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Challenge Card Design Contract Turnkey Card Factory to Golden Chip Company

Date: 18/12/2007

Challenge Card Design GmbH, a wholly owned subsidiary of LaserCard Corporation (NASDAQ:LCRD), a leader in highly secure multi-biometric ID cards, today announced that it signed a €5.9 million ($8.5 million) contract with Golden Chip Company, based in the Kingdom of Saudi Arabia, to deliver a turnkey card manufacturing facility by the end of 2008. Golden Chip Company is a subsidiary of Al Jabr Trading Co., one of the largest private companies in the eastern province of Saudi Arabia.

The contract includes the supply and installation of state-of-the-art plastic card production equipment, transfer of manufacturing know-how, training, and production support. It does not include constructing or preparing the building that will house the equipment.

The new factory will be used to produce and personalize high quality scratch-off cards, loyalty cards, SIM cards and credit cards for the telecommunication and banking sectors. Rights to optical memory card technology or manufacturing are not included in the arrangement.

“We are very proud to have been selected by Golden Chip Company for this project based on our twenty years of card manufacturing experience and our expertise in providing consulting services for manufacturing operations,” said LaserCard’s Uwe Ludwig, Director of Sales, EMEA & Asia. “We look forward to a very productive relationship with Golden Chip Company as we support the implementation of their state-of-the-art card manufacturing facility and its on-going operation.”

The contract signing ceremony was held at Al Jabr offices in Dammam. The contract was signed by Abdullatif Al Jabr, CEO of Al Jabr Trading Co. and of National Arabic Bank. “We are always looking to diversify our investments, and this card factory has a bright future,” said Abdullatif Al Jabr. “We are very happy to have selected CCD as the turnkey solution provider and we look forward to a long and healthy relationship with them. We set high standards in our Request for Proposal and are pleased to announce that CCD’s proposal met our expectations,” said Adel Al Jabr, General Manager of Golden Chip Company. “Golden Chip Company will have the potential and the resources to fulfill the ever growing demand for the card industry in the Middle East,” said Jamal Elhably, the consultant hired by Golden Chip Company to evaluate turnkey solution providers.
Challenge Card Design and LaserCard will be attending CARTES 2007, November 13-15, in Paris (www.cartes.com, booth: Hall 4 K60). To speak directly with LaserCard about their innovative ID technology or to schedule a meeting with LaserCard at CARTES please contact Lisa Hanna at 202-326-1734 or at lisa.hanna@edelman.com.

About Challenge Card Design Plastikkarten GmbH
Challenge Card Design Plastikkarten GmbH is a wholly owned subsidiary of LaserCard Corporation, a leader in secure ID solutions; it manufactures specialty cards, and markets cards, system solutions, and card personalization printers under the CCD and Cards & More brands.

About LaserCard Corporation
LaserCard Corporation, a leader in secure ID solutions, manufactures and markets LaserCard® optical memory cards, LaserPASS™ Optical/RFID cards and chip-ready Optical/Smart™ cards, all featuring Optical IDLock™ technology, and other advanced-technology secure identification cards.

The Company’s secure ID cards are used in countries around the world, including the United States, Canada, Italy, India and the Middle East for demanding security credentialing requirements such as border security, immigration and national identification. In addition, the Company provides optical card read/write drives, optical card system software, card-related ID subsystems and card issuance enabling services.