ImageWare has issued a series of updates about its day-to-day operations and its long-term business strategy. Most notably, the company’s shareholders and Board of Directors have passed a resolution that will double its amount of authorized common stock, bringing the total number from 1 billion to 2 billion shares.
According to ImageWare, that stock will give the company more flexibility as it pursues acquisitions, debt restructuring, and other corporate initiatives, since ImageWare will no longer need to obtain shareholder approval for each individual expense. The shareholders have also added 120 million shares to Omnibus Equity Incentive Plan, thereby increasing the pool of shares that ImageWare can use to lure and retain executive talent.
In that regard, ImageWare indicated that it is looking to expand its sales and leadership teams as it works to rebound from a difficult fourth quarter in 2020. The company is currently looking to hire a new Head of Sales and several new salespeople, as well as a new Chief Financial Officer. The last one is somewhat unexpected since outgoing CFO Jay Lewis only took the position in January, but ImageWare has announced that his resignation will be effective as of April 7.
In the meantime, ImageWare will continue to introduce new products and improve its existing ones through a new IP development program. It believes that those offerings will translate to better sales results and an increased marketshare in the back half of the year. The company has particularly high hopes for its law enforcement platform and for ImageWare Authenticate, a multi-factor authentication platform that should help meet the growing demand for remote security solutions in the wake of COVID-19.
“We are taking the necessary steps to support the long-term viability and success of our company. Our efforts in the near term will take some time before they translate to sustained financial improvement, but we are well underway and remain encouraged by the opportunities in front of us,” said ImageWare Chair, President, and CEO Kristin Taylor. “With cybersecurity attacks proliferating, ImageWare is ideally positioned to capitalize on the ever-expanding need for secure access and identification.”
ImageWare recently partnered with Safe-T to create a new access management tool that makes it easier for organizations to set different privileges for different employees. The company hired a new VP of Go-To-Market and Portfolio Strategy in January, while former CEO Jim Miller will end his association with the company in April. Miller had been working as a consultant since November of 2020.
March 29, 2021 – by Eric Weiss