Ski-Ranch Community nestled in the mountains and Aspen at the Canyons Ski Resort in Park City, Utah.” DuVal’s CEO Lee Hindin comments, “We believe security and simplicity are very important to our buyers, many of whom are second home owners. We think biometric locks, and vaults will be common place and we are pleased to be on the leading edge.”
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16. Sequiam to unveil new BioVault 2.0 at NRA Convention.
Company Press Release -- January 27, 2005
Sequiam announced today that it will unveil its next-generation storage vault BioVault 2.0 at the National Rifle Association Annual convention in Houston on April 14, 2005. “ . . . final production designs and engineering” have been completed with the help of Helix Design of Manchester, NH. “The BioVault is a storage vault that can only be accessed through biometrics, specifically one’s fingerprint. There are no keys to lose or combinations to forget. Sequiam biometrics invented this biometric technology and is now taking it to the next level, providing faster access, more memory capacity, power saving mode and host of new features.” A preview of the new BioVault 2.0 can be seen at http://web.sequiam.com/biovault20.asp.
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15. BioMetAccess to market Sequiam's biometric products
Company Press Release -- January 13, 2005
Sequiam Corp.’s Biometrics subsidiary has agreed to designate BioMetAccess Company, LLC, as a Master Distributor of Sequiam’s products and technology. Sequiam will gain access to BioMetAccess’ “network of over 250 resellers” in the U.S., Latin America, Europe, Russia, and South Africa. Nat Sprague, VP and COO of BioMetAccess, comments, “Although we are very pleased with this opportunity to market the ‘off the shelf products’ of Sequiam such as the BioVault, BioLock and the upcoming BioVault II products, we are extremely excited to begin marketing and selling custom biometric solutions with both the software and hardware provided by Sequiam.” He further states, “Sequiam provides the technology expertise and BioMetAccess provides the marketing and sales coverage that will assure us of market leadership in a very short period.”
CNN.com reports on the inexorable march of biometrics, a means to establish one’s identity through the use of physical characteristics such as fingerprints and iris scanning. The trend toward adoption is being driven in large part by enhanced security concerns in the wake of 9/11, but others are adopting biometrics as simple good business practices.
Security issues have led the vendor of storage lockers at the Statue of Liberty to embrace fingerprint technology. Visitors use an electronic scanner that captures their fingerprint, thus allowing access to the sites storage lockers. There is a bit of a learning curve such as having to remember the number of your locker. But with increased security checks that include a ban on large objects and visitors having to empty their pockets at metal detectors, “Biometrics seemed the most logical choice,” according to Brad Hill of Evelyn Hill Inc., the provider of concessions at the island.
According to CNN.com, “While the technology is not new, having seen use for years to restrict access in corporate and military settings, it is only now creeping into everyday life. Over the next few years, people currently unfamiliarly with the technology will be asked to use it in everything from travel settings to financial transactions.”
Fingerprint reader technology is being used at Chicago’s Union Station, Universal Studios, Island of Adventure theme parks, and at the Minneapolis-St. Paul airport where authorities provide assurance that storage bins cannot be “rented by one person then opened by someone else.” Piggly Wiggly has installed fingerprint scanners at four grocery stores in North Carolina with plans to expand them into 116 other outlets. CNN.com points out that “you won’t have to be a jet-setter to encounter biometrics more and more. For one, it’s increasingly being used to control access to computers.”
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13. Sequiam’s BioLock to be regular feature on CSI: Miami, America’s #2 rated TV program.
Company Press Release -- November 23, 2004
Sequiam Biometrics’ biometrically accessible door lock system was recently featured on America’s #2 rated Television program, CSI: Miami. Sequiam’s BioLock system was used to provide authorized access to a high security holding cell. BioLock is expected to be a regular feature in future episodes.
Sequiam’s CEO and Chairman, Nick VandenBrekel, is pleased with the exposure that the “technological state-of-the-art” program brings to the firm’s BioLock product and its biometric products division and lab. CSI: Miami is seen by over 25 million people.
The residential deadbolt version is activated when a valid fingerprint is detected by a biometric sensor. The lock interfaces with remote keyless entry systems.
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12. Sequiam lands two more clients for SmartAccess 123 printing solution
Company Press Release -- November 2 & 22, 2004
Sequiam has recently announced two new clients for its SmartAccess 123 print management solution. Both the Georgia Institute of Technology and, through its authorized channel partner Danka, the University of Mississippi Medical Center have decided to employ SmartAccess 123. SmartAccess 123 enhances productivity by facilitating the ability to print to the desired pint shop “as easily as printing to a local or workgroup printer by simply selecting the print shop as a printer from within the application.” Sequiam is clearly pleased to have “one of the nation’s most prestigious universities” and “of the nation’s most prestigious university medical centers” as new clients.
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11. Sequiam Sports' John Bevilaqua Addresses International Sports Security Summit
Company Press Release -- October 28, 2004
At the inaugural International Sports Security Summit, Sequiam Sports' John Bevilaqua had an opportunity to address issues facing sponsors of today's mega-sized athletic events. Ballooning costs of implementing new high-tech security measures has caused some to question whether winning the right to sponsor a major athletic event might not be a 'poisoned chalice.' Mr. Bevilaqua observes, however, "I do not think you would find that anybody who has staged a major event would consider it a poisoned chalice." He points out that when considering events around the world, including Euro '96 in England, the Cricket World Cup in 2003 in South Africa, or the recent Athens Olympics, the improvement in infrastructures will have profound impacts on the regions' economies for "years to come."
Sequiam Sports provides executive level consulting and strategic planning as well as high-tech information management systems to a select number of sports related clients, such as The World Olympians Association, national Olympic committees, event organizing committees, corporate clients and events of international significance. For more on the Sequiam Sports, click here.
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10. Blackboard and Sequiam collaborate on printing solutions
Company Press Release -- October 26, 2004
Danka, one of the largest independent providers of enterprise imaging systems and services, has agreed to co-market Sequiam's remote desktop printing solution, Print It, 123!. Danka Vice President, Eric Holdo, comments that they "have had good success with Print It, 123! in Florida" because "customers . . . appreciate the bundled solutions approach." Sequiam Software President, David Dobkin, believes that a key differentiator of Print It, 123! is its rapid adoption rate. He states, "It is not unusual to achieve 90 percent user adoption rate within a very short period of time, allowing customers to quickly achieve the benefits of a digital print workflow."
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9. Danka adds Sequiam's Print It, 123! to solutions portfolio
Company Press Release -- October 21, 2004
Danka, one of the largest independent providers of enterprise imaging systems and services, has agreed to co-market Sequiam's remote desktop printing solution, Print It, 123!. Danka Vice President, Eric Holdo, comments that they "have had good success with Print It, 123! in Florida" because "customers . . . appreciate the bundled solutions approach." Sequiam Software President, David Dobkin, believes that a key differentiator of Print It, 123! is its rapid adoption rate. He states, "It is not unusual to achieve 90 percent user adoption rate within a very short period of time, allowing customers to quickly achieve the benefits of a digital print workflow."
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8. Fingerprint technology outpacing competing biometric ID technologies
The Wall Street Journal -- October 11, 2004; page B1; by William M. Bulkeley
Fingerprint technology appears to be the biometric identification method of choice, surpassing competing systems such as retina scanning, handprint geometry, and facial recognition. "Fingerprints will be dominant for the foreseeable future," says Don McKeon, product manager for biometric security at IBM. One reason for its popularity is falling prices for fingerprint readers: Microsoft recently introduced a stand-alone model for $54, and earlier this year American Power Conversion rolled out a model for PCs priced at $45. Meanwhile, IBM said last week it would begin selling laptops with built-in fingerprint readers, and Microsoft is marketing a stand-alone fingerprint reader as well as a fingerprint-ready keyboard and mouse. LG Electronics, a leading maker of cellphones, has introduced phones "that require(s) the owner's finger to be swiped across its surface before the phone can be used." And NTT DoCoMo is selling a reader "that is being used on Japanese trains as an electronic wallet to pay fares . . ." Readers are also being used by retail merchants, such as Piggly Wiggly supermarkets, at checkout counters and by health-care providers, such as Catholic Health Systems, to ensure "the right patient gets the right medicine." Mr. Bulkeley reports that Edward McGunn, president of Corporate Safe Specialists, "predicts that within two years, 80% of his sales will be fingerprint safes."
Technological advances that address privacy issues and greatly reduce "false rejections of legitimate users" is also spurring acceptance. International Biometric Group predicts sales of fingerprint readers will rise 86% to $368 million this year, up from $198 million last year, spurred by user rebellion against the myriad passwords computer users must now memorize. "Our parents didn't deal with the problem of remembering 20 passwords, and our grandkids won't even know what they are," predicts IBM's McKeon.
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7. Sequiam partners with NRA to establish NRA-TRAVEL.COM
Company press release -- August 24, 2004
Sequiam announced today that it was partnering with the National Rifle Association (NRA) to begin offering the association's 3.5 million active members a range of travel services under the moniker of NRA-TRAVEL.COM. Using its proprietary BookitRover! Travel reservation engine, Sequiam will support the effort out of its state-of-the-art hosting facility in Orlando, FL. According to the release, "Sequiam will collect travel operator commissions and will then provide a quarterly affinity royalty to the NRA based on the gross amount of total travel volume. Travel services include, among others, airline reservations, hotel bookings, rental car, cruises, vacation packages and corporate group travel." The Managing Director of the NRA, Mike Marcellin, comments, "We are excited to establish NRA-TRAVEL.COM by Sequiam Corp. as a service to all our members. As people are starting to travel more frequently, cost is always a factor. NRA-TRAVEL.COM will provide the lowest cost travel and reservation opportunities available in the travel industry and pass those savings on to its members."
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6. Sequiam founder, Mr. Nicholas VandenBrekel, highlights the company's prospects in interview with The Wall Street Transcript
The Wall Street Transcript -- July 2004
Mr. Nicholas VandenBrekel, Sequiam founder, President, CEO, and Chairman, begins an interview with The Wall Street Transcript by emphasizing his firm's core focus and competency is as a technology-engineering company designing "biometric and biological identification systems" that target the emerging market for safety and security products. In the post 9/11 world, people are "more concerned" with safety, and Sequiam products' "ability to identify and validate, as well as to authenticate ones identity to gain or deny access is becoming a big business for us."
Sequiam has several finished products. One is BioVault, a fingerprint access safe that was "originally designed for gun owners so that the person could lock a loaded handgun in a safety device, that would be rapidly accessible . . ." BioVault is endorsed by and available from the National Rifle Association. Another, BioLock, targets the market for door security. It "is based on a wireless motorized deadbolt system and looks just like any deadbolt that you may see on your home or business. It is wireless and motorized for purposes of convenience, so that when you walk up to your door you simply put your finger on the biometric sensor, it activates a wireless security protocol signal and opens the door's deadbolt mechanism." BioSwitch will soon be introduced to the market. It will bring similar biometric technology to power switches that might, for example, be used in the home on the power switch for the garbage disposal, thus denying access to children. Sequiam "is also working on several larger classified projects" in conjunction with transportation and homeland security-oriented programs that call upon the company's expertise in biometric identification databases. It has partnered on several airport security projects with "the largest baggage handling system manufacturer in the United States." In 2003, Sequiam purchased BritePrint, "a forensic fingerprint technology" company with an expertise in processing crime scene fingerprints.
Sequiam operates two other divisions, Sequiam Software and Sequiam Sports and Travel, that are considered to be non-core units. The software division has created products used "in the document print and document transfer industry . . . " The Sports and Travel group has created a web-based travel product, BookItRover!, that is used for the affinity marketing of travel services. Sequiam ultimately expects to spin off these two divisions.
In response to further questioning, Mr. VandenBrekel elaborates on the potential uses for BioVault, such as confidential documents and jewelry; notaries are using it to protect their notary seals. The technology behind BioVault will facilitate connection to a telecommunications network so as to provide notification, to the police, for example, should unauthorized access be attempted. Other applications include security access to laptop and desktop computers, credit card transactions, and health insurance records. Mr. VandenBrekel comments "the next products that you will see in the future from Sequiam will be more related to national security . . . but . . . for the remainder of the year 2004 and at least the first six months of 2005, you will see the BioLock, BioSwitch, and the BioVault rapidly deploying in the marketplace." The company expects to utilize OEMs to help supply product to resellers. He expects the company to be cash flow positive by the second quarter of 2005.
Beyond the firm's current biometric expertise in fingerprint technology, the company is "also actively involved in the software development, as well as hardware engineering for voice recognition, facial recognition and active-DNA recognition; In addition, our research and development lab is working on an entirely new direction in biological identification which we refer to as 'optical organ reflection,' which is the ability to utilize certain light spectra to ascertain identity through reflection, somewhat similar to sonar and radar . . ."
As to competitive advantages, Mr. VandenBrekel highlights the firm's knowledgeable staff, market-leading position with existing products, and intellectual properties such as patents and trademarks. The firm's top executives have extensive industry experience, including involvement with high-technology projects at Lockheed-Martin and General Dynamics.
While acknowledging there will be challenges, including privacy issues, Mr. VandenBrekel believes "there will be a transitional period to this technology." The bottom line is that "people are much more concerned about their personal safety than they are with privacy." And the passage of a bill in June 2004 by the House of Representatives authorizing the spending of $33.1 billion on homeland security will provide a strong foundation for demand for a range of security products and services.
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5. Sequiam and Blackboard collaborate on Web-based printing solutions
Company press release -- July 15, 2004
Sequiam has announced they've entered a collaborative agreement whereby Sequiam "will interface its Print It, 123!, Scan It, 123! and Print It 101 Web-based print job submission solutions into Blackboard Transaction System(TM) via Blackboard Building Blocks." The agreement calls for Sequiam to support document management systems enabling students, faculty, and staff at Blackboard's 1,500 college and university clients to easily process their printing needs via Sequiam's web-based print management solutions. Kathy Turany, Vice President, Corporate Development of Blackboard commented, "As a hosted service, Sequiam's solutions set will be able to meet the growing demand from our client base for an easy-to-use, Web-based print job submission solution that bears no up-front costs."
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4. Consumer biometric market to grow rapidly in wake of 9/11
Forbes.com; by Penelope Patsuris -- July 8, 2004
Following terrorist's attacks on 9/11, security specialists have increasingly turned to biometric technology in order to "secure borders and catch terrorists." While governments are spearheading the effort to implement fingerprint scans, hand geometry, and retina scans, Penelope Patsuris writes that "the consumer market will soon see a flood of biometric applications." Industry analysts point out that people are rapidly accepting the new technology, thus providing the backdrop for rapid implementation in other markets. The commercial market for biometrics products, according to industry analyst, Prianka Chopra, could jump from 2002's $158 million to as high as $2 billion by 2006. Applications range from finger scan access to electronic products and retail check-out counters to food-stamp and welfare programs to healthcare security.
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3. Sequiam unveils BioLock with biometric door locking technology
Company Press Release -- May 14, 2004
Sequiam Biometrics, a wholly-owned subsidiary of Sequiam Corp., unveiled BioLock, its latest biometric security product. BioLock uses a deadbolt and a biometric sensor that is able to activate a remote module when a valid and authorized fingerprint is detected by the sensor. Sequiam's Chairman and CEO, Nicholas VandenBrekel commented that BioLock has "met with great enthusiasm" by both the residential and commercial building industries.
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2. Sequiam completes financing package for up to $3 million
Company Press Release -- April 28, 2004
Sequiam announced that it has arranged for up to $3 million in financing that includes $2 million via a convertible term note (convertible at $0.66 per share) and $1 million in follow-up financing should Sequiam achieve certain performance benchmarks. The financing was provided by Laurus Master Fund, Ltd., an investment fund specializing in growth-stage public companies. Laurus was also issued warrants to purchase Sequiam stock in the amount of 666,666 shares immediately and 333,334 shares with the second stage of the financing package.
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1. National Rifle Association endorses BioVault fingerprint ID technology
Company Press Release -- August 12, 2003
Sequiam Corp. announced that its Sequiam Biometrics subsidiary has entered a licensing agreement under which the National Rifle Association (NRA) will offer BioVault for sale to its members. BioVault uses patent pending fingerprint identification technology to help keep guns secure from unauthorized use. The NRA's Treasurer and Chief Financial Officer, Wilson H. Phillips Jr., commented, "We are enthusiastic about working with Sequiam and the BioVault. We believe they offer an excellent solution for safe gun storage, with both secure and rapid access to a personal firearm." Nick VandenBrekel, Sequiam CEO, stated, " We have already made the first sales of BioVault units, and anticipate the BioVault and other biometric technologies will revolutionize the way people approach security issues."
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