LaserCard Receives $3.1 Million Order for U.S. Green Card Program
Card Sets Uncompromised Security Standard for Advanced ID Programs Worldwide
Mountain View, Calif., August 6, 2009–LaserCard Corporation (NASDAQ:LCRD), a leading provider of secure ID solutions, today announced receipt of a purchase order of approximately $3.1 million for the supply of additional U.S. Permanent Resident Cards (Green Cards). The order calls for deliveries to be completed by December 31, 2009.
“After more than 10 years, over 20 million cards, and progressive collaboration, we are pleased to continue our support for this key program,” said Bob DeVincenzi, President and CEO of LaserCard Corporation.
The U.S. Green Card utilizes LaserCard’s tamperproof and highly counterfeit resistant optical memory technology in combination with other advanced security features, including the company’s Personalized Embedded Hologram, a critical feature used by inspectors or agents when electronic readers are not available. The digital security of LaserCard’s optical memory has never been compromised.
The purchase order was received from General Dynamics Information Technology, a business unit of General Dynamics (NYSE: GD), prime contractor to USCIS, an agency of the Department of Homeland Security (DHS).
About LaserCard Corporation
LaserCard Corporation, together with its subsidiaries, is a leading provider of secure ID solutions to governments and commercial clients worldwide. It develops, manufactures, and integrates LaserCard® optical memory cards, multi-technology cards, encoders, peripherals, smart and specialty cards, biometrics, and modular software. The company’s cards and systems are used in various applications, including citizen identification, border security, government service delivery, and facility access.
For further information, please visit http://www.lasercard.com.
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, 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 the use of words such as may, will, intends, plans, believes, anticipates, visualizes, expects, and estimates. Examples of forward-looking statements in this release include the expected date of delivery under the purchase order and the implication that the entire order will be delivered and the $3.1 million recognized as revenue in future periods. 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 U.S. Department of Homeland Security’s scheduled delivery dates are rescheduled or the order is canceled in whole or in part, that the complex nature of the secure ID business will continue to subject our results to fluctuations on a quarterly basis, and whether our other customer’s continue orders as currently expected as well as the other risk factors detailed in the Company’s Forms 10-K, and 10-Q filings with the Securities and Exchange Commission under the caption “Risk Factors” and elsewhere in such reports. 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.
Steven G. Larson, VP-Finance