Sequiam Corporation Declares Default on CyberKey Contract
Tuesday March 20, 10:10 am ET
ORLANDO, Fla.--(BUSINESS WIRE)--On November 29, 2006, Sequiam Corporation (OTCBB:SQUM - News), a leading provider of innovative consumer lifestyle biometric technologies and services, announced that it had received from CyberKey Solutions, Inc. a $2,250,000 order for OEM Sequiam BioVaults labeled as the CyberKey 'KeepSafe' in accordance with the terms of a manufacturing and distribution agreement signed between the two companies. A deposit of 10% on the first 10,000 units was required and received by Sequiam to insure CyberKey's commitment to accept BioVault production on schedule. According to Sequiam Corporation, the BioVault shipment arrived in January, 2007 and an invoice that was provided went unpaid. As a result, CyberKey's deposit was forfeit and Sequiam has declared a default on the purchase order and the manufacturing and distribution agreement. Additionally, Sequiam is pursuing collections from CyberKey related to the contract, purchase orders and the invoice. Existing KeepSafe inventory will be sold by Sequiam.
About Sequiam
Headquartered in Orlando, Florida, Sequiam Corporation develops, markets, and supports a portfolio of highly robust proprietary biometrically enabled consumer lifestyle and commercial products and OEM solutions. In addition, Sequiam has invested heavily in research and development to develop unique products and solutions for the biometric industry worldwide. Sequiam Biometrics' solutions incorporate low-cost, high-volume manufacturing processes targeted at the consumer and commercial market. Sequiam is a global company with offices in Taiwan, China, and South Africa. For more information, please visit www.sequiam.com and www.sequiambiometrics.com.
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