LaserCard Receives Follow-On Order for Secure ID Credentials for Saudi Arabia National ID Program
Mountain View, Calif., July 1, 2010–LaserCard Corporation (NASDAQ:LCRD; http://www.lasercard.com), a leading provider of secure ID solutions, has received a follow-on purchase order valued at $1.6 million for chip-ready, optical security media-based credentials for the Saudi Arabia national ID card program. Delivery is scheduled to occur in the Company’s second fiscal quarter ending September 2010.
The cards, which are issued to Saudi citizens nationwide, include the same tamperproof, highly counterfeit-resistant optical security media used in the U.S. Department of Homeland Security’s “Green Card” program. The digital security of these sophisticated credentials has never been compromised, providing authorities with a key asset in the national security fight against counterfeiting and forgery of vital documents and illegal immigration.
“This order underlines LaserCard’s more than five years as supplier to the Kingdom of Saudi Arabia of highly secure national ID cards used by its citizens for identification and travel throughout the nation,” said Robert DeVincenzi, President and CEO of LaserCard.
LaserCard’s advanced ID credentials are trusted by governments worldwide to protect the personal identification of their citizens, foreign residents and government employees, and to provide official documentation such as driver licenses and vehicle registration cards. LaserCard supplies cards for large-scale government ID programs worldwide, including the first and second-generation U.S. Green Card program, multiple Italian programs, the Angola National ID card program, the international professional driver license program in Hungary and vehicle registration programs for three state authorities in India.
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 security media 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 more 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, 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 the expected date of delivery under the purchase order and the implication that the entire order will be delivered and the $1.6 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 customer’s scheduled delivery dates are rescheduled or canceled in whole or in part, whether the customer continues to purchase products from the Company and whether the Company encounters card production difficulties as well as the risk factors detailed in the Company’s Form 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.
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Steven G. Larson, VP-Finance