FaceKey Corporation (Other OTC.PK: FEKY), a biometrics technology provider that specializes in access and security controls, announced that the Company, in a unique and exclusive action, has expanded the current distribution agreement with Southwest Biometrics to include an equity based compensation package directly linked to a multi-million dollar revenue target mutually set by both companies.
[ClickPress, Tue Feb 22 2005] SAN ANTONIO, Texas, Feb. 22, 2005 - FaceKey Corporation (Other OTC.PK: FEKY), a biometrics technology provider that specializes in access and security controls, announced that the Company, in a unique and exclusive action, has expanded the current distribution agreement with Southwest Biometrics to include an equity based compensation package directly linked to a multi-million dollar revenue target mutually set by both companies.
The addendum to the current agreement is exclusive to Southwest Biometrics because of the two companies' working history where they have been engaged in a distribution partnership throughout the progression of FaceKey's biometric products as well as the Company's confidence in Southwest to generate significant revenue through its expanding network of VAR's (Value Added Resellers). Southwest Biometrics has most recently installed FaceKey's Secure Access products in the facilities of a mid-size design automation solutions provider.
``Southwest Biometrics has witnessed the progression of our technology and has been very supportive during our research and development process because they share our belief in the power of groundbreaking biometric technology,'' commented Yevgeny B. Levitov PhD, FaceKey's President. ``Management has great confidence in Steve Wells and his team's ability to bring FaceKey's new technology to the forefront of the biometrics industry and we are all very excited to begin the distribution and revenue generation process.''
Steve Wells, President of Southwest Biometrics, commented, ``Now that FaceKey has completed the research and development phase of their patented biometric technology, Southwest can now help bring these exciting new products to several markets that have established a demand for them. Based on the preliminary interest that we have seen from potential clients around the world, Southwest Biometrics anticipates reaching its mutual sales target of $7 million necessary in order to achieve full equity compensation from FaceKey.''
About FaceKey Corporation
FaceKey Corp., headquartered in San Antonio, TX, is a biometrics technology provider whose mission is to provide supreme security measures for their customers by utilizing patented and proprietary biometric technologies that identify and allow access to authorized personnel. FaceKey's technology combines face and fingerprint recognition providing the highest level of security available, reducing fraud and providing better accountability. By combining these identification technologies, FaceKey's products are used for a wide variety of applications ranging from securing corporations' confidential areas and PC access to effectively monitoring time and attendance greatly reducing employee fraud.
For more information about the company please visit http://www.facekey.com
About Southwest Biometrics, Inc.
Southwest Biometrics, Inc., based in San Antonio, TX, is a distributor of biometric products that provide positive identification technology to the corporate marketplace. With over 25 years of distribution experience, coupled with a proficient team of I.T. personnel, Southwest Biometrics provides a complete biometrics solution ranging from education to sales/distribution, network support and installation procedures. With new technology and the increasing demand of positive identification, Southwest Biometrics is committed to setting up a network of quality VARS (Value Added Resellers) that specialize in access control products throughout the United States.
For more information about the company please visit http://www.swbiometrics.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies or products, delays in testing, and evaluation of products, and other risks detailed from time to time in the Company's filing with the Securities and Exchange Commission.
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Source: FaceKey Corp.