WALL, New Jersey and LAGOS, Nigeria, Sept. 08, 2020 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ:BKYI), an innovative provider of identity and access management (IAM) solutions powered by biometrics, today provided an update on its Africa business and pending opportunities.
Though the African continent, and particularly Nigeria, has been hard-hit by the COVID-19 epidemic, BIO-key's African subsidiary in Nigeria is maximizing new and existing revenue opportunities while aligning appropriate investments with expected returns. BIO-key's two largest African opportunities are externally funded programs which will use BIO-key software and hardware technologies to secure identities across the country. As reported on recent investor conference calls, BIO-key remains prepared to provide its technology through Technology Transfer Institute (TTI) and other consortium partners as the country resumes commercial activity.
Anthea Arnasalam, Chairwoman of TTI, advised, "We are moving forward as a collaborative partnership, including BIO-key as a named party and provider of technology in our current contracts to deliver secure identity solutions to the Nigerian market. We are delighted to work with the innovative team at BIO-key and to pursue this growing market together."
Akintunde Carlton Jeje, BIO-key Managing Director - Africa commented, "Given the significant impact of COVID-19 across Africa, we are actively engaged with the consortium of contract partners to confirm their plans, requirements and timeframes in light of the economic conditions in the region. Discussions continue with the partner network, as well as with government agencies to initiate and deliver these mission-critical programs. As the country reopens, we stand ready to begin delivering our technology in the coming months."
"The opportunity for secure identification including biometrics in Africa remains significant. Through our Africa subsidiary, growing partner network and strong balance sheet, we are well-positioned to take advantage of those opportunities across the continent," stated Manny Alia, BIO-key Board of Directors member.
Michael W. DePasquale, BIO-key Chairman and CEO, stated, "We are very excited to start our contracts in Africa and have staged funding in Nigeria for BIO-key Africa to build the vital infrastructure to support revenue opportunities with TTI and our consortium partners."
BIO-key will continue to update on our Africa initiatives as new information is available.