WALL, N.J., March 4 /PRNewswire-FirstCall/ -- BIO-key International, Inc. (OTC Bulletin Board: BKYI), a leader in wireless public safety and finger-based biometric identification solutions, today announced that on or before March 16, 2009 it will file, in the United States District Court for the Southern District of New York, its response to litigation recently initiated by two of the Company's investors, Longview Special Finance, Inc. and Longview Fund, L.P. In their complaint, those investors have alleged that the Company improperly failed to redeem outstanding shares of the Company's Series B Convertible Preferred Stock and Series C Convertible Preferred Stock currently held by the investors in accordance with the terms and conditions of such preferred stock. The Company does not believe that it is in breach of any redemption obligations to these investors and intends to defend itself against this claim vigorously. The Company also is evaluating potential counterclaims it may have in the lawsuit.
BIO-key International, Inc., headquartered in Wall, New Jersey, develops and delivers advanced identification solutions and information services to law enforcement departments, public safety agencies, government and private sector customers. BIO-key's mobile wireless technology provides first responders with critical, reliable, real-time data and images from local, state and national databases. BIO-key's high performance, scalable, cost-effective and easy-to-deploy biometric finger identification technology accurately identifies and authenticates users of wireless and enterprise data to improve security, convenience and privacy and to reduce identity theft. Over 1,000 police departments in North America use BIO-key solutions, making BIO-key the leadi
|SOURCE BIO-key International, Inc.|
Copyright©2009 PR Newswire.
All rights reserved