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BIO-key Completes $2.5 Million Private Placement of Additional Financing
Oct-16-03
Financing Provides New Funding to Support Growth and Strengthens Company's Balance Sheet
BIO-key International, Inc. (OTC Bulletin Board: BKYI), the leader in finger-based biometric identification technology for identity management security solutions announced today that it has completed a $2.5 million private placement, extending its existing funding arrangement.
Tom Colatosti, BIO-key Chairman said, "This new financing is an extremely significant accomplishment for BIO-key for several reasons. First, it demonstrates confidence from institutional investors in our technology. Second, it strengthens our balance sheet to enable us to make some new investments that will accelerate revenue growth. Third, it provides a strong endorsement from knowledgeable investors who believe we are positioned to be an industry leader in biometric technologies and solutions."
In August, at the annual BiometriTech Conference, BIO-key was the recipient of the "Best of Show Award" for its WEB-key 2.2 product with its elegant architecture, processing spend, unrivaled scalability and its matchless accuracy. This recognition along with recent partnership announcements with Oracle, Northrop Grumman, HP, Saflink and as a GSA qualified supplier, provide the foundation for the emergence of BIO-key as a leader in biometric and security solutions for commercial and government applications.
"We are seeing the pipeline of sales opportunities grow for BIO-key across a broad spectrum of applications, both domestically and internationally, as both private and public sector organizations seek to cost-effectively secure physical and electronic assets and solve the $50 billion a year identity theft problem," added BIO-key CEO, Mike DePasquale.
Funds are advanced under the existing funding agreement pursuant to a secured note on terms substantially similar to the secured note issued under the existing funding agreement. The agreement extends the financing arrangement through October 2004.
About BIO-key
BIO-key develops and licenses advanced biometric finger identification technologies that are cost effective, scalable and easy to deploy. BIO-key products provide "True User Identification(TM)" for the prevention of data and identity theft while preventing false aliases. BIO-key pioneered the only finger identification algorithm that has been certified by the ICSA, and today continues that innovation by offering cost effective, high-performance one-to- many finger and one-to-one identification solutions that provide security and positive identification for both government and enterprise applications. http://www.bio-key.com
BIO-key Safe Harbor Statement
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these statements. The words "estimate," "project," "intends," "expects," "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 Private Securities Litigation Reform Act of 1995. For a more complete description of these and other risk factors that may affect the future performance of BIO-key International, see "Risk Factors" in the Company's Annual Report on Form 10-KSB 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.
Contact:
Albert Maruggi
612-325-8126
amaruggi@providentpartners.net
SOURCE BIO-key International, Inc.