BIO-key and Fiber Food Systems Inc. Collaborate to Enhance Security and Efficiency in the Food Tech Sector

Core Insights - BIO-key International, Inc. has entered into an agreement with Fiber Food Systems, Inc. to enhance security and operational efficiency in the food service sector through the integration of identity and access management (IAM) solutions [1][2][3] Company Overview - BIO-key specializes in workforce and customer identity and access management solutions, focusing on Identity-Bound Biometrics for secure authentication experiences [1][8] - Fiber Food Systems is dedicated to global food security and innovation in food technology, producing high-demand consumer packaged goods and plant-based proteins [1][9] Transaction Details - BIO-key acquired 5,000,000 shares of Boumarang, Inc. from Fiber in exchange for 595,000 shares of BIO-key, representing 19% of BIO-key's issued shares, strengthening its balance sheet with an additional $5 million in net assets [1] Strategic Collaboration - The partnership aims to combine BIO-key's IAM expertise with Fiber's food technology, enhancing security and streamlining access in high-traffic environments such as schools and universities [2][3] - BIO-key's PortalGuard IAM platform supports over 35 million users with phoneless, tokenless, and passwordless access options, which will be integrated into Fiber's food service operations [2][8] Innovation and Growth Opportunities - The collaboration is expected to improve operational efficiency in time-sensitive food service environments by deploying biometric authentication [4] - BIO-key's scalable IAM solutions will allow Fiber to implement tailored security measures across its expanding food tech and distribution network [5] - The partnership reflects a commitment to innovation in the food tech sector, setting a benchmark for safety and efficiency in food service technology [6] Leadership Statements - The CEO of BIO-key emphasized the importance of delivering secure IAM solutions to industries requiring seamless access, particularly in food services [7] - The Executive Chairperson of Fiber highlighted the alignment of their mission with BIO-key's technology to transform the food tech industry [7]