WISekey reaches an agreement with the Liaoning Government to establish a WISekey Anti Counterfeiting Center at the Liaoning Watch Factory

WISekey reaches an agreement with the Liaoning Government to establish a WISekey Anti Counterfeiting Center at the Liaoning Watch Factory, located in Dandong City.

Liaoning Province, is one of China's biggest watch movement manufacturers with over 50 years experience. The range of movements made by the factory include hand-winding tourbillons, automatic chronographs and several variants of the Chinese Standard movement including skeleton and open-heart. Liaoning Watch Factory is a major supplier of movements to Million Smart Enterprises and other OEM companies.

The agreement will allow WISekey unique breakthrough solution to help reduce counterfeiting among the luxury watch industry and to protect the 3 million watches produced at the Liaoning Watch Factory. This solution arrives during a period on which the watch industry is also impacted by the crisis and needs to reassure its clients.

The Liaoning Watch Factory will use WISekey technology WISeAuthentic®, a certification system of authenticity through a smartcard.to secure their local production.

"Counterfeiting represents approximately five to seven percent of all world trade," said Carlos Moreira, CEO of WISeKey. "Therefore, with the luxury brand industries estimated to reach one trillion dollars (US) by 2010, these companies need a solution that will prove authenticity. We are pleased that WISeKey technology can be used in the fight against counterfeiting."