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Intercede News
14/02/2008
Trading Update
Intercede, one of the world’s leading developers
and suppliers of smart card and identity management software, is
pleased to report excellent progress in the first part of 2008.
Since 11 December 2007, when the Company reported
its interim results for the 6 months ended 30 September, a number
of new contracts have been won, and progress has also been made
on several projects in which Intercede’s MyID technology has
been selected. These are set out below:
New Contracts:
- Intercede has won a contract via an established
partner for a leading German manufacturing company involving up
to 80,000 users.
- The Company has received notification of an
award of a large UK Government related project that has the potential
to use more than 1m MyID licences over a 3 year period.
- Intercede delivered the first 10,000 MyID
PIV licences to a new VeriSign Federal Government customer (as
announced in Intercede’s 2007 Interim Report) along with
a contract to supply dedicated professional service support over
an extended period. A further 90,000 licences are planned for
delivery over the next 12 months.
- An Intercede partner has been notified of
its selection by a European (non-UK) telecommunications provider
for a high volume health care project.
Project Updates:
- A major US banking customer has completed a successful pilot
involving the use of MyID to deploy physical access control cards
to staff in 12 bank branches. This is a significant testament
to the use of MyID to power the convergence of physical and logical
access control in an enterprise environment. With the achievement
of this important milestone, the deployment of more than 100,000
smartcards to bank employees can begin, the immediate target being
to issue cards to staff and contractors across a further 600 bank
branches.
A major US defense contractor has recently completed an Operational
Readiness Review for the deployment of a MyID powered, converged
physical and logical employee smart badge. This is expected to
lead on to a rollout to more than 200,000 employees, commencing
within the next 6 months.
- The US Transport Worker Identity Card system, powered by MyID,
has now been used to enrol more than 50,000 port workers and mariners
at more than 50 ports across the US. With a targeted issuance
of more than 1 million TWIC cards by the end of 2008, it is increasingly
likely that additional MyID licences to power TWIC will be procured
during the next financial year.
- The delivery of all the above projects is scheduled to take
place in the coming 12 months. Although it is not possible at
this time to forecast their impact on the current year’s
revenue performance, the Company currently believes that there
will be an increase in reported revenues compared to the year
ended 31 March 2007. Further statements will be issued as progress
is made.
In the longer term, Intercede remains confident
of the growth opportunities that exist in the security market. Intercede
calculates that the combined value of the projects outlined above
and other existing projects is several times its current annual
revenue run rate. This does not include any further contracts that
Intercede are likely to win in the future, which gives the Directors
considerable grounds for optimism.
About Intercede
Intercede Group plc is a leading developer and supplier of smart
card and identity management software listed on the London Stock
Exchange (IGP LN) (IGP.L). Intercede's MyID software manages the
secure registration, issuance and lifecycle of digital identities
for a wide range of uses. This requires the integration of multiple
technologies and products from many different vendors, including
smart cards, biometrics, digital certificates, Open Platform applets
and physical access control systems.
Intercede works with a number of market leading
OEM, re-seller and technology partners that supply MyID technology
to the global market place including: Athena Smartcard Solutions,
Gemalto, Oberthur Card Systems, Oracle, RSA Security, SafeNet, Thales,
VeriSign and a variety of systems integrators and other security
product and service providers.
Intercede and MyID are registered trademarks
or trademarks in the UK, US and/or other countries.
Press Contacts:
Intercede Group
plc
Richard Parris, Chairman & Chief Executive
Andrew Walker, Finance Director
Tel. +44 (0)1455 558111
Pelham Public
Relations
Archie Berens
Tel. +44 (0)20 7743 6679
KBC Peel Hunt
Richard Kauffer
Tel. +44 (0)20 7418 8900
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