Atlanta 8/10/2013 3:00:00 AM
News / Stocks

ImageWare Systems (IWSY) Awarded $2.2M Deal to Expand U.S. Department of Veteran Affairs Credentialing Capabilities

MissionIR would like to highlight ImageWare® Systems, Inc.(OTCBB: IWSY), a proven, patented, multi-modal biometric company with over a decade of providing identity management solutions. The company’s innovative products, such as and GoMobile Interactive, enable extraordinary modular, flexible, and scalable identity solutions across a variety of markets, including mobile, wireless, financial services, and healthcare.

In the company’s news,

ImageWare Systems has been awarded a $2.2 million contract by the U.S. Department of Veteran Affairs (VA) to enhance its personal identity verification (PIV) credentialing capabilities.

Per the agreement, ImageWare will deliver software licenses during the third quarter of 2013, resulting in approximately $1.5 million in revenue in addition to service revenue of approximately $650,000, to be recognized proportionally over the next year.  

In 2007 ImageWare initially installed its biometric identity management solution with the VA to provide large-scale, agency-wide biometric identity and credential management capabilities, such as biometrically enabled PIV credentials, in compliance with U.S. government standards.

As part of the new contract, the VA will also utilize ImageWare’s patented hardware and algorithm independent Biometric Engine® 2.0 system, enabling the enrollment and management of unlimited population sizes.

“The U.S. Government has confirmed multi-modal biometric identity management as the only way to move forward as it offers a greater level of security and reliability,” Jim Miller, chairman and CEO of ImageWare stated in the press release. “ImageWare’s proven track record of government experience executing best-of-breed patented, fully compliant biometric solutions will drive the standards for commercial adoption. We are honored to continue working with the VA and expand our services in support of their mission. As we look forward, I am confident we will introduce similar solutions to our global enterprise customers and solution provider partners.”

The Biometric Engine 2.0 backend database for CloudID™ features:

• Enrollment, identity and verification management of unlimited population sizes
• Hardware and algorithm independent processing
• Compatibility with all biometric products
• Future-proof, plug-and-play flexibility
• Product modules that can be implemented together or individually
• License and/or subscription service offering
• Software development kits

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.