SOURCE: BIO-key International, Inc.
WALL, NJ--(Marketwire - Jan 28, 2013) - BIO-key International, Inc. (OTCBB: BKYI), a global leader in fingerprint biometric identification solutions and advanced mobile identification technology, today reported that the Company received orders in excess of $1 million from healthcare and blood center customers in the fourth quarter of 2012. Orders for new business included expanded services and technologies for several hospitals, reaching agreements with two blood centers to install BIO-key's TruDonor ID and sales developed through growing OEM relationships.
"In 2012 we made a significant investment to enhance our position in the healthcare market, a market that will remain strong with the mandated electronic health records initiatives and incentives," said Mike DePasquale, BIO-key CEO. "Healthcare has natural drivers for our technology; such as the need for physicians to offer a second factor of authentication when processing ePrescriptions. Fingerprint biometrics has been approved by the DEA and every state Board of Pharmacy as an accepted form of two-factor authentication. The National Institute for Standards and Technology (NIST), which sets the standards for DEA compliance, recently tested and rated finger biometric software and BIO-key achieved top scores for speed and accuracy positioning us as the leader in compliance and convenience for healthcare organizations."
Today, BIO-key technology is utilized by thousands of hospitals nationwide to access electronic health records, process ePrescriptions and to provide secure access to drug cabinets. Additionally, in the fourth quarter 2012, BIO-key reached an agreement to provide TruDonor ID to its sixth blood center customer, expanding the Company's footprint to include over 2 million licensed donor enrollments. Delivering donor ID solutions for blood centers is the precursor to providing hospitals and healthcare practices with compliant and secure Patient ID solutions as they seek to meet their "Meaningful Use" requirements.
BIO-key healthcare customers future proof their authentication process using our patented, universally interoperable technology that is quickly becoming a mandatory requirement for innovative healthcare providers. The entire healthcare industry is migrating to electronic health records and eventually offering patients open access to their individual health records. BIO-key intends on continuing to provide secure authentication solutions to enable this type of progress. Equally with the introduction of dozens of new Smartphone's and tablets, interoperability will allow customers to access applications on any device from one single enrollment.
"BIO-key ended 2012 with measurable momentum as our sales model is starting to resonate; a reason we have positive expectations for the future," said DePasquale. "In December, we planned on hosting an investor update call, but with several customer projects and strategic initiatives pending we elected to offer today's announcement and schedule a formal call in February to review strategic initiatives as well as the year-end financial results."
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 may be construed as "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 subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these 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, the impact on our business of the recent financial crisis in the global capital markets and negative global economic trends, 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, 2011 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 also undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.