Next Biometrics wins another Aadhaar-related fingerprint reader order, approves private placement
Next Biometrics has signed a $417,400-contract for biometric fingerprint scanners with the government of South Indian state Tamil Nadu to improve living standards, the company announced.
A 60 percent upfront payment has already been supplied. The first shipment of Next Biometrics UIDAI and STQC certified fingerprint readers is planned for Q2, while the rest of the devices will be shipped in Q3.
The government will use the biometric readers in its “Public Distribution System” program for Aadhaar authenticated distribution of food supplies to citizens in rural areas. The company says the purchase order confirms a growing need for Aadhaar-related biometric solutions.
“We are pleased that Next products are providing tools for local governments in India focused at improving living standards and providing social benefits for its populations,” said Peter Heuman, Next Biometrics CEO, in a prepared statement.
“The local network of partners and distributors that Next has established in India is key for our continued success in government programs,” said Vishal Pandole, Head of Sales in India at Next Biometrics, in a prepared statement. “This adds to the superior performance, reliability and user-friendliness of our sensor technology proven in numerous real-life projects and use-cases in India.”
In other company news, following an extraordinary general meeting on June 19, a private placement and subsequent offering were approved by Next Biometrics’ board and shareholders.
On May 28, the company announced that a private placement of 25 million shares at a subscription price of NOK 2.00 (US$0.21) each had successfully raised NOK 50 million (US$5.1 million). A subsequent offering of up to 10 million shares, each with a par value of NOK 1.00 (US$0.10), at a subscription price of NOK 2.00 (US$0.21), is now approved.
Estimated expenses for the Private Placement were adjusted from NOK 8.5 million (US$885,000) to NOK 8 million (US$833,000) in an update.