TUCSON, Ariz., Aug. 5, 2013 /PRNewswire/ -- AudioEye®, Inc. (OTCQB: AEYE), creator of the Audio Internet™, the patented audio browsing and automated publishing technology platform, today announced that in the first half of 2013 it has executed contracts of over $1.3 million that will, upon completion of contracted work, yield over $1.2 million in recognized revenues for the year ending December 31, 2013. The remaining contract balances will be recognized in 2014 per customers' requirements. AudioEye's management believes that the complete results of AudioEye's second quarter of business operations in form 10-Q for the quarter ending June 30, 2013 will be released on Friday. Passing the mid-point of its 2013 business operation AudioEye's first half financial results represent a 332% increase in booked business at the mid-way point in 2013 as compared to its full 2012 fiscal year results.
"We have focused on corporate, government and e-learning verticals with our new sales groups. We've successfully adjusted our corporate outlook and infrastructure with emphasis placed squarely on scalable revenue growth," stated Nathaniel Bradley, AudioEye's CEO. "Our successful training of our experienced sales force on the specific processes of selling our AudioEye technologies is on-going. Both Affinity Networks and Government Sales Specialists have already begun to sell AudioEye's products and services. New sales resources we've added and did not have in our first six months of operations in 2013 are now in place."
"Our largest clients have shown the propensity to sign follow up contracts with AudioEye. Also, the average size of our contracts has grown this year to over $200,000 per customer. AudioEye's revenues are also renewable through our licensing of AudioEye technologies for specified periods of time. AudioEye's patent protected Software as a Service (SaaS) revenue model empowers scalable high margin growth," explained Ted O'Donnell, AudioEye's CFO. "Revenues will grow as we sign new customers and continue to re-sign existing clients. With expanded sales resources and new platform development, we're well positioned to build on our first half success of 2013."
AudioEye has developed a focused sales effort with its sales team, reseller network and reputable specialized sales organizations within the education, healthcare, U.S. Government and consumer product markets. AudioEye's stated business model is to obtain patent rights for its inventions, then to prove out the use of the technology through partnerships with leading organizations and customers within targeted market verticals. AudioEye perfects its technology inventions' use for each vertical market and provisions its software as a service (SaaS) platform to scale production within each.
Founded in 2003, AudioEye, Inc. has developed patented Internet content publication and distribution software as a service (SaaS) platform that enables the conversion of any media into an audio-interactive format. Our SaaS based products allow real-time distribution to end-users on any Internet-connected device. The focus of the Company is to establish AudioEye as a technology leader enabling clients to convert internet content into an audio-interactive format. The solutions provided, offer a more comprehensive access to the Internet, print, broadcast and other media, regardless of an individual's network connection, device, location, or impairment. AudioEye solutions also provide comprehensive E-Learning and E-Commerce systems, along with a variety of Internet publishing products and services.
The Company is headquartered in Tucson, Arizona, and its common stock trades on the OTCQB under the symbol "AEYE".
AudioEye, Inc., Audio Internet and AudioEye are Registered Trademarks of AudioEye, Inc., All Rights Reserved. The systems and technologies described herein are protected all or in part by US7966184, US7653544, US8046229, US8296150, US8260616 and patents pending in the U.S. and Internationally. These products enable AudioEye's customers to create and deliver highly scalable accessible voice browsing applications.
For more information, please visit www.audioeye.com or call 866.331.5324
This release includes forward-looking statements contained within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our Form 10-K and other reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE AudioEye, Inc.