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Cogent Systems Announces Initial $11 Million Award for National Criminal APFIS in Spain
South Pasadena, CA - November 14, 2007 - Cogent Systems (Nasdaq: COGT) today announced an initial $11 million award from the Spanish Ministry of Interior, General Directorate of the Police and Civil Guard, for a national criminal automated fingerprint and palmprint identification system.
The new state-of-the-art system will be used by law enforcement officials for the Spanish National Police and Spanish Civil Guard and will integrate with the Ministry's criminal history system, with other European AFIS systems via the Pruem Treaty and Interpol. Cogent Systems will serve as prime contractor on the project which can support over 500 workstations nationwide and includes Cogent's livescan units and mobile ID units.
Spain has been a long term user of AFIS systems and has also done some pioneering work on dactyloscopy. This new system represents a significant leap forward for law enforcement in Spain and will allow for much closer integration with other important databases such as the Shengen System and Interpol "We look forward to working with Cogent in building the most advanced system available today," quoted a senior law enforcement official in Spain.
"After a lengthy procurement process and extensive benchmark testing, we are pleased to announce a significant win in Spain that is a testament to our technical superiority and innovative solution," commented Ming Hsieh, President and Chief Executive Officer of Cogent. "Historically, Spain has been a market dominated by our competition and we believe this award can lead to further opportunities in Spain and in Europe, overall. Cogent's superior performance was demonstrated during the benchmark on a database of over 2,000,000 tenprint records to accurately measure system accuracy and performance. Notably, this award includes our AFIS technology, livescans and Bluecheck mobile identification handheld devices, demonstrating the power of having a full line of products to sell into prospective customers."
About Cogent Systems
Cogent is a global biometric identification solutions provider to governments, law enforcement agencies, and commercial enterprises. Cogent provides the highest quality identification systems, products and services with leading technology, accuracy and speed. Cogent's Automated Fingerprint/Palmprint Identification Systems, or AFIS, enable customers to capture fingerprint and palm print images electronically, encode prints into searchable files, and accurately compare a set of fingerprints/palm prints to a database containing potentially millions of prints in seconds. For more information, please visit www.cogentsystems.com
Forward-Looking Statements
This press release contains, in addition to historical information, forward-looking statements. Such statements are based on management's current estimates and expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Cogent is providing this information as of the date of this press release, and expressly disclaims any duty to update information contained in this press release.
Forward-looking statements in this press release include, without limitation, express and implied statements regarding Cogent's anticipated revenue growth and growth in sales opportunities in a variety of markets, including future domestic and international growth. These forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from those expressed or implied here. Readers are referred to Cogent's Report on Form 10-Q for the quarter ended September 30, 2007 filed by Cogent with the Securities and Exchange Commission which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including but not limited to: changes in government policies; uncertain political conditions in international markets; deriving a significant portion of revenues from a limited number of customers; deriving a significant portion of revenues from the sale of solutions pursuant to government contracts; failure of the biometrics market to experience significant growth; failure of Cogent's products to achieve broad acceptance; potential fluctuations in quarterly and annual results; changes in Cogent's effective tax rate; failure to successfully compete; failure to comply with government regulations; failure to accurately predict financial results due to long sales cycles; negative publicity and/or loss of clients due to security breaches resulting in the disclosure of confidential information; loss of export licenses or changes in export laws; failure to manage projects; rapid technology change in the biometrics market; loss of a key member of management team; termination of backlog orders; loss of limited source suppliers; negative audits by government agencies; failure to protect intellectual property; and exposure to intellectual property and product liability claims. The information contained in this press release is a statement of Cogent's present intention, belief or expectation and is based upon, among other things, existing industry conditions, market conditions, the economy in general and Cogent's assumptions. Cogent may change its intention, belief or expectation, at any time and without notice, based upon any changes in such factors, in its assumptions or otherwise. Cogent undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. By including any information in this press release, Cogent does not necessarily acknowledge that disclosure of such information is required by applicable law or that the information is material.
For more information, contact:
Cogent Systems, Inc.
Paul Kim
Chief Financial Officer
626-799-8090
www.cogentsystems.com
The Blueshirt Group, Investor Relations
Chris Danne, Rakesh Mehta
(415) 217-7722
chris@blueshirtgroup.com
rakesh@blueshirtgroup.com
