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Wed, August 26, 2009
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IDO Security, Inc.: IDO Security, Inc. Announces 2nd Quarter Results
NEW YORK, NY--(Marketwire - August 20, 2009) - IDO Security, Inc. (
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™ 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™ 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.
