NEWS
EXCELLENT!
Suspect Detection Systems Announces Sharp Increase First Quarter Revenues
Company has Begun Raising Capital Toward Fulfillment of Full Business Plan
NEW YORK, May 16, 2011 /PRNewswire via COMTEX/ -- Suspect Detection Systems Inc., , 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.
