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| cardsnmore.com / press_releases / lasercard_receives_$11.6_million_in_purchase_orders_for_angola_national_id_card_program.html |
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LaserCard Receives $11.6 Million in Purchase Orders for Angola National ID Card Program |
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30.10.2008 - LaserCard Corporation (NASDAQ:LCRD), a leading provider of secure ID solutions, today announced receipt of purchase orders totaling $11.6 million for optical memory cards, personalization systems and consumables for the Angola National Citizen ID Card program.
The purchase orders were received from the Angolan government's prime contractor, DGM-Sistemas of Luanda under a recently executed $103 million five-year subcontract with LaserCard. The orders were preceded by a previously disclosed advance payment in the amount of $5.8 million to enable LaserCard to make certain preparatory investments to meet early program demands.
"We are pleased to have received the initial purchase orders for this important program," said Bob DeVincenzi, President and CEO of LaserCard Corporation. "We look forward to cooperating with DGM-Sistemas, our other team partners and government authorities to support the initial implementation phases and roll-out."
The purchase orders specify approximately $8.8 million in secure custom optical memory cards and $2.8 million in personalization systems and printer consumables. Card deliveries will commence after legislative approval of the card design which could be as early as November this year. Therefore, card deliveries could begin at a low rate in the December quarter and accelerate appreciably in the last quarter of the current fiscal year ending March 31, 2009. Deliveries of personalization systems, which do not require legislative approval, are expected to begin shortly.
Staff from DGM-Sistemas' partners are in Angola currently working on initial system implementation including the IT infrastructure and database installation. It is anticipated that installation of the first personalization solutions in Luanda will start by the end of calendar 2008. |
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