SOURCE: BIO-key International, Inc.

BIO-key International, Inc.

January 13, 2015 08:00 ET

BIO-key Reports Mobile and New OEM Revenue Growth

Strategic Plan Provides Complete OEM Authentication Ecosystem From Device to Cloud

WALL, NJ--(Marketwired - Jan 13, 2015) - BIO-key International, Inc. (OTCQB: BKYI), a leader in fingerprint biometric identification technologies and secure device-to-cloud mobile credentialing and identity verification solutions, today reported the company generated revenue in both the fourth quarter and full 2014 fiscal year from advanced fingerprint authentication solutions within its OEM & Mobility business segment. The OEM business, including Mobility, generated over $500K in revenue in the fourth quarter FY 2014 and nearly $2M for the full fiscal year.

Following the launch of its Strategic Development Agreement with InterDigital Corporation (IDCC), BIO-key entered collaborative development efforts with Advanced Micro Devices (AMD) and Trustonic. The Company expanded the capabilities of its NIST-validated Vector Segment Technology algorithm to include full size, small area and swipe sensors. The Company licensed the technology to sensor manufacturers for delivery with their sensor hardware, resulting in growth in 2014 revenue. The solutions provide secure user authentication on the device or in the network and cloud, offering the best-in-class combination of user-convenience and security without sacrificing one for the other. As a result, BIO-key is now uniquely capable of delivering fast and accurate fingerprint identification and verification on an OEM basis for any size fingerprint sensor produced for the Mobility, Identity & Access Management (IAM) and Internet-of-Things marketplaces.

"BIO-key is delivering technology to sensor manufacturers that enables them to offer solutions to meet the wide spectrum of secure authentication options their tier one OEMs require," said Jim Sullivan, BIO-key's Vice President of Strategy and Business Development. "Rather than placing security, convenience and interoperability at cross purposes, our customers can utilize BIO-key's flexible algorithm suite for everything from small sensor and in-device matching to highly secure, robust matches in the context of a security-sensitive use case. Our proven interoperable algorithm accommodates our customers' sensor technologies as they evolve over time between swipe and area, capacitive and thin film approaches. BIO-key is unique in serving this full range of use cases."

"It is clear that no single company has deployed a commercially viable mobile fingerprint solution that can be considered secure without compromising user experience," stated Mike DePasquale, BIO-key Chairman and CEO. "Through our partnerships, we have developed a true end-to-end platform that provides highly accurate fingerprint matches on any device or in any network or cloud. We are also working to include software to detect 'liveness' reducing 'spoofing' that has affected many popular biometrically enabled devices. OEMs, VARs and platform providers can universally rely on BIO-key products and systems for their unique designs and businesses."

About BIO-key 
BIO-key International, Inc.
, headquartered in Wall, New Jersey, develops and delivers advanced identification solutions to commercial and government enterprises, integrators, and custom application developers. BIO-key's award winning, high performance, scalable, cost-effective and easy-to-deploy biometric finger identification technology accurately identifies and authenticates users of wireless and enterprise applications. Our solutions are used in local embedded OEM products as well as some of the world's largest identification deployments to improve security, guarantee identity, and help reduce identity theft. BIO-key's technology is offered directly or by market leading partners around the world. (http://www.bio-key.com)

BIO-key Safe Harbor Statement
Certain statements contained in this press release and in other public statements by the Company and Company officers include or may contain certain forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words "anticipate," "believe," "estimate," "will," "may," "future," "plan," "intend" and "expect" and similar expressions generally identify forward-looking statements. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Although we believe that our plans, intentions and expectations reflected in the forward-looking statements are reasonable, we cannot be sure that they will be achieved. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: 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 between us and other companies in the biometric technology industry; market acceptance of biometric products generally and our products under development; 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, 2013 filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. Except as required by law, we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact Information

  • BIO-key Press Contact

    Jay Meier
    Vice President Corporate Development
    BIO-key International, Inc.
    651-789-6116
    Jay.meier@bio-key.com