SOURCE: Sequiam Corporation

October 31, 2006 07:00 ET

Sequiam Awarded $2 Million Contract With Bank of Uganda

ORLANDO, FL -- (MARKET WIRE) -- October 31, 2006 -- Sequiam Corporation (OTCBB: SQUM) (www.sequiam.com), a leading provider of biometric technology and services, announced today that its wholly owned subsidiary, Biometric Security (Pty) Ltd (www.biometrics.co.za), will provide biometric security to support credit referencing and risk management solutions for the Bank of Uganda, that country's central bank. The three-year contract will generate approximately $2 million in sales for Sequiam.

The primary contract from the Bank of Uganda is with Sequiam's strategic partner CompuScan, which chose Sequiam's biometric security technology to support a Credit Reference Bureau (CRB) for Uganda's banking sector. Sequiam will supply biometric fingerprint and smart card readers, smart cards, camera and software systems that will positively identify every bank customer and authenticate their transactions.

Dirk Breytenbach of CompuScan said: "After having evaluated numerous global leading biometric technology firms, we concluded that Sequiam has the strongest and broadest biometric technology base and the ability to integrate that technology into the national banking system of Uganda."

Nick VandenBrekel, CEO of Sequiam Corporation, said: "This contract marks yet another major milestone in the development of Sequiam and further establishes Sequiam as the leader in high-quality biometric solutions produced cost-effectively for large-volume consumer and small business markets."

About Sequiam

Headquartered in Orlando, Florida, Sequiam Corporation develops, markets, and supports a portfolio of highly robust proprietary security, OEM and Biometric solutions. In addition, Sequiam provides research and development services for the biometric industry worldwide. Sequiam's solutions incorporate low-cost, high-volume manufacturing processes indicated for the consumer and small business markets. Sequiam is a global company with offices in Taiwan, China and South Africa. For more information, please visit www.sequiam.com

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The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the company may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. Risk factors that may cause results to differ from projections include, without limitation, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining prices, and other economic factors. The company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.

Contact Information

  • Company Contact:
    Nick VandenBrekel
    CEO
    Sequiam Corporation
    407-541-0773
    Email Contact: Email Contact

    Investor Relations:
    Stanley Wunderlich
    CEO
    Consulting for Strategic Growth 1
    Tel: 1-800-625-2236
    Fax: 1-212-337-8089
    Email Contact: Email Contact