BIO-key International Enters Strategic Technology License Agreement with China Goldjoy Group Limited and Other Investors

BIO-key International (OTCQB:BKYI) has announced a strategic technology license agreement with affiliates of China Goldjoy Group Limited (CGG), formerly World Wide Touch Technology (Holdings) Limited (WWTT) (Hong Kong: 1282).
According to the press release, it has also reported:

Purchase agreements in connection with a $10.5 million private placement of convertible preferred equity with a wholly-owned indirect subsidiary of CGG and a third investor, and an additional $550,000 investment in its Series A-1 Convertible Preferred Shares.
In conjunction with the private placement transactions, BIO-key Hong Kong Ltd. has secured a commercial license to a portfolio of mobile and online payment and security software technologies from certain subsidiaries of CGG for a one-time payment of $12 million. BIO-key’s strategy is to leverage its biometric matching solutions and WEB-key secure biometric cloud transport offerings along with the mobile and online payment technologies licensed from such subsidiaries of CGG.
Mike DePasquale, Chairman & CEO of BIO-key, commented, “Today’s strategic investment and licensing agreement substantially strengthens our technology solutions portfolio to aggressively pursue sales and business development opportunities in new markets on a global basis. This along with our recent $8.45 million capital raise allows us to enhance the capabilities of other BIO-key solutions while developing new turnkey hardware/software products.”
“Importantly, BIO-key has been actively supporting sales and marketing efforts for CGG’s FingerQ mobile security products which utilize our biometric technology. We have already closed our first joint FingerQ solution sale for an International mobile payment application,” continued DePasquale.
Yao Jianhui, Chairman and Chief Executive Officer of CGG, said, “Substantial synergy exists between our respective companies and technologies that together make us stronger competitors on the global stage. Our strategic, financial and license partnership enables research, development and sales and marketing efforts while also expanding our respective technology and customer reach. We are pleased to strengthen our involvement with BIO-key and initiate our strategic investment in the Company.”

Click here to read the full press release.