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BIO-key Reports 129% Revenue Increase

Wednesday 11 February 2004 15:45 CET | News

BIO-key has achieved record revenues for its fourth quarter ended December 31, 2003. Revenues for the quarter were $336,590 reflecting 129% growth over the previous quarter ended September 30, 2003.

Since inception BIO-key has invested over $25 million primarily developing the industrys most accurate and scalable finger-based biometric technology. BIO-keys patent pending VST open technology is the only technology that is vendor independent and is able to seamlessly operate with most industry finger-based hardware scanning devices. VST has unmatched capability, not only in highly accurate one-to-one authentication applications, but has unparalleled capability for one-to-many identification solutions with the ability today to scale to one million records. In addition to previously announced new contracts and strategic partnerships with premier integrators such as Oracle, Northrop Grumman, HP, and SAFlink, and becoming a qualified supplier under a GSA contract, during the fourth quarter the company announced several important new contracts and relationships: -- ChoicePoint, the leading provider of identification and credential verification services, has selected BIO-keys technology to integrate into an identity verification solution ChoicePoint will be piloting with several of its check cashing and retail customers. -- The National Sheriffs Association (NSA) and the Pegasus Research Foundation (PRF) awarded a $3.0 million dollar contract to Maximum Information Technology (MaxIT) and its Pegasus Technology Consortium (PTC) to expand the NSA Pegasus Program to address critical data interoperability issues for Sheriffs, law enforcement and first- responders and to support local law enforcement database sharing. The PTC, consists of MaxIT, Appriss Inc., BIO-Key International, Inc., Business Communications Inc., Circadence Corporation, Cquay Technologies, Dell, eLabs Inc., MS e-Center and Sun Microsystems. -- Autodesk the worlds leading design software and digital content company, has chosen BIO-key to be part of its emergency response solutions program for emergency response professionals to combine digital maps, building drawings, and emergency response information to quickly obtain and understand critical information in order to make informed decisions with confidence. -- Netegrity, a leading provider of identity and access management solutions, has partnered with BIO-key to create ID Director for Netegrity SiteMinder, which integrates BIO-keys WEB-key biometric architecture with the Netegrity SiteMinder product. Additionally, several important technology and product milestones were accomplished: -- BIO-key Achieved a 0.00% False Accept Rate (FAR) and a 0.00% False Reject Rate (FRR) in the medium security category, in independent testing done by the International Biometric Group. These key measures mean that in the first visit, at the medium security category, BIO-key Vector Segment Technology stopped every unauthorized person from access and allowed every authorized person access. -- BIO-key formed a joint venture with ClassifEye Ltd., to compress its flagship biometric identity algorithms into embedded security solutions running on mobile and wireless devices. With BIO-keys VST as its core, this new generation of software will enable biometric technology to be utilized by stand-alone mobile devices such as cell phones, PDAs, tablets, and other portable computing products. -- BIO-key a Certified Member of the Oracle(R) Partner Network, demonstrated its new integrated biometric identification solution for Oracle 9i and 10g platforms at the Oracle Apps World 2004 show. Utilizing the true user identification capabilities of WEB-key, Oracle E-Business suite customers can more securely and quickly manage enterprise user access while insuring the validity of their user population. -- BIO-key received a Product of the Year Award by BiometriTech, a leading authority on biometrics and security. The independent biometric industry publication cited updates to BIO-keys Vector Segment Technology (VST) that allowed it


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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce