Fingerprint biometrics specialist BIO-key has appointed two new members to its board of directors. Both new directors, Wong Kwok Fong and Yao Jianhui, hold senior positions at China Goldjoy Group, formerly known as World Wide Touch Technology Holdings Limited.
The appointments are the product of some recent major dealings between BIO-key and CGG. At the start of November, BIO-key announced that it had raised $8.4 million from sales of company stock to a Hong Kong-based security technology investor, which at the time went unnamed; and in return the latter group would have the opportunity to appoint a member to BIO-key’s board. That deal was followed by another in which BIO-key paid $12 million for a major IP portfolio from CGG. It wasn’t announced at that time that another board appointment would be part of the deal, but in a press release announcing these new appointments, BIO-key CEO Mike DePasquale indicated that they are “part of our recent financing and strategic license arrangements and to support BIO-key’s future growth and development”.
Wong Kwok Fong is currently CGG’s Chief Technology Officer, having helped to found the company and previously served as its Chairman. His main focus at CGG right now is the development of biometric payment technologies. Yao Jianhui, meanwhile, is the current CEO of CGG; BIO-key described him in a statement as having “deep experience in the technology and manufacturing industries, including managing a cable manufacturer which provides products for high speed trains.”
Commenting on the appointments, DePasquale concluded that they help to ensure that “BIO-key is well positioned to address the growing demand for secure and convenient access to information and physical assets across many markets around the globe,” which should help to push the company towards its ambitious year-end goals.
(Originally posted on FindBiometrics)