Fingerprint Cards is now firmly established as a leading source of embedded biometric systems (those that can operate independently of a PC processor); it has also asserted itself successfully as a leading commercial provider of low-cost biometric systems technology.

During 2002 Fingerprint Cards completed its planned transition from revenue generation based mainly around the exploitation of patents - including the Löfberg patent, supporting portable data carrier technologies using biometrics - moving instead to revenue generation from an active technology portfolio. This portfolio features two complete but distinct types of sensor system based on in-house technologies that are strong in the three key areas of biometrics activity: image capture sensors, algorithm software, and low-cost operating platforms.

The Company's revenue is presently best described as the sale of licensed components, either individually or as assembled sub-systems. However, as the Company's larger partners move to take greater control in the chip fabrication process for their own products, or enter into a level of customisation partnership with Fingerprint Cards, then revenue will become accounted for by the licensing of intellectual property and a royalty per chip will be paid to Fingerprint Cards. Within the emerging biometrics market the dynamic spread of Fingerprint Cards' licensing model means that it can offer a level of integration and volume cost control appropriate to small, medium, and large customers, while sustaining a market leading performance in fingerprint verification.

Operational Organisation
External developers continue to contribute valuable expertise on a project basis, but the Company has now gathered most of its technology expertise at its headquarters in Gothenburg. This personnel structure has been both flexible and cost-efficient, and future growth will be appropriate to the development of the various biometrics market segments and the business that these bring.

Ultimate responsibility for the daily operation lies with the Managing Director. This is supported by an in-house management team that holds regular meetings. The main purpose of this team is to exchange information and make timely decisions on important issues related to the technology and the conduct of business operation. The administration is working closely with the Managing Director. The CFO has the responsibility for administration, personnel, treasury, investor relations and reporting to the board and the authorities.

The VP Sales & Marketing is responsible for marketing and sales. His team also provides technical support to customers and resellers. A consultant based in Europe is also contracted in a market development role. Appointment of regional distributor/resellers now extends the marketing arm of the Company without greatly affecting core staffing.

The technology team is lead by the VP Technology Development and includes two Ph Ds and seven M Scs. The team is divided across the specialized areas of sensors, ASIC processor implementation, and algorithm development. The Director is also responsible for management of external expertise in a number of countries.

Business Concept & Vision
The main and long-term objective of Fingerprint Cards is to gain royalties from licences to its developed fingerprint technology. This advanced core technology is steadily proving itself to be a leader in the market for biometric fingerprint sensor technologies, and the completion of a second, two-chip fingerprint verification system based around the FPC1030 swipe sensor has greatly strengthened the Company's business development and market vision.

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