Monday, December 20, 2004

LaserCard Corporation Actively Seeking New Accounting Firm

LaserCard Corporation (NASDAQ:LCRD) today announced that it is actively seeking a new outside accounting firm in light of KPMG LLP's unexpected and sudden resignation on December 14, 2004. KPMG LLP informed LaserCard that it does not have the staff to provide services due to turnover and the unanticipated heavy workload for Sarbanes-Oxley 404 attestation work for large companies with fiscal years ending December 31. The company's fiscal year ends March 31st.

"We are obviously disappointed by KPMG's decision, but it appears that the Sarbanes-Oxley-related 45-day extension which the SEC recently granted to certain companies for internal control attestation resulted in a shortage of KPMG personnel resources available for a mid-sized company like us with a March 31 fiscal year-end," said Steve Larson, chief financial officer of LaserCard Corporation. "We are evaluating accounting firms and plan to make a decision on a successor shortly."

LaserCard has not yet decided whether to continue using KPMG Deutsche-Treuhand Gesellschaft to audit its German operations.

LaserCard Corporation Actively Seeking New Accounting Firm

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