SAN ANTONIO, Texas, -- FaceKey Corporation, a biometrics technology provider that specializes in access and security controls, announced that the Company, in a unique and exclusive action, has expanded the current distribution agreement with Southwest Biometrics to include an equity based compensation package directly linked to a multi-million dollar revenue target mutually set by both companies.
The addendum to the current agreement is exclusive to Southwest Biometrics because of the two companies' working history where they have been engaged in a distribution partnership throughout the progression of FaceKey's biometric products as well as the Company's confidence in Southwest to generate significant revenue through its expanding network of VAR's (Value Added Resellers). Southwest Biometrics has most recently installed FaceKey's Secure Access products in the facilities of a mid-size design automation solutions provider.
"Southwest Biometrics has witnessed the progression of our technology and has been very supportive during our research and development process because they share our belief in the power of groundbreaking biometric technology," commented Yevgeny B. Levitov PhD, FaceKey's President. "Management has great confidence in Steve Wells and his team's ability to bring FaceKey's new technology to the forefront of the biometrics industry and we are all very excited to begin the distribution and revenue generation process."
Steve Wells, President of Southwest Biometrics, commented, "Now that FaceKey has completed the research and development phase of their patented biometric technology, Southwest can now help bring these exciting new products to several markets that have established a demand for them. Based on the preliminary interest that we have seen from potential clients around the world, Southwest Biometrics anticipates reaching its mutual sales target of $7 million necessary in order to achieve full equity compensation from FaceKey."