Today, global leader in fingerprint biometric identification solutions, BIO-key International reported that it has completed a $1.05 million direct private placement. The additional equity capital comes courtesy of both existing and new accredited investors, who purchased $0.30 units consisting of a single share at common stock and one warrant entitling the shareholder to purchase an additional share of common stock once it expires in five years at a price of $0.40.Near term investments in sales, marketing, and research and development will be funded by this new placement.
BIO-key has already stated that biometrics and identity verification markets are at a major inflection point and on the verge of becoming mainstream. Speaking to this, BIO-key CEO Mike DePasquale comments, “…it is crucial to fund our working capital needs, in a controlled manner, to ensure we are prepared to meet anticipated demand for our products. We are extraordinarily pleased that our existing shareholders continue to demonstrate their interest and commitment by investing in the company at this important time.”
BIO-key International, Inc. develops and delivers advanced identification solutions to commercial and government enterprises, integrators, and custom application developers. BIO-key’s award winning, high performance, scalable, cost-effective and easy-to-deploy biometric finger identification technology accurately identifies and authenticates users of wireless and enterprise applications. Our solutions are used in local embedded OEM products as well as some of the world’s largest identification deployments to improve security, guarantee identity, and help reduce identity theft. BIO-key’s technology is offered directly or by market leading partners around the world. (http://www.bio-key.com)
Contact: BIO-key International, Inc., Jay Meier, 651-789-6116, Jay.firstname.lastname@example.org
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