BIO-Key International announced on Monday that it has settled the patent infringement suit filed against it by Blue Spike.
As previously reported in BiometricUpdate.com, Blue Spike filed a patent infringement suit against fingerprint biometric technology provider BIO-key in August 2012 for infringing on several US patents dealing with “Method and Device for Monitoring and Analyzing Signals.”
BIO-key is one of over a dozen companies that Blue Spike has filed patent infringement cases against this year, with infringement claims including chip manufacturing and digital watermarking.
“We are pleased to have quickly settled the patent suit with Blue Spike and we continue to make very good progress in our previously announced objective to bring the company to profitability for FY2012,” Mike DePasquale BIO-key CEO said.
BIO-key reported its Q3 2012 results in November, with total revenue reaching US$410,000, representing a decrease of 29 percent from Q3 2011. DePasquale was optimistic that its partner relationships in the areas of healthcare and Identity Access Management would create many international opportunities for it to monetize in future quarters.
BIO-Key says it will hold a conference call in the coming weeks to discuss a number of strategic initiatives that are underway.