BIO-key Awarded $800K Follow-On Order for Biometric User Authentication from Leading Government Defense Ministry
06 November 2023 - 11:57PM
BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider
of workforce and customer identity and access management (IAM)
solutions featuring Identity-Bound Biometrics (IBB) for phoneless,
tokenless, passwordless and phish-resistant authentication
experiences, announced that one of the world’s most respected
government defense ministries has selected and awarded BIO-key a
new $800k order, leveraging a previously announced three-year
purchasing agreement. The defense ministry is accelerating its
deployment of BIO-key biometric authentication to secure, yet
simplify, access to its most critical information systems. This
order, along with portions of earlier $340k and $150K orders
received in Q3’23, is expected to be recognized during Q4’23.
The defense ministry continues to expand its BIO-key user
authentication deployment into new programs and user scenarios,
delivering convenient phoneless, tokenless, and passwordless
authentication access to digital services for over 30,000 users.
BIO-key expects that expansion of the programs using its solution
to additional defense ministry personnel will result in other
awards in future periods.
BIO-key’s secure biometric authentication platform has been
integrated with the ministry’s virtual desktop infrastructure (VDI)
capabilities to allow secure VDI-optimized biometric authentication
without requiring phones or tokens. BIO-key has worked closely with
the ministry’s cybersecurity team to integrate state-of-the-art,
cloud-enabled biometric authentication with its authentication
federation platform to deliver advanced and secure biometric access
to systems and applications across organizational boundaries.
Because BIO-key credentials are the individuals themselves, access
cannot be shared, delegated, phished, or forgotten.
Jim Sullivan, BIO-key’s SVP Strategy and Chief Legal Officer,
said, “When the stakes are at their highest, security must be
uncompromising yet user-friendly. BIO-key’s relationship with this
innovative customer continues to expand, as does interest from the
defense vertical in general. Last week, we were pleased to announce
the addition of another new government defense ministry customer.
We are pleased to be trusted to provide the highest level of
security possible by biometrically ensuring only the right user
accesses the most sensitive information. BIO-key has a long history
of providing very secure and robust solutions in government,
defense, finance, retail, and other highly regulated industries,
and we are finding that our superior user experience and
cost-saving tokenless solution translates well to enterprise
authentication."
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 securing
access for over thirty-five million users. BIO-key allows customers
to choose the right authentication factors for diverse use cases,
including phoneless, tokenless, and passwordless biometric options.
Its hosted or on-premise PortalGuard IAM solution provides
cost-effective, easy-to-deploy, convenient, and secure access to
computers, information, applications, and high-value
transactions.
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; 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
Swivel Secure into our business; fluctuations in foreign currency
exchange rates; 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, 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, we undertake no obligation to disclose any
revision to these forward-looking statements whether as a result of
new information, future events, or otherwise.
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Investor Contacts:William Jones, David
CollinsCatalyst IRBKYI@catalyst-ir.com212-924-9800
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