July 26, 2013 -
BIO-Key International has raised another US$1.05 million in equity capital from an existing and new accredited investor in a private direct placement.
According to the company, investors purchased units consisting of one share of common stock and one warrants at $0.30 per unit. Each warrant entitles the shareholder to purchase one additional share of common stock at $0.40 per share and expires in five years.
“As we have recently stated, the Biometrics and broader identity verification markets are at a major inflection point and are emerging into the mainstream. Consequently, it is crucial to fund our working capital needs, in a controlled manner, to ensure we are prepared to meet anticipated demand for our products.” Mike DePasquale, CEO, BIO-key said. “We are extraordinarily pleased that our existing shareholders continue to demonstrate their interest and commitment by investing in the company at this important time.”
Reported previously, IBM has recently granted validation of BIO-Key’s finger biometric authentication solutions for the IB Security Access Manager for Web.
The company has also recently announced that its technology will be used to facilitate a SIM card sales verification system in Nigeria.