Suspect Detection Systems Sells Cogito Interrogation Units to Private Enterprise in Central America Sale Demonstrates New Business Model Including a Down Payment and Revenue Sharing
NEW YORK, August 9, 2010 /PRNewswire-FirstCall/ -- Suspect Detection Systems Inc., (OTCBB:SDSS and SVF.BE), announced today that the company's subsidiary Suspect Detection Systems Ltd., a developer of counter terror and crime prevention technology, has sold multiple units of the Cogito rapid interrogation system to a human resource company operating in Central America and Mexico.
The customer is an investigative enterprise that was recently established to provide clients with Cogito based services. Cogito technology will be used by the customer to conduct pre-employment applicant screenings, internal threat and loss prevention screenings, as well as corporate internal investigations. This new enterprise is the sister company of a long-standing human resource company active throughout Latin America.
The Cogito automated system is able to quickly expose the hostile intent of potential employees who may be connected to crime organizations, or have a history of criminal activity.
A six-digit down payment has been advanced to the company for delivery of the system units. In addition, the sale features a revenue sharing model whereby Suspect Detection Systems and the private enterprise will divide income from each individual applicant screening.
The transaction is the first multiple unit sale to a private enterprise operating in Central America. The sale follows an earlier contract with the same entity. Cogito is already being utilized by federal law enforcement agents in various Latin American countries including Mexico.
"Cogito technology is once again proving that is valuable not only to federal law enforcement agencies, but also to the private sector," stated Gil Boosidan, CEO of Suspect Detection Systems Inc. "We believe that Cogito will prove particularly effective in preventing crime in Central America where criminal activity in the workplace often takes place."
The United Nations Office on Drugs and Crime reports that Central America is a region prone to organized crime, money laundering, drug trafficking and corruption. Such criminal activity has had a negative impact on the region's economy. (View the UNODC report at http://tiny.cc/centralamerica.)
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.
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SOURCE Suspect Detection Systems