Exhibit 99.1

 

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Biometric and Multi-Factor Identity and Access Management Provider BIO-key Reports

Q3 Revenue of $943K and $18.4M Cash Position; Hosts Investor Webcast Today at 10am ET

 

WALL, NJ – November 12, 2020 - BIO-key International, Inc. (Nasdaq: BKYI), an innovative provider of biometric and other multi-factor identity and access management (IAM) solutions for strong, convenient user authentication and large-scale identity applications, today reported results for its third quarter ended September 30, 2020 (Q3’20). BIO-key will host a conference call today at 10:00 a.m. ET (details below) to review its results and outlook.

 

Recent News and Highlights:

BIO-key ended Q3’20 with $18.4M of cash reflecting the completion of a $24.8 million underwritten public offering of stock and warrants in July.

Q3’20 revenue of $943K or more than double Q3’19 revenue of $453K. BIO-key’s Q3’20 results benefitted from the acquisition of PortalGuard® developer PistolStar. PortalGuard is an enterprise multifactor authentication and single sign-on platform deployed and used by millions of users at hundreds of customers around the world, with particular strength in education.

PortalGuard continues to be deployed by educational institutions across the U.S., including in Florida, Pennsylvania, North Carolina, Georgia, California, Guam, and Washington D.C., as well as by a major nonprofit healthcare organization, a global medical device company, a major municipality, and the U.S. General Services Administration.

A multinational agriculture company also deployed BIO-key’s biometric software solutions and PIV-pro finger print readers to secure system access by workers at two facilities in California with the potential to add additional facilities in coming months.

BIO-key’s biometric user access solution for voter registration data was utilized across 45 counties in two states during recent elections.

BIO-key’s Channel Alliance Program continues to expand and now includes 50 partners worldwide.

One of two large African contracts is expected to commence in Q4’20, with anticipated orders of $650K for an initial deployment.

BIO-key expects Q4 performance to continue to improve from Q3 levels, with continued momentum into FY 2021.

 

BIO-key CEO Michael DePasquale commented, “Despite lingering business development challenges posed by the COVID-19 pandemic, Q3 proved a pivotal and exciting quarter for BIO-key as we completed the recapitalization of the Company and built revenue momentum for our new PortalGuard solution. We began to see a return to more normalized sales and marketing dialogues following a very challenging Q2 during which most customer IT decision-making had been put on hold. We are now seeing business activity slowly moving to a more normal pace and level of engagement. Importantly, Q3’20 marked the first quarter incorporating results of our PistolStar/PortalGuard business, and we saw very strong traction for the solution, particularly within higher education institutions seeking to strengthen and streamline online access to educational resources for students, faculty and administration.

 

“In recent weeks we have also seen initial traction in Africa as we have commenced work on the first of our two large projects in Nigeria. The projects have been delayed due to the COVID-19 pandemic, and more recently some civil unrest, however business activity has begun to normalize with the opening of the economy and the projects are beginning to move forward. The first contract is an approximate $45M project to provide biometric software and hardware solutions in support of a Nigerian Ministry of Labour program to create employment for one million recent college graduates in Nigeria. It appears that this program has become an even more important priority in the wake of the economic disruption from the pandemic. We look to close an initial deployment for this project this month with anticipated orders for $650k in the fourth quarter and we expect the project to scale substantially over the next two years.

 

1

The following information was filed by Bio Key International Inc (BKYI) on Thursday, November 12, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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