BIO-key International, Inc. (NASDAQ:BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB) for phoneless, tokenless, passwordless, and phish-resistant authentication experiences, today announced it has entered into an agreement with Fiber Food Systems, Inc. ("Fiber"), an innovative company with focus on global food security, developing innovation food-technology, and producing high-demand CPG products and plant-based proteins at scale. In the transaction, BIO-key acquired 5,000,000 shares of common stock of Boumarang, Inc. from Fiber in exchange for 595,000 shares of BIO-key, representing nineteen percent (19.00%) of its issued and outstanding shares. Boumarang, Inc. is an innovative company pioneering sustainable, long-range drone technology powered by AI-driven hydrogen fuel. This transaction strengthens BIO-key's balance sheet with an additional $5 million of net assets.
This collaboration combines BIO-key's expertise in secure, scalable, and versatile IAM solutions with Fiber's food tech know-how and presence in food distribution channels. BIO-key's PortalGuard IAM platform provides multi-factor authentication with a unique focus on biometrics, supporting over 35 million users worldwide with phoneless, tokenless, and passwordless access options. As Fiber executes its planned food service and retail footprint, particularly across schools, universities, and large institutional cafeterias, integrating BIO-key's identity and access solutions will enhance security, streamline access, and improve operational efficiency in these high-traffic environments.
