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| cardsnmore.com / press_releases / 25-01-2007-bbac9.html |
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LaserCard Corporation Announces Start-Up of a Third State Vehicle Registration Project in India |
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25.01.2007 - LaserCard Corporation (NASDAQ:LCRD), a leading supplier of ID credentials used in biometric identification, today announced the receipt of the first purchase order for the start-up phase of a new Optical/Smart card vehicle registration program in the Indian State of Maharashtra. The purchase order, valued at approximately $180,000, is scheduled for delivery during the current quarter.
Maharashtra is the third state in India to implement the Optical/Smart card as a secure vehicle registration document. LaserCard has delivered more than $2.3 million in cards to the other two states, Gujarat and Delhi, for their vehicle registrations programs. These programs are designed to combat serious document fraud and tax evasion problems.
The card will store a wide array of data beyond basic vehicle registration information including permits and renewals, taxes, ownership, vehicle owner biometrics, facial image and other data.
We have seen good growth in the Indian vehicle registration business over the last two years, said Richard Haddock, CEO of LaserCard Corporation. Once the implementation phase for the Maharashtra program is complete, we expect total revenues from our Indian programs to double. Revenues from these programs were worth in excess of $1.6 million in calendar 2006.
The project was awarded to LaserCards Value-Added Reseller in India on a build-operate-own and transfer basis, added Haddock. This requires our VAR to invest in the issuance infrastructure and to realize a return on that investment via user fees. The Delhi project operates on a similar basis, and has produced a slow but steady growth in card consumption.
We look forward to serving the security requirements of other Indian states in the future, said Haddock. |
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