BIO-key International, Inc. (OTCQB: BKYI) is a leading
provider of advanced fingerprint biometric identification solutions to commercial
and government enterprises, integrators and application developers. The
company’s award-winning finger identification technology is currently used in
some of the world’s largest identification deployments in order to improve
security, guarantee identity and reduce identity theft. BIO-key’s
software-based products are optimized to deliver fast and accurate user
authentication on any device, network or internet environment, giving the
company a highly scalable asset to promote future growth.
In March, the company expanded upon its existing product
offerings through the announcement of EcoID, a compact USB touch fingerprint
reader that delivers top quality identification at an unprecedented price
point. With a manufacturer’s suggested retail price that’s substantially lower
than other USB touch scanners, BIO-key will look to leverage this product in
order to secure a larger share of the touch fingerprint reader market.
In May, BIO-key highlighted an additional, potentially
expansive application for its technology when it announced a partnership with
HealthCast, Inc. to deliver innovative solutions for single sign-on (SSO) and
secure two-factor authentication for electronic prescription of controlled
substances (EPCS) to clients across the United States. Potential customers
include leading hospitals and hospital systems, such as Rady’s Children’s
Hospital in San Diego, California, the first hospital in the country to deploy
an EPCS solution utilizing the company’s proprietary EpicCare EMR technology.
“We understand that the doctors and nurses appreciate
innovative technology that streamlines what was once a time-consuming and less
secure process,” Jim Skidmore, vice president of sales at BIO-key, stated in a
news release. “We are pleased to provide our solutions with those of HealthCast
to meet these needs.”
Despite a decline in revenue during the first quarter of
2015, BIO-key is in a strong position to capitalize on the wide-spread
potential applications of its technology in the months to come. By focusing its
sales and marketing efforts on large enterprise and government opportunities,
the company will look to achieve vastly increased revenue for the remaining
quarters of 2015. In May, BIO-key reported a pipeline of sales opportunities
valued at $30 million with which to promote this forecast financial growth.
“We made good progress across the business during the first
quarter, helping to solidify our outlook for the balance of 2015 and beyond,”
Michael DePasquale, chairman and chief executive officer of BIO-key, stated.
“Though our first quarter sales performance fell below last year’s level… we
are on target to achieve our full year revenue guidance of five to seven
million dollars and expect to demonstrate the strength of our sales effort in our
second quarter performance.”
For prospective investors, BIO-key’s recent progress toward
expanding the market potential of its innovative biometric technology makes the
company an intriguing option to consider moving forward. As it looks to convert
upon the massive potential of its sales pipeline, look for BIO-key to take
steps toward increasing its share of the domestic security software industry.
For more information, visit www.bio-key.com
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