SAN DIEGO, CA -- (Marketwire) -- 05/15/12 -- ImageWare Systems, Inc. (PINKSHEETS: IWSY), a leader in multimodal biometric security solutions, provided a corporate update today to highlight ImageWare's progress over the last six months.
Key Milestones and Events
- Completed a $10.0 million equity financing with MDB Capital Group;
- Eliminated all long-term debt and existing Series C and D Preferred Stock;
- Finalized and released version 2.0 of ImageWare's flagship Biometric Engine (BE);
- Began a definitive marketing campaign within the port and commercial marketplaces;
- Los Angeles World Airports (LAWA) ordered a suite of ImageWare's biometric identity management and credentialing software, valued at approximately $1.0 million;
- Awarded four patents in U.S., Canada, China and Australia;
- John Cronin, managing director of the world's largest Intellectual Property (IP) strategy consulting firm, ipCG, was appointed to ImageWare's board of directors; and
- Reestablished current reporting status with the U.S. Securities and Exchange Commission (SEC).
Progress Overview and 2012 Outlook
Over the last six months, ImageWare achieved multiple milestones in product and corporate development as well as made key additions to its market-leading IP portfolio.
A $10 million equity financing with MBD Capital Group at the end of 2011 allowed the elimination of all outstanding debt and the conversion of ImageWare's outstanding Series C and D Preferred Stock into Common Stock, and provided the working capital necessary to fuel these accomplishments. ImageWare is now aggressively and competitively bidding for new business in the government and commercial markets.
As part of this effort, ImageWare finalized and released version 2.0 of its flagship Biometric Engine, an evolutionary leap in physical security identification at airports, seaports and other critical points-of-access.
Officially announced today, the release of BE 2.0 marks an inflection point in the execution of ImageWare's business plan, as the release rolls out the new software to major government clients like LAWA (operators of LAX) and the Veterans Administration, and offers a new entry point to the commercial sector, which is expected to benefit from enhanced identity authentication methods in the upgrade.
The upgrade also addresses head-on the SAFE Port Act, which requires foreign shippers by 2013 to not only secure cargo being shipped to the U.S. but also securitize the identity of individuals loading their contents.