Viisage (NASDAQ:VISG)
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Increase Reflects the Rising Demand for US Passports; Innovative
Electronic Passport and Western Hemisphere Travel Initiative are Key
Drivers for Growth
Viisage (NASDAQ: VISG), a leading provider of advanced technology
identity solutions, through its wholly owned subsidiary Trans Digital
Technologies (TDT), today announced that the US Department of State
(DoS) increased its existing sole source IDIQ contract ceiling with
the Company by $56 million, bringing the total potential value to $121
million. The Department of State expects demand for US passports to
increase by approximately 20 percent per year and estimates that the
US will produce 17 million passports annually by 2009. The original
five year contract awarded in 2003 to TDT was valued at $65 million.
Viisage enables the production of highly secure credentials. The
Company's solution is the cornerstone to ensuring
counterfeit-resistant US passports.
The DoS has demonstrated leadership and excellence in employing
cutting edge technologies to develop programs for securing the US
passport for American citizens and US borders. Such programs include
the Electronic Passport program and the Western Hemisphere Travel
Initiative announced last year. These initiatives, along with the
increase in travel abroad, have led to this demand and growth for new
travel documents.
"More secure management of borders continues to be a growing need
both domestically and internationally," said Bernard Bailey, president
and CEO of Viisage. "The value Viisage provides in these efforts is
tried and proven, and we are delighted that the DoS has expanded their
partnership with us."
About Viisage
Viisage (NASDAQ: VISG) delivers advanced technology identity
solutions for governments, law enforcement agencies and businesses
concerned with enhancing security, reducing identity theft, and
protecting personal privacy. Viisage solutions include secure
credentials such as passports and drivers' licenses, biometric
technologies for uniquely linking individuals to those credentials,
and credential authentication technologies to ensure the documents are
valid before individuals are allowed to cross borders, gain access to
finances, or granted other privileges. With over 3,000 installations
worldwide, Viisage's identity solutions stand out as a result of the
Company's industry-leading technology and unique understanding of
customer needs. Viisage's product suite includes FaceTOOLS(R) SDK,
Viisage PROOF(TM), FaceEXPLORER(R), Viisage iA-thenticate(R),
BorderGuard(R), PIER(TM), HIIDE(TM), AutoTest(TM), FacePASS(TM) and
FaceFINDER(R).
This news release contains forward-looking statements that involve
risks and uncertainties. Forward-looking statements in this document
and those made from time to time by Viisage through its senior
management are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect the Company's current views with
respect to the future events or financial performance discussed in
this release, based on management's beliefs and assumptions and
information currently available. When used, the words "believe",
"anticipate", "estimate", "project", "should", "expect", "plan",
"assume" and similar expressions that do not relate solely to
historical matters identify forward-looking statements.
Forward-looking statements concerning future plans or results are
necessarily only estimates and actual results could differ materially
from expectations. Certain factors that could cause or contribute to
such differences include, among other things, in particular, the size
and timing of contract awards, performance on contracts, performance
of acquired companies, availability and cost of key components,
unanticipated results from audits of the financial results of the
Company and acquired companies, changing interpretations of generally
accepted accounting principles, outcomes of government reviews,
developments with respect to litigation to which we are a party,
potential fluctuations in quarterly results, dependence on large
contracts and a limited number of customers, lengthy sales and
implementation cycles, market acceptance of new or enhanced products
and services, proprietary technology and changing competitive
conditions, system performance, management of growth, dependence on
key personnel, ability to obtain project financing, general economic
and political conditions and other factors affecting spending by
customers, and the unpredictable nature of working with government
agencies. In addition, such risks and uncertainties include, among
others, the following risks: that the merger with Identix will not
close, that the regulatory or shareholder approvals will not be
obtained, that the closing will be delayed, that customers and
partners will not react favorably to the merger, integration risks,
the risk that the combined companies may be unable to achieve
cost-cutting synergies, and other risks described in Viisage's and
Identix' Securities and Exchange Commission filings, including the
Registration Statement on Form S-4 filed with the SEC in connection
with the transaction, Viisage's Annual Report on Form 10-K for the
year ended December 31, 2004 and its Quarterly Reports on Form 10-Q
for the quarters ended April 3, 2005, July 3, 2005 and October 2, 2005
under the captions "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations," and
Identix' Annual Report on Form 10-K for the year ended June 30, 2005
and its Quarterly Report on Form 10-Q for the quarter ended September
30, 2005 under the captions "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations." Viisage expressly disclaims any obligation to update any
forward-looking statements.