(BPRW) BIOKEY INTL. CONTRACTS IN AFRICA TERMINATED
TECHNOLOGY TRANSFER INSTITUTE SEEKS NEW BIOMETRIC PARTNER
(Black PR Wire) On November 4, 2019, TTI entered into a channel partnership with Bio-Key Intl. (BKYI) whereby TTI would be compensated for contracts secured by TTI and its affiliates for the delivery of biometric services. This agreement called for the implementation of these services including: software, education, hardware, local assistance , biometric enrollment and personnel management to be carried out in a cooperative effort between the firms. These agreements between TTI and Bio-Key were memorialized in various press releases and S.E.C. filings by Bio-Key as it is required to do so by law since it is a Nasdaq traded public company..
Additionally, Biokey Intl. agreed to fund local activities of a jointly established Biokey Africa subsidiary which was to employ representatives of TTI and other personnel recruited by TTI. In recognition of the efforts of TTI to facilitate such contacts and winning such contracts with an revenue value in excess of $75,000,000, TTI was to receive shares of Bio-Key Intl. stock as stipulated in their agreement.
After numerous attempts to commence business operations in Nigeria, TTI received neither the funding for operations agreed to by Bio-Key Intl. nor did the Biokey Africa subsidiary receive any funding.
On August 12, 2020 the CEO of TTI, Mr. Marcus Dukes notified Bio-Keys CEO, Michael W. DePasquale and the company’s board of directors that the TTI relationship was terminated immediately. Despite this fact, DePasquale, in a telephone conference call to shareholders days after this notice, indicated that much of the forecasted revenues for 2020 and beyond would be coming from said contract. His blatant disregard for the facts compelled TTI counsel on August 18, 2020 to present a cease and desist letter and to reinforce the termination of all agreements. See the following link. https://2020legacypledge.org/news/biokey-intl-contracts-in-africa-terminated/
Bio-Key enriched itself significantly by utilizing the news and value of these contracts through press releases, government filings, etc. in its efforts for capital raises, market improvement, investor relations, etc.
TTI has now commenced with the interview of other biometric service firms to enable it to perform on the TTI contracts. TTI has no further business relationship with Biokey Intl. and Biokey Intl has no further connection to the $75,000,000 in contracts it announced.
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