July 2, 2012 -
ImageWare Systems Inc., a leader in biometric security solutions, has acquired four U.S. patents relating to wireless technology. This makes the total number of patents the company holds to nine, with eight more patent applications pending. These latest patents will be used to develop interactive mobile applications, secured by biometrics.
It will cover content-rich interactive messages through wireless devices. And, it is capable of collaborating with one or more recipients depending on the event-based interactive workflow template chosen by the sender. It is highly-reliable with information delivered in real-time using push technology.
Payment for patents involved potential future cash royalty payments and cashless transaction of 150,000 warrants to purchase ImageWare’s common stock at $0.80 per share. However, the use of warrants will depend on ImageWare realizing revenue of at least $500,000 from the use of patents.
Jim Miller, ImageWare Systems chairman and CEO is enthusiastic about the acquisition of patents saying: “Combining the technology underlying these patents with ImageWare’s biometric solutions provides the missing security link facing a growing number of enterprises and government agencies using mobile platforms to transact business or interact with their users.” In addition, “securing these patents also provides yet another substantial competitive barrier to entry, as we work to roll out related mobile security enhancements to our products before the end of the year.”
ImageWare System Inc. is set to enter the mobile marketplace. The company targets industries involved in healthcare, law enforcement, banking and retail, or any organization that needs highly reliable identification and verification solutions for their mobile users.