SAN DIEGO, CA--(Marketwired - May 10, 2013) - ImageWare Systems, Inc. (OTCQB: IWSY), a leader in multi-modal biometric security management solutions, has issued a corporate update to highlight the company's progress since its last update on April 1, 2013.
Progress Overview and Outlook
Since ImageWare's last update in April, the company has achieved multiple milestones in product development and market penetration.
During the first quarter of 2013, ImageWare entered into a contract with Fujitsu to market a cloud-based, multi-modal biometric identity management offering delivered on the Fujitsu Global Cloud Platform (FGCP). The FGCP is believed to be one of the world's largest cloud platforms and features ImageWare's CloudID™ product suite, which is anchored by its patented, multi-modal Biometric Engine® 2.0.
Subsequent to the first quarter, the FGCP was marketed in North America and, as a result, ImageWare secured its first agreement in connection with this contract. Today the company announced an agreement with Emida, a leader in the global prepayment and value transfer market, to provide cloud identity management services for mobile wallet subscribers and partners using its patented CloudID software-as-a-service. The solution will run on top of the FGCP.
Together, ImageWare and Fujitsu will deliver a fully-validated, feature-rich security solution that will provide unprecedented identity and value exchange protection for financial transactions. Under the agreement, ImageWare's services will be delivered on a subscription fee basis.
Emida currently operates in 37 countries throughout the world and supports a network of more than 54,000 retail points. With an annualized dollar payment volume in excess of $1.5 billion and more than 240 million payment transactions processed each year, partnering with Emida presents an attractive opportunity for ImageWare and showcases its "plug-in" approach for cloud-based identity management applications.
"The proactive steps we have taken to position ImageWare as a leader in multi-modal biometric security for the cloud and mobile markets are beginning to show results," said Jim Miller, chairman and CEO of ImageWare. "Our partnership with Fujitsu to utilize their secure global cloud platform is paving the way for a swift entry into these markets, as evidenced by our recent agreement with Emida. Together with Fujitsu, we expect to see significant momentum in similar partnerships as we plan to collaborate on a global expansion model in the near future. In fact, we are currently in discussions with several clients regarding licensing opportunities and will continue to target large enterprise businesses and emerging applications."
Since the last corporate update, ImageWare has also continued to develop and advance its biometric-secured, mobile transaction technology that is built upon the wireless push technology and related patents it acquired from VOCEL last year. ImageWare now has a production release of this mobile technology on the Android platform and plans to release its iPhone demonstration model in the near future. In addition, ImageWare is currently in substantive discussions with several new clients regarding licensing opportunities.
Integrating interactive messaging technology with ImageWare's Biometric Engine provides the missing security link that faces a growing number of enterprises and government agencies using mobile platforms to transact business or interact with their users. The solution is applicable for healthcare, law enforcement, banking and retail, or any organization requiring highly-reliable and flexible identity verification of their mobile users.
Miller concluded: "Over the last year, we have taken significant steps to strengthen our internal resources, enhance our product offering and further penetrate the commercial and consumer markets. As a result, we have begun to see our revenue model change as our dependency upon larger government clients with lumpy and difficult to predict revenues is nearing an end. By licensing our products on a service or transactional basis to a broad base of clients, we can significantly increase revenues, provide forward-looking visibility and drive shareholder value well into the future."
