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MADRID, Spain and HOLMDEL, N.J. - BIO-key International, Inc. (NASDAQ:BKYI), a micro-cap cybersecurity company with a market capitalization of $4.06 million specializing in Identity and Access Management (IAM) and biometric authentication solutions, has announced the swift completion of a deployment for an International Defense Agency. The project, which included a suite of BIO-key’s biometric-based IAM solutions, was finalized at initial sites within an expedited timeframe of four days. According to InvestingPro data, the company’s stock has shown high price volatility and often moves independently of broader market trends.
The deployment featured several BIO-key products, such as PortalGuard On-Prem, which offers Multi-factor Authentication (MFA) and Single Sign-On (SSO) capabilities, and WEB-key, an advanced biometric authentication system. Also included were BIO-key’s PIV-Pro and ECO2 Fingerprint Scanners, FIPS-certified devices for high-security access control, and Passkey:YOU FIDO2 Authentication, supporting passwordless, phishing-resistant authentication. Despite maintaining a healthy gross profit margin of nearly 60%, InvestingPro analysis reveals that the company faces challenges with cash burn and short-term obligations. Subscribers can access 8 additional ProTips and comprehensive financial analysis in the Pro Research Report.
Alex Rocha, International Managing Director at BIO-key, highlighted the collaboration and efficiency of the teams involved, leading to the rapid and successful deployment. He emphasized the security benefits and simplification of access that the customer will experience, with plans for further expansion of the deployment in the future.
Nelson Junior, Technical Manager at BIO-key International, remarked on the significance of completing such a comprehensive project in a short period. He attributed this achievement to the seamless integration of BIO-key’s IAM solutions and the commitment of their team.
BIO-key International, Inc. is known for its biometric-centric, multi-factor IAM software that secures access for over forty million users globally. With annual revenue of $7.29 million, the company offers various authentication factors, including biometric options that do not require phones or tokens, through its PortalGuard IAM solution, which can be hosted in the cloud or on-premise. The stock has experienced significant volatility, with the share price declining 36% year-to-date, though InvestingPro’s Fair Value analysis suggests the stock may be undervalued at its current trading level of $1.09.
This deployment is part of BIO-key’s ongoing efforts to provide secure, scalable authentication solutions that adhere to the highest security standards. The successful implementation serves as a testament to BIO-key’s capabilities in the field of cybersecurity and IAM.
The information for this article is based on a press release statement from BIO-key International, Inc.
In other recent news, BIO-key International, Inc. announced significant financial developments. The company secured approximately $3.8 million in gross proceeds through a Warrant Exercise Agreement with an institutional investor. This agreement involved the purchase of approximately 2.06 million shares of BIO-key’s common stock at $1.85 per share. The investor received new Series A and Series B warrants for up to 1.55 million shares each, with an exercise price of $2.15 per share. These new warrants are immediately exercisable and will expire in five years. Additionally, BIO-key entered into Exchange Agreements with Streeterville Capital, LLC, reducing an original note’s balance by $834,000 in exchange for approximately 489,635 shares of common stock. The outstanding principal amount of the original note now stands at about $738,400. Maxim Group LLC acted as the exclusive placement agent, earning a 6% cash fee on the gross proceeds. The company plans to use the net proceeds for working capital, general corporate purposes, and partial repayment of an outstanding secured note.
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