ISEC..$0.81
iSECUREtrac Announces Major Contract Extensions and New Customers
Market Wire - Apr 06 at 08:00
Company Symbols: NASDAQ-OTCBB:ISEC
OMAHA, NE -- (MARKET WIRE) -- 04/06/10 -- iSECUREtrac Corporation (OTCBB: ISEC), a leading provider in electronic monitoring systems and services to assist community corrections agencies, today announced the signing of contracts with new customers and extensions of contracts with their largest customers.
iSECUREtrac Contract Renewals and Extensions
iSECUREtrac announced that it has negotiated new multiyear contracts and the extension of an existing contract for multiple years with its top three customers, based on 2009 revenue. The new contracts provide both parties with committed arrangements on improved terms. Lincoln Zehr, CFO, said, "We value the confidence our largest customers have shown in extending existing relationships with iSECUREtrac, reflecting our excellent relationships in providing support for their electronic monitoring programs." These renewed and extended contracts, together with numerous other contracts which have no expiration, account for 53% of FY2009's equipment leasing and services revenue.
New Contracts
In addition, iSECUREtrac stated that it has signed five new customers in the past few weeks, several that have the potential to expand the Company's footprint in states where it has not previously had a significant presence.
"While it is difficult to predict the eventual revenue from the new contracts signed, these new contracts indicate that the corrections market appears to be responding to the reality that electronic monitoring, and specifically Active GPS tracking, represent a way to increase public safety and at the same time reduce costs," said Peter Michel, CEO. "The costs of incarceration are overwhelming to the public agencies; our systems and services provide a cost-effective supervision option for reintegrating offenders back into their communities."
About iSECUREtrac
iSECUREtrac Corp. provides electronic monitoring systems, client management software and supplemental services for use in community supervision. The company's rich stream of reliable data concerning a client's location, movement and status better enables effective compliance management and positive behavior modification. Visit www.isecuretrac.com for more information.
Safe Harbor
This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to iSECUREtrac Corp. and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly, iSECUREtrac's actual results may differ significantly from the results discussed or implied in such forward-looking statements.
Company Contact:
Doug Zbylut
Email Contact
(866) 537-0022
