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IDO Security, Inc. Announces 2nd Quarter Results
Aug 20, 2009 13:51:56 (ET)
NEW YORK, NY, Aug 20, 2009 (MARKETWIRE via COMTEX) -- IDO Security, Inc. (IDOI, Trade ) ( www.idosecurityinc.com ), developer of the innovative MagShoe(TM) "shoes-on" weapons metal detection system, today announced results for its second quarter ended June 30, 2009 with revenues increasing approximately 20% while the net loss narrowed by approximately 37% over the same quarter last year. For the six months sales were almost double while the net loss decreased by approximately 50% over the same quarter last year.
Revenues for the six and three months ended June 30, 2009 were $61,339 and $41,246, respectively, compared to $33,684 and $33,684 for the corresponding periods in 2008, all of which were derived from sales of our MagShoe device. Costs of goods sold for the six and three months ended June 30, 2009 were $45,809 and $29,554, respectively.
Net loss -- For the six and three months ended June 30, 2009, we had a net loss of $2,280,553 and $1,165,870, respectively, compared to $4,005,918 and $1,864,872 for the corresponding periods in 2008.
During the same period, the Company expanded its presence in Europe, Asia and Australia while increasing both its pilot programs and the orders received.
Commented Acting CEO Michael Goldberg, "During the last quarter we were able to see tangible evidence of the increase in interest for our MagShoe(TM) product line worldwide, the technical improvements made and the expansion of our distributor base. We believe the security market is just beginning to realize how vital our screening device is for any high security environment, and feel that the progress made over the last quarter has us well positioned to take full advantage of this need."
Further commenting, Michael Goldberg stated, "Due to the strong support of our core investors, approximately one million dollars has been raised since April of 2009 for the continued support of research and development and for day to day operations."
A more detailed description of IDO's business, our results of operations and financial statements are contained in the Quarterly Report on Form 10-Q filed on August 19, 2009. IDO has sustained losses since its inception and expects to incur additional losses for the immediate future requiring the need to raise additional funds.
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About IDO Security
Headquartered in New York with a subsidiary in Israel, IDO Security designs, develops and markets the patented, UL-certified MagShoe(TM) weapons metal detection system. MagShoe fills a critical void in today's metal detectors by extending screening to the lower body and feet. MagShoe's unique "shoes-on" design maximizes security, thoroughness and accuracy while eliminating the need to remove shoes for increased convenience and safety. Ideal for security and loss prevention at virtually any facility, MagShoe is currently in use at international airports, cruise lines, government agencies, prisons and more.
Forward-Looking Statements:
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry, and that reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based upon our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. . Our actual results, performance or achievements could differ materially from those expressed as a result of a number of factors, including but no limited to, the sufficiency of existing capital resources, uncertainties related to the development of IDO's business plan, the ability to secure additional sources of financing, general economic conditions, the availability of competing products and the ultimate market acceptance of our products changes in technology, legislative or regulatory changes that affect us and the risks and uncertainties discussed under the heading "RISK FACTORS" in Item 1A of IDO's Annual Report on Form 10-K for the year ended December 31, 2008, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update any forward-looking statement for any reason.
COMPANY CONTACT: Michael Goldberg 646-214-1234 Email Contact
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IDO Security, Inc. Announces Exclusive Distribution Partnership in Italy, Increasing European Presence of Step-In MagShoe Security DeviceFont size: A | A | A9:50 AM ET 8/21/09 | Market Wire IDO Security, Inc. (OTCBB: IDOI) (www.idosecurityinc.com), developer of the innovative MagShoe(TM) "shoes-on" weapons metal detection system, today announced a full distribution partnership in Italy with SETECO (www.setecospa.it), one of the nation's most well-known providers of systems integration for physical and logistical security. IDO Security and SETECO have already partnered previously to bring the patented, step-in MagShoe device to improve security measures at a number of prisons in Italy. The new agreement will provide SETECO with full and exclusive distribution rights for MagShoe throughout Italy, and for use with international clients.
Ideal for high-profile security settings, the MagShoe extends traditional security screening and metal detection to include the ankles and feet, without requiring shoe removal. It works in seconds, offering highly accurate readings to reinforce safety while maximizing comfort and convenience. The device is already in use at airports, government buildings, ports, and other high-traffic, high-security venues around the world, including Italy and a number of other European countries such as Spain, Germany, and Poland.
"We have taken a strategic approach to building smart partnerships with leading security providers like SETECO, who are committed to providing clients everywhere with the most advanced technologies to ensure total security. We're thrilled to have the opportunity to reach additional new markets through this exclusive relationship," said Dani Werber, Marketing Manager for IDO Security. "Demand for MagShoe continues to grow globally as the need for comprehensive security -- from top to bottom -- becomes the most important priority at crowded event venues, transportation centers, and similar environments."
SETECO http://www.setecospa.it works with a number of institutional, governmental, and private customers, protecting critical infrastructures both domestically and abroad. The MagShoe is part of SETECO's world-class portfolio of tools and technologies to deliver the highest levels of security to clients across the transportation, banking, financial, insurance, and chemical industries.
Click here to view social media version of this release.
Click here to visit the IDO Security social media newsroom.
About IDO Security
Headquartered in New York with a subsidiary in Israel, IDO Security designs, develops and markets the patented, UL-certified MagShoe(TM) weapons metal detection system. MagShoe fills a critical void in today's metal detectors by extending screening to the lower body and feet. MagShoe's unique "shoes-on" design maximizes security, thoroughness and accuracy while eliminating the need to remove shoes for increased convenience and safety. Ideal for security and loss prevention at virtually any facility, MagShoe is currently in use at international airports, cruise lines, government agencies, prisons and more. www.idosecurityinc.com
Forward-Looking Statements:
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry, and that reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based upon our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed as a result of a number of factors, including but no limited to, the sufficiency of existing capital resources, uncertainties related to the development of IDO's business plan, the ability to secure additional sources of financing, general economic conditions, the availability of competing products and the ultimate market acceptance of our products, changes in technology, legislative or regulatory changes that affect us and the risks and uncertainties discussed under the heading "RISK FACTORS" in Item 1A of IDO's Annual Report on Form 10-K for the year ended December 31, 2008, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update any forward-looking statement for any reason.
COMPANY CONTACT: Michael Goldberg 646-214-1234 Email Contact
MEDIA CONTACT: Mike Elliott Email Contact
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