Precise Biometrics is focusing the operations in order to reach profitability during 2015
Precise Biometrics is focusing the operations in order to reach profitability during 2015 through increased market presence in the business area fingerprint technology, efficient use of the company's partner network for the sale of Tactivo™, as well as reductions of the operating expenses.
In order to strengthen the company's position in the rapidly growing market for fingerprint technology in mobile devices, the company's development, market presence and sales efforts will expand with main focus towards Asian mobile phone manufacturers.
"We maintain a close dialogue with the major players in this area and we are well positioned for the anticipated expansion of fingerprint readers in mobile devices," says Håkan Persson, CEO of Precise Biometrics.
As previously announced the company sees a growing demand for Tactivo, including demand from the European corporate sector. During the year the company has invested in an extensive partner and distribution network for cost effective sales of Tactivo towards the U.S. government, European companies and agencies as well as the healthcare sector in Sweden and in the UK. The company has also established partnerships with a number of internationally recognized technology and solution vendors such as Good Technology, AirWatch and Citrix who thereby can offer mobile access with Tactivo.
"Our network, of carefully selected partners, enables wide and cost effective sales and distribution of Tactivo combined with concrete business solutions for end users. We see a great need for Tactivo in the market and we will continue to expand the cooperation with our partners as well as develop our product offering in line with Apple's roadmap", adds Håkan Persson.
In the business area Desktop & Physical Access Solutions, the company believes that future demand will be unchanged, consisting of continued deliveries to existing customers.
Precise Biometrics operating expenses are expected to decrease by approximately SEK 15-17 million on an annual basis with full impact in 2015. The changes will affect consultants and employees, and will be implemented in September. The changes will result in restructuring expenses of approximately SEK 6 million in the third quarter 2014. In connection to these changes, the company's CFO, Patrik Norberg, and the company's Corporate Counsel, Anna Herdenberg will leave the company. A successor to the CFO is not yet appointed.
This press release contains information that Precise Biometrics is required to disclose pursuant to the Swedish Financial Instruments Trading Act (1991:980). The information was submitted for publication at 08.30 am on 27 August 2014.
Point of contact
Håkan Persson, CEO, Precise Biometrics AB
Tel. 46 46 31 11 05 or 46 734 35 11 05
Patrik Norberg, CFO, Precise Biometrics AB
Tel. 46 46 31 11 47 or 46 734 35 11 47
Precise Biometrics is a market leading supplier of solutions for fingerprint recognition that guarantee the identity of people. With the highest level of competence in fingerprint biometrics, Precise Biometrics offers fast, precise and secure verification of a person's identity.
This technology can be used for ID, company and bank cards, and for access to mobile solutions, computers and networks. Precise Biometrics delivers its solutions to companies and government agencies all over the world, and the Company's technology is licensed to almost 160 million users.
For further information go to www.precisebiometrics.com