LaserCard Corporation Signs $1.7 Million Contract With Costa Rican Government for Secure Foreign Resident ID Management System.
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 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 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 information including high resolution color facial image, fingerprint images and templates (for automatic one-to-one identity verification), 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 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 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, Canada, Italy, India and the Middle East for demanding security credentialing requirements such as border security, immigration 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 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 provisions of the Private Securities Litigation Reform Act 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, 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.
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|Date:||Dec 20, 2007|
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