Precise Biometrics issues update for Q3, boasts FPC licensing agreement
Precise Biometrics has just issued an update for its third quarter, and has also highlighted financial specifics for the interim period of January-September, 2013.
The company’s net sales for the interim period was US$5.04 million (SEK 32.1 million) and was US$96,000 (SEK 6.1 million) for the third quarter. Available cash at the end of the interim period also amounted to US$17.58 million (SEK 112.1 million).
The company also points to some significant events in the third quarter, which includes a major licensing agreement with Fingerprint Cards, in which FPC licensed Precise’s fingerprint algorithm in its sensors. Reported previously, FPC has bundled the algorithm into existing sensors, targeting smartphones and tablets.
From that licensing deal, earlier this month, Precise announced that a smartphone with its Precise BioMatch Mobile algorithm had been launched in the Asian market with an FPC sensor.
In a bizarre turn of events, two weeks ago, a bogus press release was published which announced that Samsung had acquired Fingerprint Cards for $650 million. Both companies have since confirmed the release was false, and that the bogus release could be the result of a larger hack, however, in the midst of the confusion, trading was halted for both Fingerprint Cards and Precise Biometrics stocks.
In September, the company’s CEO sold a large portion of his shares in Precise Biometrics for “personal financial reasons.” After the transaction, the company says he still retains 1,600,000 share warrants in the company.