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Ipsidy shrinks net loss in 1Q as it rolls out a bevy of new products and contracts

Last updated: 15:08 07 May 2018 BST, First published: 14:42 07 May 2018 BST

iPhone with a biometric authentication device
Ipsidy's crowning deal was a contract with Zimbabwe’s Electoral Commission

Ipsidy Inc. (OTCQB:IDTY, OTCMKTS:IDTY), a provider of biometric identification, identity management and electronic transaction processing services, substantially shrank its net loss in the first quarter as it unveiled new products and contracts.

Among Ipsidy’s achievements was the introduction of the new Ipsidy App for iPhone and Android at Apple Inc.'s (NASDAQ:AAPL) App Store and Alphabet's (NASDAQ:GOOG) Google Play, which provides "mobile biometric, multi-factor identity authentication for a broad range of everyday transactions.”

The company also signed a contract with Ruta Amiga, a Colombian marketing company, to launch a new loyalty rewards program in Colombia and reached a deal to offer Ipsidy’s biometric authentication devices to Datapro, a developer of advanced software systems, which will employ them at financial institutions across Latin America.

Its crowning accomplishment, however, was its winning of a contract with Zimbabwe’s Electoral Commission to introduce its biometric fingerprint matching voter registry system in the country’s upcoming general elections. The introduction of Ipsidy’s system will allow Zimbabwe to conform to national and international election standards.

“Ipsidy made significant progress in the last quarter launching our new products, signing new customers and substantially delivering our search AFIS system for Zimbabwe,” said Philip Beck, Ipsidy’s chairman and chief executive officer in a statement. “We are executing our strategy of creating trusted transactions, embedding biometrically authenticated identity and event details with a digital signature and using a participant’s mobile device to approve everyday transactions.”

WATCH: Ipsidy rolls out new biometric authentication app for iPhone and Android

The company’s net loss before taxes for the three months ending at the close of March came to US$2.8mln, which was substantially better than its net loss in the first quarter of 2017 of US$9.7mln. On a per-share basis, its net loss came to $0.01 cent, shrinking from a net loss of $0.03 per share in the year-ago quarter.

Its revenue for the first quarter came to $0.5 million compared to $0.6 million in the year-ago quarter.

For the 12 months ended December 31, 2017, Ipsidy's revenue totalled US$2.3mln, versus US$1.9mln a year earlier.

In early trade, Ipsidy shares were flat at US$0.28.

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