Exhibit 99.1

                         BIO-KEY REPORTS RECORD REVENUES

                       NEW CONTRACTS AND PARTNERSHIPS MARK
             TRANSITION TO COMMERCIALIZATION OF BIOMETRIC TECHNOLOGY

Minneapolis,  Minnesota--October  28, 2003--  BIO-key  International,  Inc. (OTC
Bulletin   Board:   BKYI  -  News),   the  leader  in   finger-based   biometric
identification technology for identity management security solutions,  announced
today that it achieved  record  revenues for its third quarter ending  September
30, 2003.  Revenues for the quarter were  $150,000  representing  over a 10-fold
increase, from the previous quarter's $13,020.

"Our third  quarter  revenue  results  reflect  an  important  milestone  in the
company's  history as it marks the official  transition  of Bio-key to a revenue
generating  company,"  said Mike  DePasquale,  BIO-key's  CEO. "Our  significant
increase  in  revenue   reflects  the  growing   interest  in  our  cutting-edge
fingerprint biometric technology."

For the past  several  years,  Bio-key  has  invested  more than $25  million to
develop  the  industry's  most  accurate  and  scalable  finger-based  biometric
technology.  BIO-key's  patented VST open technology is the only technology that
is vendor  independent  and is able to  seamlessly  operate  with most  industry
finger-based hardware scanning devices. VST has unmatched  capability,  not only
in highly accurate one-to-one authentication applications,  but has unparalleled
capability for  one-to-many  identification  solutions with the ability today to
scale to one million records.

In August, at the annual BiometriTech  Conference,  Bio-key was the recipient of
the  "Best of Show  Award"  for  it's  WEB-key  2.2  product  with  its  elegant
architecture,   processing  speed,   unrivaled  scalability  and  its  matchless
accuracy.  During the quarter,  the company also  announced  new  contracts  and
strategic  partnerships  with  premier  integrators  such  as  Oracle,  Northrop
Grumman,  HP, and SAFlink. The company also announced that it became a qualified
supplier under the GSA contract.

"It is  exciting  to be  part  of  the  Company  as it  evolves  into a  revenue
generating  business and see how the pieces are successfully  coming  together,"
said Tom Colatosti,  BIO-key's  Chairman.  "The homeland security market for our
products is huge and  identity  theft is a $50 billion a year  problem.  We have
magnificent  patented  technology  that  is the  envy of the  industry.  We have
unrivaled  quality partners and a growing pipeline of domestic and international
sales  opportunities  in commercial  and government  markets.  Our very talented
technical  and  marketing  team  is  second  to  none.  These  are  some  of the
ingredients that have us so optimistic about the future".

ABOUT BIO-KEY

BIO-key  develops  and  licenses   advanced   biometric  finger   identification
technologies  that are cost  effective,  scalable  and easy to  deploy.  BIO-key
products provide "True User  Identification(TM)"  for the prevention of data and
identity theft while preventing false aliases. BIO-key pioneered the only finger



identification  algorithm  that  has  been  certified  by the  ICSA,  and  today
continues  that   innovation  by  offering  cost   effective,   high-performance
one-to-many finger and one-to-one identification solutions that provide security
and positive  identification  for both  government and enterprise  applications.
(http://www.bio-key.com)

BIO-KEY SAFE HARBOR STATEMENT

This news  release  contains  forward-looking  statements  that are  subject  to
certain  risks  and  uncertainties  that may  cause  actual  results  to  differ
materially  from those  projected  on the basis of these  statements.  The words
"estimate,"  "project," "intends," "expects," "believes" and similar expressions
are  intended  to  identify  forward-looking  statements.  Such  forward-looking
statements are made based on management's  beliefs,  as well as assumptions made
by,  and  information   currently  available  to,  management  pursuant  to  the
"safe-harbor"  provisions  of the Private  Securities  Litigation  Reform Act of
1995.  For a more complete  description of these and other risk factors that may
affect the future  performance of BIO-key  International,  see "Risk Factors" in
the  Company's  Annual  Report on Form  10-KSB  and its other  filings  with the
Securities  and Exchange  Commission.  Readers are  cautioned not to place undue
reliance on these  forward-looking  statements,  which speak only as of the date
made.  The Company also  undertakes  no  obligation  to disclose any revision to
these  forward-looking  statements to reflect events or circumstances  after the
date made or to reflect the occurrence of unanticipated events.

CONTACT:
Albert Maruggi
612-325-8126
amaruggi@providentpartners.net