Market Movers Market Movers Recent News: Bio-Key International Inc (OTCB:BKYI)
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Recent BKYI News: FBI Next Generation Identification Automated Finger Identification System Based on Fusion of BIO-key and MorphoTrak Biometric Algorithms WALL, N.J., Sept. 10 -- BIO-key International, Inc. (OTC:BKYI) (BULLETIN BOARD: BKYI) , a leader in finger-based biometric identification and wireless public safety solutions, announced today that the contract recently awarded by Lockheed Martin to provide fingerprint identification technology for the FBI's Next Generation Identification (NGI) system is based on the fusion of BIO-key and MorphoTrak biometric algorithms. The fusion of the algorithms of these two powerful biometric providers was a key component to delivering the speed, accuracy and reliability of the solution that was selected. It is no exaggeration to say that the U.S. FBI is the most discerning and most demanding fingerprint user in the world. The award of the contract for the FBI's NGI system was the result of a competitive trade study process that rigorously and objectively evaluated vendors' solutions. BIO-key and MorphoTrak were able to fuse their two fingerprint biometric algorithms to deliver unsurpassed speed and accuracy results from a single fingerprint sample. This innovative technology achievement advances the finger matching process beyond what has previously been available.
"We appreciate the privilege of being selected to be part of this vital national identification project along with MorphoTrak and we look forward to working with the FBI and its contractors including Lockheed Martin to successfully implement and support the most advanced biometric system ever deployed," said Mike DePasquale, BIO-key's CEO. "The results we have been able to achieve are extraordinary," stated Mira LaCous. Vice President of Technology and Development. "BIO-key's core algorithm accuracy and image enhancement/ correction solutions provided major improvements to the FBI's current system and we believe surpassed all other competing technologies. This technology, developed here in the United States, that BIO-key provided to MorphoTrak is being used today by BIO-key customers in commercial applications as well as other major large scale civil ID programs," continued Ms. LaCous. "We believe the selection of BIO-key technology by the FBI, through their contractors Lockheed Martin and MorphoTrak, to be part of the NGI system, validates that BIO-key has some of the industry's most accurate and scalable fingerprint matching technology. Other agencies and commercial customers, looking to take advantage of the research, testing and decision by the FBI may now reasonably conclude: "If it is good enough for the FBI, it's certainly good enough for our organization". We are thrilled with how well BIO-key is positioned and with the quality of our references as we look to our future biometric business potential", DePasquale concluded. About BIO-key International, Inc. BIO-key International, Inc., headquartered in Wall, New Jersey, develops and delivers advanced identification solutions and information services to law enforcement departments, public safety agencies, government and private sector customers. BIO-key's mobile wireless technology provides first responders with critical, reliable, real-time data and images from local, state and national databases. BIO-key's high performance, scalable, cost-effective and easy-to-deploy biometric finger identification technology accurately identifies and authenticates users of wireless and enterprise data to improve security, convenience and privacy and to reduce identity theft. Over 1,000 police departments in North America use BIO-key solutions, making BIO-key the leading supplier of mobile and wireless solutions for law enforcement. (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, the implementation of our strategic repositioning, our ability to exploit fully the value of our technology and our strategic partnerships and alliances, our ability to obtain shareholder approval of this transaction 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, 2008 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. Company Contact: BIO-key International, Inc. Bud Yanak 732-359-1100 DATASOURCE: BIO-key International, Inc. Web Site: http://www.bio-key.com/ |
