SOURCE: BIO-key International, Inc.
WALL, NJ--(Marketwired - Jul 26, 2013) - BIO-key International, Inc. (OTCQB: BKYI), a global leader in fingerprint biometric identification solutions, advanced mobile credentialing and identity verification technologies, today reported that it has raised an additional $1.05 million in equity capital from existing and new accredited investors in a private direct placement. Investors purchased units consisting of one share of common stock and one warrant at $0.30 per unit. Each warrant entitles the shareholder to purchase one additional share of common stock at $0.40 per share and expires in five years. Proceeds of this offering will fund near term investments in sales, marketing and R&D.
"As we have recently stated, the Biometrics and broader identity verification markets are at a major inflection point and are emerging into the mainstream. Consequently, it is crucial to fund our working capital needs, in a controlled manner, to ensure we are prepared to meet anticipated demand for our products." said Mike DePasquale, CEO, BIO-key. "We are extraordinarily pleased that our existing shareholders continue to demonstrate their interest and commitment by investing in the company at this important time."
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 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 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, wider market acceptance of biometric technologies, our ability to raise additional financing, and, 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, 2012 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 undertakes no obligation to disclose any revision to these forward-looking statements whether to reflect events or circumstances after the date hereof or otherwise.