IDEX enters into an agreement with a Chinese technology company.
IDEX ASA enters into a memorandum of understanding estimated to an amount exceeding NOK 35 million in 2013 and 2014.
IDEX ASA and a Chinese technology company have cooperated on a project for developing a security device using IDEX’s SmartFinger sensor. The project has successfully reached its milestones. The parties have extended their cooperation by entering into an agreement estimated to an amount of more than NOK 35 million in 2013 and 2014.
“This agreement outlines a volume implementation of the IDEX SmartFinger solution in a large biometric ID program in China. It is a result of a successful joint development program. The security device has a potential of immense volumes from 2015 and onwards.” said Ralph W. Bernstein, chief executive officer of IDEX.
IDEX considers this partnership to be a significant step in expanding its business within the People’s Republic of China.
The agreement defines specific volumes to be delivered in 2014 with the view to significant volume increase from 2015 and onwards. Qualification of the biometric card incorporating IDEX’s SmartFinger solution is expected in the second half of 2013.
Following a successful qualification, it is the intent of the two companies to enter into a commercial agreement under which IDEX will supply its SmartFinger Film sensor technology to the Chinese technology company.
19 December 2012
IDEX ASA is a Norwegian public company specializing in fingerprint imaging and recognition technology. IDEX’s vision is to ensure individuals a safe, secure, and user-friendly use of personal ID. IDEX has developed the award-winning SmartFinger Film technology platform including the patented fingerprint imaging principle, sensing scheme and chip design. The SmartFinger technology is available to customers under an intellectual property licensing scheme or as SmartFinger Film sensor assemblies for integration into customers’ products. For more information, please visit www.idexbiometrics.com or contact IDEX at: email@example.com.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.