IDO Security Receives Additional Purchase Order for MagShoe(TM) Units in China
Company Releases 3rd Quarter 2011 Financial Results
(firmenpresse) - TEL AVIV, ISRAEL -- (Marketwire) -- 11/22/11 -- IDO Security Inc. (OTCBB: IDOI), developer of the innovative MagShoe™ shoe scanning device (SSD), today announced that the Company received another purchase order for additional units of the MagShoe™ 3G Series in China. This purchase order comes after fulfilling a recent purchase order from its partner in China, Beijing Hwan Technology & Trade Co.
IDO and . have installed MagShoe units in more than 20 airports throughout China, with the Yinchuan International Airport in Ningxia province being the last airport to install the MagShoe™ 3G units. China is one of the largest markets utilizing the MagShoe today.
"We are extremely excited to see a continued demand for our MagShoe™ units in China. It is clear that the safety of its travelers throughout the many airports in China has become a priority as the China Civil Aviation authority recently raised its security standards to Level 2 at major airports. The MagShoe™ provides the added security measures that are being implemented at checkpoints with added convenience for the travelers as the units 'shoes-on' design provides not only accurate screening from the mid-calf down, it also reduces the wait time," stated Avishai Rotshtain, Product Manager for IDO Security.
In addition, the Company reported third quarter 2011 financial results for the nine and three months ended September 30, 2011. Revenues for the nine and three months were $189,223 and $169,737, respectively, compared to $22,770 and $15,035 for the corresponding periods in 2010. The increase in revenues for the nine and three months ended September 30, 2011 as compared to the 2010 periods is primarily attributable to the substantial increase in the number of new MagShoe™ devices delivered to customers in Africa, Europe and the Far East. The Company reported a net loss for the nine and three months ended September 30, 2011 of $5,510,634 and $1,472,157, respectively, compared to a net loss of $5,640,232 and $1,713,901 for the corresponding periods in 2010.
Michael Goldberg, President of IDO Security, said, "While the revenues may not appear significant, we believe the Company is at a turning point as we anticipate a ramp up of sales in the coming months ahead. Over the last 2 years, we have dramatically improved the MagShoe design, performance, and cost of production and through various tradeshows overseas, we have collaborated with agencies to market the MagShoe in many countries around the world. We are beginning to see results from these efforts and we will continue to join forces with additional agencies as we believe that the market for the MagShoe will continue to be positively impacted by the constant threat of terrorist activities and by new government regulations and appropriations for security and inspection products and procedures globally."
A more detailed description of our business, results of operations and financial statements are contained in the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 21, 2011.
Headquartered in New York with a subsidiary in Israel, IDO Security designs, develops and markets the patented MagShoe™ shoe scanning device (SSD). MagShoe™ fills a critical void in today's detectors by extending screening to the lower body and feet. MagShoe™'s "shoes-on" design maximizes security, thoroughness and accuracy while eliminating the need to remove shoes for increased convenience and safety. The MagShoe™ is neither invasive nor harmful to the body as some of the other screening devices currently used in the marketplace. Ideal for security and loss prevention at virtually any facility, MagShoe™ is currently in use at international airports, cruise lines, government agencies and more.
For more information on the Company, please visit:
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 not limited to, the ability to fulfill the purchase orders in a timely manner, anticipated trends and challenges in our business and the markets in which we operate, the sufficiency of existing capital resources, our plans for future products and enhancements of existing products, 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, 2010, and in our other filings with the Securities and Exchange Commission at . We undertake no obligation to revise or update any forward-looking statement for any reason.
COMPANY CONTACT:
IDO Security Inc.
Investor Relations
646-214-1234
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Datum: 22.11.2011 - 14:25 Uhr
Sprache: Deutsch
News-ID 90182
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TEL AVIV, ISRAEL
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Electronics & Communications
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