Receives $2.3 Million Purchase Order
MOUNTAIN VIEW, Calif., Aug. 13 /PRNewswire-FirstCall/ -- LaserCard Corporation (Nasdaq: LCRD), a leading supplier of secure ID credentials used in biometric identification, today announced the expansion of the national ID card program for a Middle Eastern government.
A new centralized high-volume card issuance system which will personalize the smart chip, the optical memory and the eye-readable data of this state-of-the-art national ID card is being implemented by the prime contractor. LaserCard has received the $2.3 million purchase order for the supply of chip-ready optical memory cards, which include high resolution security printing and custom security features. Deliveries are scheduled to begin by September and continue through November 2007.
LaserCard has previously received orders totaling over $10 million in optical smart cards, personalization systems and services under a previously announced subcontract for the initial phase of this project, which saw the implementation of a number of distributed card issuance sites. The augmentation of this distributed infrastructure by the new centralized facility will greatly enhance the card issuing capacity of this important national ID program.
"We are proud that the government of this Middle Eastern country continues to rely on LaserCard for its expansion of this ID program critical to its national security," said Richard Haddock, President and CEO of LaserCard Corporation. "We are pleased to once again demonstrate our ability to deliver effective secure ID solutions around the world."
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 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 we will deliver the cards under this order during the remainder of 2007. 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 subcontractor or end customer attempts to delay or cancel deliveries under the order, whether we encounter difficulties in making the cards, whether there are quality or other issues which cause the end customer to delay its acceptance of the 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.
|SOURCE LaserCard Corporation|
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