ImageWare Systems Secures $525,000 in New Orders
Market Wire, November, 2008
ImageWare Systems, Inc. (OTCBB: IWSY), a leading developer of identity management solutions, has received multiple new orders in late September and October totaling $525,000 from new and existing government and private sector customers. Revenue will be recognized upon delivery of each order, the majority of which are expected to be in the fourth quarter.
"Our core product offering of biometric, identity management, law enforcement and related products and services continue to attract orders from new and repeat customers," said Jim Miller, ImageWare CEO. "Existing customers want additional software seats and new features to augment their original purchases, which we believe is a testament to product quality and the ability to cross-sell our line of solutions. We are also attracting new customers with our core offerings as well as our new software applications developed for handheld portable devices capable of enrolling and managing biometric identity information. We believe this is the start of an anticipated increase in demand for our core products, and we continue to be advised by our partners that we are making progress on pending new project orders that will be significant to ImageWare in terms of revenue and profitability."
Management intends to release third quarter results in mid-November.
About ImageWare Systems, Inc.
ImageWare Systems, Inc. is a leading developer of identity management solutions, providing biometric, secure credential and law enforcement technologies. Scalable for worldwide deployment, the Company's biometric product line includes a multi-biometric engine that is hardware and algorithm independent, enabling the enrollment and management of unlimited population sizes. ImageWare's identification products are used to manage and issue secure credentials including national IDs, passports, driver licenses, smart cards and access control credentials. ImageWare's digital booking products provide law enforcement with integrated mug shot, fingerprint Livescan and investigative capabilities. ImageWare is headquartered in San Diego, with offices in Portland, OR, Washington, DC and Canada. For more information visit www.iwsinc.com .
Safe Harbor Statement
This news release may contain forward-looking statements made pursuant to the "safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. While these statements are meant to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. While management believes such representation to be true and accurate based on the information available to the company, actual results may differ materially from those described. The company's operations and business prospects are always subject to risks and uncertainties. Important facts that may cause actual results to differ are set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.
Company Contact: Wayne Wetherell ImageWare Systems, Inc. (858) 673-8600
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