25.01.2007 - LaserCard Corporation (NASDAQ:LCRD), a leading supplier of ID credentials used in biometric identification, today announced receipt of a $1.1 million purchase order, under a subcontract valued at approximately $11 million, for the LaserCard® optical memory-based national ID card project in a Middle Eastern country. This is the fourth of ten purchase orders expected under the subcontract, bringing the total value of orders received to more than $5 million.
The purchase order is for the supply of personalized secure national ID cards and the supply, installation and support of associated card personalization software.
In addition, and outside of the $11 million sub-contract, the Company recently received a purchase order and shipped approximately $300,000 in secure optical card encoders for this program.
“This important program, one of ten national government programs around the world leveraging the security of optical memory, continues its steady roll-out and expansion,” said Richard Haddock, CEO of LaserCard Corporation. “The installation of the additional encoders will double the issuance capacity of the country-wide card personalization infrastructure. The project’s success to this point is a tribute to the exceptional teamwork between our project management staff, the prime contractor and the customer.”
LaserCard continues in its project management role for the card personalization process, and ensuring the quality of the fully personalized cards, including the printing of cardholder information and encoding of data and of the Embedded HologramHD. LaserCard has deferred $4.2 million in revenue, including the $300,000 shipment of secure encoders, from previous deliveries of products and services, which will be recognized as revenue as the personalized cards are issued, after the full card issuing infrastructure is in place. This is anticipated to be completed in the current quarter ending March 31, 2007. |
