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ImageWare plans biometrics market footprint expansion, reveals management changes

Common stock will be increased to 2 billion shares, 120 million new shares added to incentive plan
 

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ImageWare released several corporate updates in which the company highlights its Q4 2020 sales and announced key management changes. According to the release, the company will be undertaking the changes as part of its ongoing transformation.  The sales and management teams are set to be shuffled up to increase ImageWare’s biometric identification and authentication footprint in 2021.

The company plans to hire sales staff in North America to support the commercialization of its recently-rebranded multimodal biometric solution ImageWare Authenticate and updated law enforcement platform, and expects its bookings and sales numbers to begin improving in the second half of the year.

ImageWare announced the availability of a biometric network access control solution with partner Safe-T earlier in March.

The company’s CFO, Jay Lewis announced his resignation effective April 7, 2021, but he will stay on to lead the transition process. Similarly, former board chair and CEO S. James Miller, Jr., has ended his consulting relationship with ImageWare after more than thirty years with the company.

ImageWare’s board of directors and shareholders also approved a measure to raise the company’s common stock bringing the shares from 1 billion to 2 billion. A similar measure was adopted to incrementally add 120 million shares to ImageWare’s 2020 Omnibus Equity Incentive Plan.

ImageWare CEO and President Kristin Taylor stated, “Since coming to ImageWare last year, I have seen our team make tremendous progress in transforming our business for its new growth phase, but we still have much work ahead. We’ve made some difficult choices and likely have more ahead, but we are taking the necessary steps to support the long-term viability and success of our company. Our efforts in the near term will take some time before they translate to sustained financial improvement, but we are well underway and remain encouraged by the opportunities in front of us.”

Taylor added, “Over the next 12 plus months, we will be working to complete several major operational initiatives, designed to put our company on a path to sustained growth and profitability. In addition to rolling out both new and enhanced legacy product offerings and platform integrations, we are aggressively closing on several strategic partnerships with cutting-edge, market-ready, global players as evidenced by our recent collaboration announced with Safe-T. We are also completing a comprehensive review and implementing a company-wide IP development program to maintain and expand our thought leadership. With costly cybersecurity attacks proliferating and the growing security demands of remote work, ImageWare is ideally positioned to capitalize on the ever-expanding need for simpler, safer, secure access and identification. In public safety, the ImageWare brand remains strong, enabling us to leverage that position for the imminent launch of our refreshed platform for law enforcement and public safety.”

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