WALL, N.J., Dec. 21, 2017 — BIO-key International, Inc. (Nasdaq:BKYI), an innovative provider of biometric software and hardware solutions for strong and convenient user authentication, announced today that it has secured a $4 million order for its enterprise fingerprint biometric authentication platform, including maintenance services, from an existing Fortune 500 customer. The order builds upon the customer’s initial deployment last year to provide strong authentication to access customer records and other enterprise resources by several hundred thousand of the customer’s global personnel. BIO-key expects to record $2.5M in license revenue from the order in the current quarter ending December 31, 2017 and the balance over the next three years.
BIO-key’s authentication platform is more flexible and secure than traditional biometric solutions, in that it allows customers to choose between securely managing biometric credentials centrally or on-device, enabling a portable biometric user experience. BIO-key’s unique interoperable software supports over 40 different scanners, including most integrated fingerprint scanners found in enterprise laptops and tablets. If legacy devices lack a scanner, customers utilize BIO-key’s high-quality, value-priced, USB fingerprint scanner solutions widely available via Microsoft, Amazon, Dell.com and BIO-key’s distribution partners and retailers.“Following the success of last year’s initial one-year enterprise license agreement and software deployment, our customer elected to expand the scope and duration of our relationship into a perpetual software license agreement with software maintenance,” stated Mike DePasquale, Chairman & CEO of BIO-key. “Beyond this order, BIO-key is also providing professional services integrating BIO-key into the applications and identity frameworks users interact with.”Jim Sullivan, SVP Strategy and Business Development BIO-key stated, “This sale validates the strength and capabilities of our robust software, along with the critical market need for user-friendly, scalable biometric solutions to relieve enterprise users from the frustration of passwords, tokens, cards and keys as authenticators. It also represents another large scale deployment of BIO-key’s unique server-based biometric management approach. We are pleased this customer has rejected the limitations of ‘on-device-only’ authentication for their hundreds of thousands of employees. Enterprises need flexible solutions.”About BIO-key International, Inc. (www.bio-key.com)
BIO-key is revolutionizing authentication with biometric solutions that enable convenient and secure access to devices, information, applications and high-value transactions. BIO-key’s software and hardware finger scanning solutions offer secure, user-friendly and attractively priced alternatives to passwords, PINs, tokens and security cards, enabling enterprises and consumers to secure their networks and devices as well as their information in the cloud.Now BIO-key’s TouchLock line of fingerprint and Bluetooth-enabled padlocks brings the security and ease of use of biometric technology to your home, office, school, gym or pastimes. Available at a growing base of retail and e-tail outlets and via www.shopbio-key.com, these innovative padlocks provide even more ways to “BIO-key your world.”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 develop new products and evolve existing ones, market acceptance of biometric solutions generally and our specific offerings, our ability to expand into the Asian market, the impact on our business of the past financial crisis in the global capital markets, and our ability to attract and retain key personnel. For a more complete description of these and other risk factors that may affect the future performance of BIO-key International, Inc., see “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 and its 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. The Company undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made.Facebook – Corporate: BIO-key InternationalTwitter – Corporate: @BIOkeyIntlTwitter – Investors: @BIO_keyIRStockTwits: @BIO_keyIRInvestor & Media ContactsWilliam Jones, Tanya KamatuCatalyst Global212-924-9800[email protected]
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