Long Island University Reinvests in BIO-key's PortalGuard Identity and Access Management Platform to Address Security Requirements at Multiple Campuses

BROOKVILLE, N.Y. and WALL, N.J., July 21, 2022 (GLOBE NEWSWIRE) -- (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB), today announced that Long Island University (LIU), a private university with approximately 15,000 students and two primary campuses, LIU Post and LIU Brooklyn in New York State, has re-selected its PortalGuard IAM platform to once again protect its enterprise applications and data. The new agreement extends a customer relationship that BIO-key has had with LIU since 2015.

Breaches and cyberattacks against higher education institutions have increased significantly in the last year and pose a severe financial and reputational risk to these institutions. To fend off these cyber threats, institutions require a robust, proven IAM solution that can adapt to various secure access requirements successfully and cost-effectively. LIU is continuing to leverage the BIO-key PortalGuard IAM platform to strengthen its overall security posture to effectively respond to these evolving cyber threats while reducing costs and associated burden on its Information Technology team. A key point for LIU was PortalGuard's capability to support an integrated security system and allow the institution to utilize previous investments in other security solutions and deliver best-in-class technical capabilities, such as multi-factor authentication (MFA), single sign-on (SSO), and self-service password reset (SSPR) to its user community.

"We are pleased to extend our relationship with LIU and offer an integrated security approach to protecting the institution," said Mark Cochran, President of BIO-key – PortalGuard. "Many higher educational institutions must expand their security footprint without increasing net security costs. Institutions are looking for solutions that keep faculty, staff, and students safer while reducing business disruptions while simultaneously reducing the number of outside providers they need to juggle. We excel at delivering security solutions with a tangible return on investment for our customers."

About BIO-key International, Inc. ()

BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and cloud-based Identity-as-a-Service (IDaaS) solutions, as well as customized enterprise solutions.

BIO-key Safe Harbor Statement

All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; delays in the development of products and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption see "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.

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Erin Knapp

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