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EX-99 - EXHIBIT 99.4 - IMAGEWARE SYSTEMS INC | ex99-4.htm |
EX-99 - EXHIBIT 99.3 - IMAGEWARE SYSTEMS INC | ex99-3.htm |
EX-99 - EXHIBIT 99.2 - IMAGEWARE SYSTEMS INC | ex99-2.htm |
EX-99 - EXHIBIT 99.1 - IMAGEWARE SYSTEMS INC | ex99-1.htm |
8-K - CURRENT REPORT - IMAGEWARE SYSTEMS INC | iwsy8k_june252020.htm |
ImageWare® Launches IP Licensing
Monetization Program And Engages ipCapital
Group
San Diego (June 30, 2020) – ImageWare®
Systems, Inc. (OTCQB: IWSY), a leader in multimodal biometric
identification and authentication, today announced that in response
to the accelerated growth and importance of multimodal biometrics
in identity and authentication within cybersecurity, the Company
has launched an IP licensing program marked by the engagement of
ipCapital Group®, Inc., based in Williston,
Vermont.
ipCapital
Group will assist in first establishing a new business unit and
then co-create an IP monetization model from which ImageWare will
derive a discrete stream of annual revenue. Under the agreement,
ipCapital will oversee the first two years of developing the
business unit.
Over
the past 16 years, ImageWare has built the most cited multimodal
biometric patent portfolio. As part of its new IP monetization
plan, ImageWare will begin to request that companies take a license
should they leverage ImageWare’s biometric intellectual
property for their own products and platforms.
The new
in-house licensing team will sit separate from the Company’s
main biometric business. This team will be responsible for driving
a licensing program within the cybersecurity technology
sector.
ipCapital,
led by John E. Cronin, has a 22-year history of creating profitable
licensing businesses and models for companies from Fortune
1000’s to small businesses with essential patents. Cronin
developed and ran the “Patent Factory” for IBM Research
in his 17-year tenure there. He was IBM’s top inventor with
more than 100 patents and 150 patent publications. “We have
developed 100’s of licensing programs to drive revenue and
protect intellectual property. ImageWare reminds us of a small
telecommunications company that we created a licensing program for.
They had minimal revenues, until we helped them initiate a 4%
royalty licensing program. Once licensing started, the company
valuation rose and they were purchased by a Fortune 500 for
>$150M” said Cronin.
Cronin
is deeply familiar with the distinguishing value of the ImageWare
patent portfolio as he was a former member of the Company’s
Board of Directors for more than eight years.
John E.
Cronin, Managing Director and Chairman, ipCapital Group, Inc., said
that, “I am intimately familiar with ImageWare. Our recent
analysis of the patent portfolio suggests that with a successful
licensing program, adopted by the market, the current value of the
Company would be increased significantly.” He went onto say
that, “Multimodal biometrics is simply the best way to
identify or authenticate a person to grant access to sensitive
spaces, assets and systems. For example, the MFA authentication
market is forecasted for rapid migration from 2F (two-factor)
authentication to biometric multifactor authentication in the
coming years. The global market for cybersecurity is forecasted by
Forbes to reach $334B by
2026. Data from Global Market Insights suggests that biometrics
represents over 11% of that market, representing a $37B opportunity
for ImageWare. Many companies in many markets could leverage
ImageWare’s IP in integrating MFA into their solutions, as
ImageWare are the pioneers of MFA and the foundational patents
holders of multimodal biometric authentication
methods.”
Kristin A. Taylor, President and CEO of ImageWare, said,
“Companies around the world are increasingly building-in the
use of multiple biometrics into their products and platforms for
greater security and a convenient, contactless user experience.
Hiring ipCapital Group, the best in the industry in terms of patent
strategy, was imperative in our launching and maintaining a
successful IP monetization program. Their track record of working
with software companies specifically, and delivering large sums of
revenue for their IP, was the unquestionable reason we chose to
work with them.
“Establishing
an IP licensing business unit inside of our existing software
product business will allow us to build on our important IP
foundation to drive a discreet stream of revenue to further fuel
the Company. Additionally, new IP will be developed to align the
foundational IP to the new markets as we start to
license.”
About ImageWare® Systems,
Inc.
In
1987, ImageWare was founded to innovate imaging. After a bold start
evolving silver halide photography into digital images, ImageWare
built the first statewide digital booking platform for the United
States law enforcement in 1998. Since then, ImageWare has evolved
into the largest holder of multimodal biometrics, managing millions
of identities daily. With vast experience in the government sector,
ImageWare is democratizing biometrics by offering defense-grade
identity and authentication solutions to the masses. By identifying
the person, not a device, ImageWare is giving populations around
the globe access to their important data. www.iwsinc.com
Forward-Looking Statements
Any
statements contained in this document that are not historical facts
are forward-looking statements as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Words such as
“anticipate,” “believe,”
“estimate,” “expect,”
“forecast,” “intend,” “may,”
“plan,” “project,” “predict,”
“if,” “should” and “will” and
similar expressions as they relate to ImageWare Systems, Inc. are
intended to identify such forward-looking statements. ImageWare may
from time to time update publicly announced projections, but it is
not obligated to do so. Any projections of future results of
operations should not be construed in any manner as a guarantee
that such results will in fact occur. These projections are subject
to change and could differ materially from final reported results.
For a discussion of such risks and uncertainties, see “Risk
Factors” in ImageWare’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2019 and its other reports filed
with the Securities and Exchange Commission under the Securities
Exchange Act of 1934, as amended. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the dates on which they are made.
Media
Contact:
Jessica
Belair
Veritas
Lux
(310)
717-0877
jessica@veritaslux.com
Investor
Relations:
Harvey Bibicoff,
CEO,
Bibicoff
+ MacInnis, Inc.
(818)
379-8500
harvey@bibimac.com
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