NEW YORK, February 8, 2011 /PRNewswire-FirstCall/ -- Suspect Detection Systems Inc., (SDSS.OB, SVF.BE, and SVF.SG), a developer of counter- terrorism and crime prevention technology, has released the following letter to all its shareholders.
This letter commemorates my first anniversary as the CEO of Suspect Detection Systems Inc. (the "Company"). When I joined the Company, the powerful and flexible technology of the Company was already being used in several countries around the world assisting in detection and identification of criminals and terrorists.
Our clients acknowledge that the Company's system (the "Cogito") is effective and has outstanding results. Among the Company's customers are federal agencies and national border control units all over the world.
The Company, through its consolidated subsidiary Suspect Detection Systems Ltd, generated $1,596,646 of revenues for the nine months ended September 30, 2010, a increase compared to $825,253 for the nine months ended September 30, 2009. This increase in revenues represents a growth of 75% in our sales and is a result of our continuous efforts to grow by generating larger deals with current customers and new deals with new customers in current and new markets. We also reported $706,870 of advances from customers and deferred revenues of $ 169,742 as of September 30, 2010 which represent our backlog as of September 30, 2010 and will be recognized as revenue upon completion in the future.
As is customary in the homeland and security industry, many of our key customers request that we not disclose any further details on their identity and the nature of the projects that we are assisting them with. While we would like to disclose our accomplishments to our shareholders and the public, we contractually cannot.
Nevertheless, we can disclose that we had a successful pilot of our system in the prison of Bergen County, New Jersey.The county sheriff was extremely pleased with the results of the system, as evidenced by his public endorsement of our Cogito system. This was a major pilot undertaking in the United States since the Company's successful initial project in the Knoxville, Tennessee airport in 2006. You can read more about this pilot at the Sheriff Magazine, volume 62, page 12 ( http://www.omagdigital.com/publication/?i=37910).
During 2010, we have expanded our market share beyond federal and regional law enforcement, by increasing the number of private security enterprises using our systems. We sold our systems to human resource companies, and initiated projects within large companies in the financial service industry.
In addition, we have made a key addition to our management team, by hiring Ran Daniel as CFO. Ran's strong hi-tech background brings additional leadership to our team. We believe that the processes he has implemented and the results of his work will be felt by the shareholders in the upcoming years.
Most importantly, we hope that 2011 will be even stronger in terms of number of customers and size of projects. We hope to strengthen our position in current markets, penetrate new markets and continue executing our strategic growth plan.
We intend to improve our communication with investors. We look forward to resuming a stream of regular press releases, and hope to obtain coverage from industry analysts.
Together, we can work to help make the world a safer place. Sincerely, Gil Boosidan CEO, Suspect Detection Systems Inc.
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 encourages the public to read its public filings with the Securities and Exchange Commission which may be viewed at http://www.sec.gov.
Contact: Gil Boosidan, CEO +1-201-446-3859 email@example.com
SOURCE Suspect Detection Systems