Science & Technology
Science and Technology
Science and Technology
Thu, February 26, 2009
LaserCard and Gemalto Sign Card Supply Agreement for New Phase of Saudi Arabia National ID Card Program
MOUNTAIN VIEW, Calif.--([ BUSINESS WIRE ])--LaserCard Corporation (NASDAQ:LCRD), a leading provider of secure ID solutions, today announced the execution of a Card Supply Agreement with Gemalto (Euronext Paris: GTO) for the supply of chip-ready optical memory cards for issuance as Saudi Arabian National ID Cards.
The agreement, valued at approximately $6 million, marks the start of a new phase of the program where card issuance is expected to migrate from the regions of Saudi Arabia to a new centralized personalization facility in the Kingdom's capital city, Riyadh. Gemalto previously supplied and installed the centralized card personalization system in Riyadh and is responsible for processing the optical cards to embed a Gemalto supplied contact chip.
"We are pleased to team with the world's leading supplier of smart cards on this key Saudi national security program," said Bob DeVincenzi, President and CEO of LaserCard Corporation. "The combination of LaserCard's optical memory and Gemalto's contact chip solution makes the Saudi card one of the most secure credentials in the world."
The agreement calls for purchase order releases for shipments beginning immediately and continuing through December 2009. LaserCard anticipates combined deliveries this calendar year of $11.2 million of Saudi Arabian National ID Cards for this and a previously announced contract.
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, 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[ www.lasercard.com ].
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. Examples of forward-looking statements in this release include the implication that the Company will deliver the $6 million worth of cards per the requested schedule. 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 scheduled delivery dates are rescheduled or canceled in whole or in part and whether the Company encounters card production difficulties 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.
