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| cardsnmore.com / press_releases / 08-05-2006.html |
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LaserCard Corporation Awarded $11 Million Contract for Middle Eastern Country National ID Card Program |
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08.05.2006 - LaserCard Corporation (NASDAQ:LCRD) today announced the first $1.4 million purchase order under an approximately $11 million contract for both the supply of personalized secure national ID cards to a Middle Eastern government and the supply, installation and support of associated card personalization equipment, consumables and software.
The cards are being issued to adult citizens for national identity purposes by the government of the Middle Eastern nation and feature the latest advancements in identity theft protection provided by Optical IDLock™, a combination of the highly-secure LaserCard optical memory technology and Embedded HologramHD™, the new high-definition "photographic quality" etched image. This subcontract is the first time that LaserCard Corporation has assumed responsibility for both supplying and installing personalization hardware, the oversight of the card personalization process, and the quality of the fully personalized cards, including the printing of cardholder information and encoding of data and the Embedded HologramHD.
"As part of our strategy to expand our integration and services offerings, we decided to take a hands-on approach to insure that the highest quality finished product is put into the hands of cardholders," said Richard Haddock, CEO. "We are working in close cooperation with the government's prime contractor for this phase of the project, and look forward to furthering the relationship as the project roll-out continues."
The subcontract allows for the issuance of ten purchase orders aggregating approximately $11 million. Although the cards and other materials covered by this first purchase order have already been shipped and largely paid for, revenue will not be recognized until later in fiscal 2007 when the conditions for revenue recognition are expected to be satisfied. |
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