WALL, NJ -- (Marketwired) -- 05/13/13 -- BIO-key International, Inc. (OTCQB: BKYI), a global leader in fingerprint biometric identification solutions, today reported that the company has executed an OEM agreement with Caradigm, a Microsoft and GE Healthcare company. The agreement enables Caradigm to deliver one of the highest ranking biometric identification solutions on the market,* as part of its Identity and Access Management (IAM) suite for healthcare organizations.
Caradigm will offer BIO-key's fingerprint biometric technology with its Single Sign-On (SSO) solution, enabling hospitals and health systems to comply with federal and state government regulations. Specifically, Caradigm IAM customers will be able to meet requirements associated with authenticating the identity of caregivers writing electronic prescriptions of controlled substances (EPCS). The Drug Enforcement Administration (DEA) requires caregivers to perform two-factor authentication for EPCS, and some states also require two-factor authentication for all electronic prescriptions.
"Healthcare organizations need the ability to authenticate caregivers accurately and rapidly, not only to comply with government regulations but to provide the best possible experience for clinicians and patients throughout the care process," said Jim Campbell, Vice President of Caradigm's Identity & Access Management business. "We're excited to bring advanced authentication technology available today to our customers."
"We are very enthused about the OEM relationship with Caradigm as we help to change the way healthcare professionals manage information and access patient records," stated Mike DePasquale, CEO, BIO-key. The company is building from a significant presence and installed base of millions of users. Our goal is to provide Caradigm customers with the fastest, most convenient method available to support streamlined workflow and role based access. Our relationship with Caradigm demonstrates the viability of our revenue and operating model, as well as a validation of our premier fingerprint and authentication technologies."
Caradigm SSO, formerly Sentillion Vergence, allows caregivers to rapidly access applications and patient data without signing on to each application, which can help caregivers improve patient safety, reduce medical errors and increase time spent with patients, rather than navigating technology. Using BIO-key technology with Caradigm SSO, caregivers will be able to perform strong authentication using more than 30 available finger biometric readers as well as those embedded in most personal computers. They also will be able to use other authentication methods like one time password tokens delivered to a mobile device or displayed on screen.
*BIO-key has one of the highest ranked biometric matching algorithms in the industry based on independent testing conducted by the National Institute of Standards & Technology (NIST). More information can be found at: http://www.nist.gov/itl/iad/ig/pftii_results.cfm.
Formed by GE Healthcare and Microsoft Corp. in June 2012, Caradigm USA LLC is a 50-50 joint venture focused on enabling health systems and payers to drive continuous improvements in care. Caradigm software helps healthcare professionals across care settings to use data to gain critical insights, collaborate with each other and with patients, and to develop and implement innovative care solutions. Caradigm products -- and applications built by partners to extend these products -- give clinicians, administrators and finance teams timely access to key information, helping them to take steps to solve some of healthcare's biggest challenges, including chronic disease management, preventable hospital readmissions and hospital acquired conditions, and to advance integrated, accountable care. Caradigm is headquartered in Bellevue, Wash. For more information about the company, visit http://www.caradigm.com
BIO-key International, Inc., headquartered in Wall, New Jersey, develops and delivers advanced identification solutions to commercial and government enterprises, integrators, and custom application developers. BIO-key's award winning, high performance, scalable, cost-effective and easy-to-deploy biometric finger identification technology accurately identifies and authenticates users of wireless and enterprise applications. Our solutions are used in local embedded OEM products as well as some of the world's largest identification deployments to improve security, guarantee identity, and help reduce identity theft. BIO-key's technology is offered directly or by market leading partners around the world. (http://www.bio-key.com)
BIO-key Safe Harbor Statement
Certain statements contained in this press release may be construed as "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue, our ability to develop new products and evolve existing ones, the impact on our business of the recent financial crisis in the global capital markets and negative global economic trends, and our ability to attract and retain key personnel. For a more complete description of these and other risk factors that may affect the future performance of BIO-key International, Inc., see "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company also undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
BIO-key International, Inc.
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