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| cardsnmore.com / press_releases / 17-05-2006.html |
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LaserCard Corporation Announces $1.3 Million Order for Optical Memory–Based National ID Card Project for Middle Eastern Country |
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17.05.2006 - LaserCard Corporation (NASDAQ:LCRD) today announced receipt of a $1.3 million purchase order under the approximately $11 million subcontract for the LaserCard® optical memory-based national ID card project for a Middle Eastern country. The purchase order is the second of ten purchase orders expected under the recently received $11 million contract for both the supply of personalized secure national ID cards and the supply, installation and support of associated card personalization equipment, consumables and software.
"We are very pleased by the favorable response and ongoing support from the Prime contractor and government officials to the continuing rollout of the project," said Richard Haddock, CEO of LaserCard Corporation. "We are confident that the unparalleled identity protection provided by Optical IDLock™ will meet the security challenges that two Middle Eastern countries may face with the recent signing of a border crossing agreement. The agreement allows citizens to travel across borders using their citizen national ID card in place of a passport."
The uninterrupted project rollout continues under the second purchase order which is to be fulfilled over a 60 day period, bringing total purchase orders under this contract to about $2.7 million. LaserCard will continue in its 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. LaserCard will recognize revenue upon issuance of fully personalized cards, after the card issuing infrastructure is in place, anticipated to be completed in the second quarter of fiscal 2007. |
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