December 2, 2004 - LaserCard Corporation (NASDQ:LCRD), today announced that Jerome Drexler, the company’s founder, has retired from his position as Chairman of the Board and Director of LaserCard Corporation. Dr. Drexler will remain a parttime senior advisor under a two-year agreement and will hold the position of Chairman emeritus. The company also announced a new corporate management structure, with Richard Haddock serving as CEO and Christopher Dyball assuming the newly created position of President and functioning as chief operating officer. Concurrently, the Board has elected Stephen Price-Francis as Vice President of Business Development of LaserCard Corporation.

Dr. Dyball and Mr. Haddock have served as the company’s Co-CEOs since September, 2003, when Dr. Drexler stepped down as CEO. They will continue working together as they have for more than ten years on the company’s day-to-day operations and will share responsibility for the company’s strategic planning. In lieu of a Chairman of the Board, together they will prepare agendas and management reports for board of director meetings.

“Jerry Drexler has had a distinguished career and we thank him for his dedication and leadership over the years,” said William McKenna, a board member of LaserCard Corporation. “I believe that Jerry felt the time was right to make a change in our leadership structure. Richard and Chris share a history as well as a vision for the company, and the new structure will allow us to better optimize their experience to take LaserCard Corporation to the next level.”