LaserCard Announces Follow-on Purchase Order for Italian Foreign Resident ID Program - May 14, 2008
MOUNTAIN VIEW, Calif.-LaserCard Corporation (NASDAQ:LCRD), a leading provider of secure ID solutions, today announced that it has received a follow-on purchase order to supply more than $1 million worth of optical memory cards to the Italian Government to be used as Foreign Resident ID Cards.
The purchase order was received from LaserCard’s Rome-based Authorized Value Added Reseller, Laser Memory Card S.p.A., which supplies and supports Italy’s national printer and mint, Istituto Poligrafico e Zecca dello Stato S.p.A. (Poligrafico), the government’s prime contractor on the project. There are two types of cards issued under the Foreign Resident ID program - a Resident Card valid for two years and a similar Resident “Permit” valid for one year. The present purchase order is for cards with a two-year validity period. It is expected that shipment of the cards will be completed during the September quarter.
“We are honored to continue working with the Italian Government on their Foreign Resident ID card program. Today’s announcement shows Italy’s continued commitment and support to invest in optical memory technology and in turn the security of its borders and nation,” said Bernard C. Bailey, chairman of LaserCard’s board of directors. “LaserCard technology is the most secure technology available around the world. Our technology cannot be altered and the digital security of LaserCard’s optical memory has never been compromised.”
LaserCard has previously supplied approximately $18 million worth of optical memory cards and secure encoders for both the Italian Citizen and Foreign Resident ID Card programs.
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 Kingdom of Saudi Arabia, 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. One example of a forward-looking statement in this release is the expectation that our shipments under the more than $1 million order will be completed by the end of the September quarter. This and other forward-looking statements in this press release 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 Italian government attempts to delay or cancel deliveries under the current order; whether political forces put a hold on the CSE program, and whether we encounter difficulties in making the cards or the cards have quality or other issues which cause a delay in their acceptance 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, 650-969-4428
VP-Finance
or
Edelman
Lisa Hanna, 202-326-1734
Lisa.hanna@edelman.com
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