|
|
 |
|
| cardsnmore.com / press_releases / 02-04-2007.html |
|
LaserCard Corporation Announces Receipt of Subcontract for Optical Memory-Based U.S. "Green Cards" Permanent Resident Cards and "Laser Visas" Border Crossing Cards |
|
02.04.2007 - LaserCard Corporation (NASDAQ:LCRD) today announced a subcontract with General Dynamics Information Technology for the manufacture and supply of U.S. government Permanent Resident Cards ("Green Cards") and Border Crossing Cards ("Laser Visas"). The subcontract is for an initial 12-month period with optional extensions up to a total of five years. The first purchase order received under the subcontract calls for delivery of $5.9 million in Green Cards and Laser Visas over the period from March through September 2007.
General Dynamics is the prime contractor to the U.S. Department of Homeland Security for these two on-going programs. The new subcontract, the third since 1997, covers potential orders if extended the full five years estimated by LaserCard at up to $50M of Green Cards and Laser Visas.
"Immigration and border control have never been more important to the security of the homeland," said Richard Haddock, CEO of LaserCard Corporation. "As a U.S.-based corporation, we are proud to be making a contribution, in partnership with General Dynamics. Together, we are ready to respond to the new or expanded needs of the bureau of U.S. Citizenship and Immigration Services with our card technology which has an unparalleled track record in terms of security. We anticipate about $10 million in annual revenue for these programs based upon recent historical run rates." |
|
|
|
|
