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Cogent Systems Awarded New Contract to Provide its AFIS for a Border Control System in a Middle Eastern Nation; Initial Orders Valued at Approximately $4 Million
SOUTH PASADENA, Calif. --(Business Wire)-- March 22, 2005 -- Cogent Systems (Nasdaq:COGT) announced today it has received a new contract to install its Automated Fingerprint Identification System (AFIS) for a border control system in a Middle Eastern Nation. The initial contract and orders are valued at approximately $4 million.
The border control system will be used to assist in national security efforts and will facilitate legitimate travel and trade. Cogent's new AFIS being deployed for the program features high accuracy with fast response times for matching fingerprints against online biometric databases ensuring that the traveler's processing time is minimized.
"This new contract adds to our previously disclosed year-end backlog," commented Paul Kim, Chief Financial Officer of Cogent Systems. "We are pleased to have received this contract for a deployment in the Middle East -- a relatively new geographical market for Cogent. We believe that the strength of our technology and our expertise in border security deployments are significant competitive advantages, allowing us to continue to grow our market share."
About Cogent Systems
Cogent is a leading provider of Automated Fingerprint Identification Systems, or AFIS, and other fingerprint biometric solutions to governments, law enforcement agencies and other organizations worldwide. Cogent's AFIS solutions enable customers to capture fingerprint images electronically, encode fingerprints into searchable files and accurately compare a set of fingerprints to a database containing potentially millions of fingerprints in seconds.
Forward-Looking Statements
This press release contains, in addition to historical information, forward-looking statements. Such statements are based on management's current estimates and expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Cogent is providing this information as of the date of this press release, and expressly disclaims any duty to update information contained in this press release.
Forward-looking statements in this press release include, without limitation, express and implied statements regarding Cogent's future domestic and international growth, and opportunities in the law enforcement market. These forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from those expressed or implied here. Readers are referred to Cogent's Report on Form 10-K for the year ended December 31, 2004 filed by Cogent with the Securities and Exchange Commission which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including but not limited to: changes in government policies; deriving a significant portion of revenues from a limited number of customers; deriving a significant portion of revenues from the sale of solutions pursuant to government contracts; failure of the biometrics market to experience significant growth; failure of Cogent's products to achieve broad acceptance; failure to successfully compete; failure to comply with government regulations; negative publicity and/or loss of clients due to security breaches resulting in the disclosure of confidential information; loss of export licenses or changes in export laws; failure to manage projects; rapid technology change in the biometrics market; loss of a key member of management team; termination of backlog orders; loss of limited source suppliers; negative audits by government agencies; failure to protect intellectual property; and exposure to intellectual property and product liability claims. The information contained in this press release is a statement of Cogent's present intention, belief or expectation and is based upon, among other things, existing industry conditions, market conditions, the economy in general and Cogent's assumptions. Cogent may change its intention, belief or expectation, at any time and without notice, based upon any changes in such factors, in its assumptions or otherwise. Cogent undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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