LaserCard Corporation Receives $1.9 Million Follow-On Order for a Middle Eastern National ID Card Program - April 25, 2008
MOUNTAIN VIEW, Calif.-LaserCard Corporation (NASDAQ:LCRD), a leading provider of secure ID solutions, today announced a follow-on purchase order to supply secure identity cards for the national ID program of a Middle Eastern nation.
The $1.9 million order calls for the continued supply of optical smart cards to be issued via approximately 40 issuance offices in cities throughout the country. This order is a follow-on to an earlier $11 million contract under which LaserCard Corporation supplied cards, installed the first 20 issuance sites, and provided services including the development, integration, and supply of the personalization systems and operator training. Deliveries are expected to be completed in the June quarter.
“We are pleased to see the ongoing commitment to our solution for this national ID program in the Middle East,” said Bernard C. Bailey, chairman of LaserCard’s board of directors. “LaserCard’s technology continues to be chosen for important programs because it cannot be altered and its digital security has never been compromised, making it the most secure ID card in the world today. We are enthusiastic about our strong relationship with this government and our local partners in the Middle East.”
About LaserCard Corporation
LaserCard Corporation is a leading provider of secure ID solutions to governments and commercial clients around the world, and also manufactures a wide range of advanced, secure identity documents. These ID documents include the LaserCard® optical memory card and hybrid cards combining optical memory with contact, contactless and RFID chip technology. The Company’s cards and systems are widely used in countries around the world, including the United States, Canada, Italy, India and the Middle East, for demanding applications including border security, government service provision and facility access. LaserCard’s wholly-owned German subsidiary, Challenge Card Design Plastikkarten GmbH, manufactures and offers a wide range of high quality specialty cards, plus card personalization and ID management solutions under the CCD and Cards & More brands.
Forward-Looking Statements
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 expectation that our shipments under the order will be made by the end of the June quarter. 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 Middle Eastern government 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 government 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.
Contacts
LaserCard Corporation
Steven G. Larson, VP-Finance, 650-969-4428
or
Edelman
Lisa Hanna, 202-326-1734
Lisa.hanna@edelman.com
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