ImageWare Systems releases progress and outlook report
ImageWare Systems, Inc. released highlights of the company’s progress over the past three months. ImageWare is a leader in multimodal biometric security solutions.
Jim Miller, Chairman and CEO of ImageWare reported: “Since the release of BE 2.0, we have been gaining traction in the commercial and consumer markets, two areas we have been heavily targeting. BE 2.0 is now being evaluated in test installations by four major integrators and two major commercial entities. We are also engaged in ongoing discussions with several additional integrators and commercial entities, with which we anticipate announcing partnerships or licensing agreements in the second half of 2012.”
As the deadline for the U.S. SAFE Port Act is nearing, foreign governments are mandating the private sector to finance security measures to beat the deadline set in January 2013. ImageWare was able to ink an exclusive contract with the Republic of Ecuador, a largest exporter to the U.S. The contract is believed to exceed US$3 million.
Earlier this year, ImageWare received contracts from the Los Angeles World Airports and two other regional airports.
ImageWare also strengthened its take on interactive mobile applications when it acquired four patents to wireless technology from VOCEL. With security it provides in biometric identification, verification, enrolment and fusion needed for mobile transactions.
Three more patent applications were filed on “anonymous matching” technology in protecting individual’s privacy in the consumer market by providing biometric management solutions.
ImageWare will continue to provide biometric security to two areas that represent the future of the industry: mobile devices and cloud computing. Miller said: “Our patented BE 2.0, supplemented by the recent IP acquisitions, has positioned us to enter the mobile transaction marketplace for healthcare, law enforcement, banking and retail. Our unique technology clearly has the potential to provide us strong, steady revenue growth, along with better forward-looking visibility.”
Lastly, ImageWare announced the appointment of Neal Goldman, to its board of directors. Goldman is its largest shareholder and he is the president and director of Goldman Capital Management. Goldman will be sharing his extensive knowledge of finance and capital markets and his proven leadership abilities to ImageWare.
Also joining ImageWare is John Cronin, managing director and Chairman of ipCG, the largest intellectual property strategy consulting team in the world.
For the remainder of 2012, Miller said ImageWare “will continue to focus on expanding into non-government sectors, including commercial, consumer and healthcare – areas where our efforts are just beginning to take hold. BE 2.0 is testing well in several pilot implementations, and our investments in new wireless patents and talent have created a strong foundation to address our anticipated growth.”