Oslo, August 12, 2022 – NEXT Biometrics (Oslo Bors: NEXT), announces that it has successfully passed the single milestone established in the agreement with the India based OEM. The complete USD 2.2 million order is now irrevocable.
The initial order of USD 2.2 million in the long-term FAP20 agreement between the India based OEM (Original Equipment Manufacturer) and NEXT (communicated on 2 February 2022), is now irrevocable. There was one milestone established in the agreement, which made 90% of the order conditional. NEXT has now successfully passed this milestone, and therefore the complete order is irrevocable.
NEXT is together with its India based OEM focused on establishing a strong position in the market and winning market share when India’s upgraded biometric security program will launch. This upgraded nation-wide biometric program is delayed, and our local partners indicate a likely market launch in India around the end of Q4 2022. The India based OEM has a few additional steps to complete before passing its government program certification in India. This is a great milestone for NEXT FAP20 sensors as well as NEXT updated Go-To-Market strategy for India.
”Passing this milestone gives us additional confidence and proves our competitive advantage with partners, in the world’s largest biometric market. We believe that our partners are set up to succeed with NEXT’s upgraded FAP20 sensors in the India Aadhaar market ,” said Ulf Ritsvall, SVP of Sales & Marketing of NEXT Biometrics.
About NEXT Biometrics
NEXT provides advanced fingerprint sensor technology that delivers uncompromised security and accuracy for the best possible user experience in the smart card, government ID, access control and notebook markets. The company’s patented NEXT Active Thermal™ principle allows the development of large, high quality fingerprint sensors in both rigid and flexible for-mats. NEXT Biometrics Group ASA (nextbio.eternitygroup.dev) is headquartered in Oslo, with sales, support and development operations in Seattle, Taipei, Bengaluru and Shanghai.
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NEXT Investor contact:
Peter Heuman, peter.heuman@nextbiometrics.com
Eirik Underthun, Eirik.underthun@nextbiometrics.com