SOURCE: ImageWare Systems, Inc.
SAN DIEGO, CA--(Marketwire - Apr 1, 2013) - ImageWare Systems, Inc. (OTCQB: IWSY) ("ImageWare"), a leader in multimodal biometric security management solutions, has issued a corporate update to highlight the company's progress during the fourth quarter ended December 31, 2012 and the past three months.
Progress Overview and Outlook
Since ImageWare's last update in November, the company has achieved important milestones in product and market development.
In March 2013, ImageWare entered into a contract with Fujitsu under which ImageWare will deploy a cloud-based, multi-modal biometric identity management offering that will be delivered on the Fujitsu Global Cloud Platform (FGCP). ImageWare's CloudID™ product suite, anchored by its patented, multi-modal Biometric Engine® (BE) 2.0, will be offered on the FGCP, which is expected to be one of the world's largest cloud platforms.
As part of the agreement, ImageWare's products will be licensed on a service or transactional basis. The solution is expected to be introduced in North America in the second quarter of 2013, with plans to collaborate on a global expansion model in the near future, and will target large enterprise businesses and emerging applications. The agreement, which is in addition to ImageWare's previously announced three-year software license agreement with Fujitsu's NuVola Private Cloud Platform, is expected to significantly increase revenues while providing greater stability and forward-looking visibility.
"Our goal to establish a leadership position in biometric-based identity management for the cloud is becoming a reality," said Jim Miller, chairman and CEO of ImageWare. "By working with a leading IT innovator such as Fujitsu, ImageWare is able to quickly and efficiently enter the cloud-based arena and gain access to a broader base of clients in the commercial market. The launch of ImageWare's products on the FGCP is a significant step for us and we look forward to a potential worldwide deployment in the near future. Further, by licensing our products on a service or transactional basis, we expect to see a significant improvement in our revenue model and eliminate our historically lumpy sales that have been difficult to predict."
ImageWare also continued to advance the development of its biometric-secured mobile transaction technology, building upon the wireless push technology and related patents it acquired from VOCEL in the second quarter of 2012. In December 2012, the company released the first demonstration models of this mobile technology to key potential corporate users and is currently in licensing discussions with several clients.
Integrating wireless push technology with ImageWare's biometric solutions provides the missing security link facing a growing number of enterprises and government agencies using mobile platforms to transact business or interact with their users. The solution is applicable for healthcare, law enforcement, banking and retail, or any organization requiring highly-reliable and flexible identity verification of their mobile users.
Miller concluded: "Our strategy to diversify ImageWare's revenue stream and decrease our dependency upon larger government projects is beginning to gain traction. Although we will continue to pursue government contracts, our SaaS, mobile and cloud offerings in the commercial and consumer markets will provide us with a more stable, recurring revenue stream and a clearer picture of ImageWare's long-term opportunity."
ImageWare will hold a conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to provide a corporate update. The company's Chairman and CEO Jim Miller and CFO Wayne Wetherell will host the conference call, followed by a question and answer period.
Date: Monday, April 1, 2013
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Dial-In Number: 1-888-846-5003
Conference ID#: 4610669
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.
The conference call will be broadcast live and available for replay at http://public.viavid.com/index.php?id=104041 and via ImageWare's investor relations section at www.iwsinc.com.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through May 1, 2013.
Toll-free Replay Number: 1-877-870-5176
International Replay Number: 1-858-384-5517
Replay #: 4610669
About ImageWare Systems, Inc.
ImageWare Systems, Inc. (OTCQB: IWSY) is a leading developer of identity management solutions, providing biometric, secure credential and law enforcement technologies. Scalable for worldwide deployment, ImageWare's biometric product line includes a multi-biometric engine that is hardware and algorithm independent, enabling the enrollment and management of unlimited population sizes. ImageWare's identification products are used to manage and issue secure credentials, including national IDs, passports, driver's licenses, smart cards and access control credentials. The company's digital booking products provide law enforcement with integrated mug shot, fingerprint livescan and investigative capabilities. ImageWare is headquartered in San Diego, CA, with offices in Portland, OR, Washington, D.C., and Ottawa, Ontario. For more information on ImageWare Systems, Inc., visit www.iwsinc.com.
Forward Looking Statements
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "if", "should" and "will" and similar expressions as they relate to ImageWare Systems, Inc. ("ImageWare") are intended to identify such forward-looking statements. ImageWare may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see "Risk Factors" in ImageWare's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.