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BIO-key(R) Completes Sale of Law Enforcement Division to InterAct Public Safety Systems
Dec 08, 2009 (03:12 PM EST)
WALL, N.J., Dec. 8 /PRNewswire-FirstCall/ -- BIO-key International, Inc. , a leader in wireless public safety and finger-based biometric identification solutions, announced that it has completed the sale of its Law Enforcement Division to InterAct Public Safety Systems.
As previously announced, the total purchase price paid to BIO-key for the Law Enforcement Division, after customary closing adjustments were made, was approximately $11.3 million. Of that amount, approximately $7.3 million was received by BIO-key in cash at the closing and InterAct issued a guaranteed, secured three-year promissory note for the remaining $4 million.
"We are pleased that we were able to complete this transaction with InterAct Public Safety Systems," said Mike DePasquale, CEO, BIO-key. "They are a quality company with the vision and resources to continue to invest in and grow the public safety mobile business."
"Everyone at InterAct is extremely pleased to have finalized this acquisition," said Andrew J. "Flip" Filipowski, executive chairman and chief executive officer of InterAct. "BIO-key has built their law enforcement mobile products to be the best on the market today. Having already been integrated into the InterAct Connections Framework, products now known as InterActMobile will be integral in our continued corporate growth strategy."
Mr. DePasquale concluded, "We are also excited and reinvigorated with the potential of our biometrics business. For the first time we will have the resources to adequately capture the opportunities in the emerging fingerprint-based biometric market. Our success in winning strategic customers provides us with a strong reference base and unequaled credibility as we pursue other business opportunities in the government, commercial and international markets."
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. ( HASH(0x2a9bc678c0) )
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, 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.
(C) Copyright 2009 by BIO-key International, Inc.
Contacts: BIO-key International, Inc. Bud Yanak 732-359-1113
Web site: http://www.bio-key.com/