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Prospector
Profile
c01
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| BIO-key International, Inc. |
NAICS |
334119 |
| 3349 Highway 138, Building D, Suite B
Wall, NJ 07719 |
Description |
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| (732) 359-1100 |
Employees |
42 |
| http://www.bio-key.com/ |
Revenue |
(mil) |
$ 12.88 |
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Income |
(mil) |
$ 0.12 |
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Assets |
(mil) |
$ 11.25 |
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Liability |
(mil) |
$ 6.82 |
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(for the year ended - 12-31-2008) |
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Category:
IP Asset Sale
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Event:
BIO-Key International, Inc., said a majority of its shareholders at a Special Shareholder Meeting approved the sale of the company's Law Enforcement Division to Interact911 Mobile Systems Inc., a wholly owned subsidiary of InterAct911 Corporation. Of the shares voted, 98.6% were cast in favor and 1.2% were opposed.
In a proxy statement filed on Schedule 14A with the Securities and Exchange Commission, the Company said as consideration for the Asset Sale, it will be paid an aggregate of $11,000,000, of which $7,000,000 will be paid in cash at the closing of the proposed transaction, subject to customary adjustments as provided in the parties' Asset Purchase Agreement dated as of August 13, 2009. BIO-key will also receive a promissory note in the original principal amount of $4,000,000 issued by InterAct, guaranteed by InterAct911 Corp. and one of its owners SilkRoad Equity, LLC, a private investment firm that owns 48.75% of InterAct911 Corporation's equity interests on a fully diluted basis, and secured by a pledge of all of the intellectual property assets of the Law Enforcement Division being transferred to InterAct as part of the Asset Sale. The promissory note is to be paid in three equal installments beginning on the first anniversary of the closing and will bear interest, payable on a quarterly basis, at a rate per annum equal to 6% compounded annually on the principal sum from time to time outstanding.
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Intellectual Property:
BIO-key is a leader in finger-based biometric identification. BIO-key's patented Vector Segment Technology (VST) is the foundation for these solutions.The company has registered several trademarks including BIO-key, True User Identification, WEB-key, PacketCluster, PacketCluster Patrol, PacketWriter, PocketCop, VirtualCop, MobileCop and the design mark for Cerulean, with the U.S. Patent & Trademark Office. It has also applied for trademarks for Cerulean and MobileSRO, a mobile data solution for school and campus security. [SEC Filing 10-K 03-11-09]
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Description:
BIO-key International, Inc., develops and markets fingerprint identification biometric technology and software solutions, and information services in the United States.
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Officers:
Thomas J. Colatosti (Chair & Acting CFO); Michael W. DePasquale (CEO & Dir.); Randy Fodero (VP-Sales); Kenneth S. Souza (Chief Technology Officer)
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Auditor:
CCR LLP
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Securities:
Common stock symbol BKYI; OTC; 73,012,744 shares of common stock as of August 7, 2009.
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