PHOENIX, Feb. 14, 2019 (GLOBE NEWSWIRE) -- Uptick Newswire Stock Day Podcast interviews BIO-key International, Inc. (NASDAQ: BKYI ), CEO Michael DePasquale. BIO-key is an innovative provider of biometric authentication and security solutions that secure access to information and high stake transactions.
Stock Day host Everett Jolly interviewed Mr. DePasquale about the biometrics technology industry and BIO-key's operational developments to date.
*Interview has been edited for brevity and clarity:
EJ: "Welcome Mike. Biometrics has been around for sometime now, but what's exciting about BIO-key's now and for its investors?"
MD: Fingerprint biometrics have been around the past 30 years in heavy use across forensic and law enforcement customers such as the FBI to identify individuals. It's become mainstream in the last 5 years with companies like Apple and Samsung moving biometrics to phone identification technology to replace PIN's and passwords to access the device and consummate transactions. What's exciting for us today is that we've really been able to build a very well designed, powerful solution over the last 25 years, and we have intellectual property and patents that serve to protect our technology. From an enterprise perspective, passwords/PINS and tokens are not secure enough to protect assets or prevent data breaches. Nor do these methods provide sufficient protections to ensure that employees that are accessing internal networks and customer data – are actually authorized to do so – and with our solution, both the customer and the employee are protected by the knowledge their biometric identification cannot be comprised. We have customers in all aspects of the economy and around the globe using this technology.
EJ: "I've watched sy-fy movies where they use iris, voice recognition instead of fingerprints. Are you concerned there might be a paradigm shift to other forms of biometrics?"
MD : First off, we recognize that we need to support other modes of biometric authentication, and we do, however we believe very strongly that fingerprint biometrics remain the strongest, most sensible, most cost effective, and most widely deployed biometric method. While these other methods are trying to find a way to get into the biometric party, we are confident that the value and business proposition for fingerprint biometrics will continue to win the day with the enterprise. First off – the other modes of biometric authentication tend to require more sophisticated and expensive hardware, such as cameras for face or iris – and these methods face other challenges related to lighting, aging, hairstyles etc. Then there is the intrusive aspect of putting the camera in front of your eye or face – something that’s not as socially acceptable to do in a public setting. Finally, they just do not have the decades of data and use experience that underlie fingerprints – including their use in immigration and law enforcement.
EJ: "Microsoft dominates the OS market share for computers, can you elaborate on BIO-key's partnership with Microsoft and what it means for the future?"
MD : We've been working with them over the past 2 years to support their security initiatives first launched in Windows 10. Microsoft recognizes the password has failed to provide sufficient security – so they are providing a range of new two factor authentication methods that will provide better security to Windows users. To support the PC opportunity, a few years back we began developing a full line of finger scanners under the EcoID, SidePass, SideSwipe and SideTouch brands. These are ergonomically designed USB fingerscanners that deliver excellent security at a value price and allow you to replace passwords/PIN.
Our finger scanners are designed to work in a plug & play fashion with Windows and the new Windows Hello and Hello for Business security applications in Windows 10. With our readers and a Windows 10 computer, you can automatically enroll your fingerprint and replace passwords/PINs for Microsoft and a select number of websites. It’s very easy and very powerful – as it removes the inherent weakness of passwords – and so we believe this partnership provides a great avenue for BIO-key to expand its reach into both consumer and enterprise opportunities.
EJ: "Can you talk about the recently announced $10M contract - and BIO-key's expansion into Asia. What future revenue opportunities and what's BIO-key's revenue trajectory going forward?"
MD: The $10M contract is primarily for software use across various applications in the Asian markets where we have built a growing base of operations based in Shenzhen, China and Hong Kong. Asia is already starting to gain traction for sales and represents a significant milestone for BIO-key's international expansion.
Our revenue doubled from 2016 to 2017 and we expect to meet our 2018 guidance of $8M which should bring us very close to cash flow breakeven. The business continues to expand, and we expect further growth in 2019 – based both on deals already in house as well as opportunities we see going forward. While Asia is an important source of growth – we are really seeing our business expand on a global basis.
EJ: "To close the interview, what should be the final thing listeners should take away from this interview?"
MD : Everyone should see and understand that biometrics are going to replace the very broken solutions that have been failing to protect access to infrastructure and networks. It’s amazing that we’ve known of the security weaknesses for more than a decade and only now are enterprises and customers finally finding the resolve to make investments in better solutions. In a sense, perhaps you can’t blame them, for there wasn’t a big penalty for doing nothing over many years.
But now – the reputational, financial, competitive and regulatory damage that an enterprise will suffer for having failed to act – is really changing the calculus. Also – change never comes easily or quickly – so it’s taken years for companies and governments to become comfortable with a new approach – and then to find the financial path to implement it. It’s amazing the difference today in how customer prospects are thinking – versus five or more years ago. They are now committed to doing something – and we have a good shot of getting the business; whereas in the past it now seems like they just needed to talk about change and there were no real consequences for not taking action.
To hear the entire interview with Michael DePasquale, follow the link to the podcast here: https://upticknewswire.com/featured-interview...aq-bkyi-2/
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About BIO-key International, Inc. ( www.bio-key.com )
BIO-key is revolutionizing authentication with biometric solutions that enable convenient and secure access to information and high-stakes transactions. We offer alternatives to passwords, PINs, tokens, and cards to make it easy for enterprises and consumers to secure their devices as well as information in the cloud. Our premium finger scanning devices offer market-leading quality, performance and price. BIO-key also brings the power and ease of use of biometric technology to its TouchLock line of biometric and Bluetooth enabled padlocks – providing even more ways to BIO-key your world!
BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "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 not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our ability to develop new products and evolve existing ones, customer and market acceptance of biometric solutions generally and our specific offerings, our ability to expand sales within existing customer relationships, our ability to raise additional capital, 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, 2017 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 undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made.
Facebook – Corporate: BIO-key International Twitter – Corporate: @BIOkeyIntl Twitter – Investors: @BIO_keyIR StockTwits: BIO_keyIR
Investor & Media Contacts William Jones, Tanya Kamatu Catalyst Global 212-924-9800 bkyi@catalyst-ir.com
About Uptick Newswire and the “Stock Day” Podcast Founded in 2013, Uptick Newswire is the fastest growing media outlet for Nano-Cap and Micro-Cap companies. It educates investors while simultaneously working with penny stock and OTC companies, providing transparency and clarification of under-valued, under-sold Micro-Cap stocks of the market. Uptick provides companies with customized solutions to their news distribution in both national and international media outlets. Uptick is the sole producer of its “Stock Day” Podcast, which is the number one radio show of its kind in America. The Uptick Network “Stock Day” Podcast is an extension of Uptick Newswire, which recently launched its Video Interview Studio located in Phoenix, Arizona.
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