"Working with a global partner and leading IT innovator like Fujitsu and their NuVola Private Cloud allows ImageWare to quickly enter the private cloud arena," continued Miller. "The worldwide deployment of this platform represents a significant growth opportunity for ImageWare and also demonstrates our multi-biometric security expertise."
During the third quarter, the company also advanced the development of its biometric-secured mobile transaction technology, building upon the wireless push technology and related patents it acquired from VOCEL earlier in the year. Integrating wireless push technology with ImageWare's biometric solutions provides the missing security link facing a growing number of enterprises and government agencies using mobile platforms to transact business or interact with their users. The solution is applicable for healthcare, law enforcement, banking and retail, or any organization requiring highly-reliable and flexible identity verification of their mobile users. The company plans to release the first demonstration models of this mobile technology to key potential corporate users in early December.
In addition to product development, ImageWare has been preparing for a major international deployment as the exclusive provider of biometric identity management for a prime contractor installing cargo scanning security at the Republic of Ecuador's major seaports. The initial deployment is currently scheduled to begin in the early part of 2013 at the Port of Guayaquil, the country's main seaport that handles a majority of its imports and exports. ImageWare expects to receive a fee for every port worker receiving credentials, as well as an annual management and maintenance fee, based on a percentage of the initial credentialing cost per worker. Depending upon the number of enrollees, the company expects the contract value to exceed $3.0 million over its seven year term.
"The high-end biometric secure credentialing solution we are providing for Ecuador is the same technology being deployed for the Los Angeles World Airports, which we announced earlier this year," noted Miller. "In fact, we can easily replicate this platform for virtually any port system that needs transportation worker identification cards in order to comply with the SAFE Port Act. Not only are our solutions easily deployable, for ImageWare they generally represent gross margins above 70% as well as a recurring revenue stream. Our unique patented technology has the potential to provide us strong, steady revenue growth, along with excellent forward-looking visibility."
Miller added: "Historically, our revenues have been lumpy and difficult to predict as a result of our dependence upon larger government projects. Although we will continue to pursue government contracts, we believe the proactive steps we have taken to operate in the commercial and consumer markets will begin to provide us with monthly recurring revenue throughout 2013, driven primarily from our Cloud, SaaS and mobile offerings."
For the complete interview with Jim Miller: www.securitystockwatch.com/Interviews/in_Boardroom_IMW.html
For more information about ImageWare Systems Solutions: http://www.iwsinc.com/solutions.cfm and ImageWare Systems Products: http://www.iwsinc.com/SecureCredentials.cfm
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