Suspect Detection Systems Announces Sharp Increase First Quarter Revenues
Company has Begun Raising Capital Toward Fulfillment of Full Business Plan
May 16, 2011 (PR Newswire) --
NEW YORK, May 16, 2011 /PRNewswire-FirstCall/ -- Suspect Detection Systems Inc., (OTCBB: SDSS and SVF.BE), a developer of counter terror and crime prevention technology, announced that in the first quarter of 2011, the company broke its existing record for revenues in a period. Revenues, gross profits and net income all grew sharply in the first quarter of 2011 as compared to the same quarter in 2010.
Highlights of the company's most recent financial statements show:
- Revenues grew to $1.6M in Q1 2011 vs. $0.6M in Q1 2010
- Gross Profits grew to $1.4M in Q1 2011 vs. $0.6M in Q1 2010
- Total revenues during the past two years have exceeded $4M During the quarter, the company completed a major sale to a governmental agency, and it is believed that follow-up sales with the customer are likely in the future.
In addition, the company has begun raising capital, which is intended to enable the company to grow significantly as it builds toward the fulfillment of its full business plan. The capital raise is expected to be completed in the coming months.
"The financial statement released clearly demonstrates that Suspect Detection Systems is a company moving in the right direction," said Gil Boosidan, CEO of Suspect Detection Systems Inc. "The company has demonstrated a trend of continued growth from the first day we began selling our Cogito automated interrogation system.
"We are pleased with the results, and we are actively working to take the company to the next level of full commercialization during the remainder of 2011," Boosidan added.
About Suspect Detection Systems
Suspect Detection Systems Inc., through its subsidiary Suspect Detection Systems Ltd., is a developer of proprietary counter terrorism and crime prevention technology designed to identify threats in real-time, and prevent incidents before they are carried out. The technology detects the hidden "hostile intent" of assailants - before they commit their intended acts - with a high degree of accuracy. The system can also be used after a crime is committed to quickly identify criminals from among a general population pool, including suspects.
Learn more about Suspect Detection Systems and Cogito Technology at http://www.sdss-corp.com.
This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of Suspect Detection Systems and its technologies. Readers are cautioned not to place undue reliance on these statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated in the forward-looking statements. Suspect Detection Systems' public filings may be viewed at http://www.sec.gov.
Gil Boosidan, CEO
SOURCE Suspect Detection Systems