LaserCard Corporation Signs $1.7 Million Contract With Costa Rican Government for Secure Foreign Resident ID Management System.MOUNTAIN VIEW, Calif. -- LaserCard Corporation (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :LCRD LCRD Least Cost Routing Device ), a leading provider of secure ID solutions, today announced the award of a contract by the government of Costa Rica Costa Rica (kŏs`tə rē`kə), officially Republic of Costa Rica, republic (2005 est. pop. 4,016,000), 19,575 sq mi (50,700 sq km), Central America. . The agreement, valued at approximately $1.7 million, is for the supply of an ID Management System for the country's Foreign Resident program.
This award follows the preliminary phase of the program under which LaserCard previously supplied approximately $500,000 worth of optical memory cards and secure encoders in late calendar 2005.
Under the terms of the agreement announced today, LaserCard will supply a suite of demographic and biometric data collection and card issuance equipment and software solutions to assist the Costa Rican government to manage the issuing of highly secure optical memory based Programs that hold all data in memory for processing. Almost all spreadsheets are memory based so that a change in data at one end of the spreadsheet can be instantly reflected at the other end. Foreign Resident Cards. The applications include the centralized enrollment of legal foreign residents, automatic fingerprint identification to prevent the issuance of duplicate cards, optical memory encoding and card printing servers, quality assurance and card issuance controlled by LaserCard's biometric verification system. The issuance process will also include biometric identification Noun 1. biometric identification - the automatic identification of living individuals by using their physiological and behavioral characteristics; "negative identification can only be accomplished through biometric identification"; "if a pin or password is lost or of workstation operators and strict card auditing processes.
The contract terms include a limited supply of Foreign Resident ID Cards, which incorporate a number of security features in addition to LaserCard's secure optical memory. The card's optical memory will store cardholder card·hold·er
One who holds a card, especially a credit card.
cardhold information including high resolution color facial image, fingerprint images and templates (for automatic one-to-one identity verification Noun 1. identity verification - the automatic identification of living individuals by using their physiological and behavioral characteristics; "negative identification can only be accomplished through biometric identification"; "if a pin or password is lost or ), digitized signature and biographic data. In addition, the optical stripe will also feature LaserCard's unique Embedded HologramHD, a personalized optical variable device which, like the digital data, cannot be fraudulently altered.
Installation of the system is expected to be completed in the spring of 2008. Revenues from the contract will be deferred until the customer's acceptance of the equipment, software, and cards which is anticipated to be during the spring or summer of 2008.
"We are pleased and proud to play a leading role in this key homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security
Department of Homeland Security
executive department - a federal department in the executive branch of the government of the United States project with the government of Costa Rica. This ongoing relationship is further testament to LaserCard's optical memory technology and its ability to provide the most secure solution available today," said Stephen Price-Francis, Vice President of Business Development of LaserCard Corporation. "With this contract, the evolution of our company from technology components supplier to solutions provider continues, building substantially upon the experience we gained in successfully installing an integrated national ID solution for a country in the Middle East."
The Costa Rica Foreign Resident Card is designed to be interoperable with U.S. and Canadian optical memory-based authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC.
(2) Verifying the identity of a user logging into a network. and ID verification systems. More than 30 million optical memory cards have been issued by the U.S. and Canadian governments with no known case of optical memory's digital security having been compromised.
About LaserCard Corporation
LaserCard Corporation, a leader in secure ID solutions, manufactures and markets LaserCard[R] optical memory cards, LaserPASS[TM] Optical/RFID cards and chip-ready Optical/Smart[TM] cards, all featuring Optical IDLock[TM] technology, and other advanced-technology secure identification cards. The Company's secure ID cards are used in countries around the world, including the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, Italy, India and the Middle East for demanding security credentialing requirements such as border security, immigration immigration, entrance of a person (an alien) into a new country for the purpose of establishing permanent residence. Motives for immigration, like those for migration generally, are often economic, although religious or political factors may be very important. and national identification. In addition, the Company provides optical card read/write drives, optical card system software, card-related ID subsystems and card issuance enabling services. The Company operates a wholly-owned German subsidiary, Challenge Card Design Plastikkarten GmbH, which manufactures specialty cards, and markets cards, system solutions, and card personalization printers under the CCD CCD
in full charge-coupled device
Semiconductor device in which the individual semiconductor components are connected so that the electrical charge at the output of one device provides the input to the next device. and Cards & More brands.
All statements contained in this press release that are not historical facts are forward-looking statements made pursuant to the safe harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and are not historical facts or guarantees of future performance or events. Rather, they are based on current expectations, estimates, beliefs, assumptions, and goals and objectives and are subject to uncertainties that are difficult to predict. As a result, our actual results may differ materially from the statements made. Often such statements can be identified by their use of words such as may, will, intends, plans, believes, anticipates, visualizes, expects, and estimates. Examples of forward-looking statements in this release include our anticipation that the Costa Rican government will accept the equipment, software, and cards during the spring or summer of 2008, which implies that the government will order and we will deliver such items during the spring of 2008. These forward-looking statements are based upon our assumptions about and assessment of the future, which may or may not prove true, and involve a number of risks and uncertainties including, but not limited to whether the Costa Rican government funds the program and/or attempts to delay or cancel deliveries under the program, whether we encounter difficulties in making the cards, whether there are quality or other issues which cause the government to delay its acceptance of the equipment, software, and cards and therefore our revenue recognition as well as the risk factors detailed in the Company's Form 8-K Form 8-K
The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock.
See 8-K. , 10-K, and 10-Q filings with the Securities and Exchange Commission. Due to these and other risks, future actual results could differ materially from the Company's expectations. These forward-looking statements speak only as to the date of this release, and, except as required by law, the Company undertakes no obligation to publicly release updates or revisions to these statements whether as a result of new information, future events, or otherwise.