CANYON LAKE, Texas, May 29, 2009 (GLOBE NEWSWIRE) -- COPsync, Inc. (OTCBB:COYN), a software technology provider to law enforcement and emergency service professionals, has reported financial results for the first quarter ended March 31, 2009.
During the first quarter, the Company's primary business activities included the sale and implementation of an open architecture data collection and information sharing software product, COPsync(tm). This software not only enhances productivity and quality of work for law enforcement officers, but creates a safer work environment by providing the first real-time, nationwide public safety information sharing network. The software shares critical law enforcement data, in real-time, collected by all agencies on the system. As of March 31, 2009, COPsync had more than 3,600 police officers committed to utilizing its mobile software application. In the three months ending March 31, 2009, the Company received $261,888 from licensing its software product.
Select Highlights from the quarter Include:
-- Of the 254 counties in the State of Texas, COPsync has secured
contracts with Agencies in 73 of those counties, accounting for
COPsync information sharing in over 25% of all the counties in
the state
-- Those 73 counties represent agreements with 226 law enforcement
agencies which are a mix of Police, Sheriff, and Constable
Departments, as well as DA Investigators
-- The Company has facilitated the creation of the largest real-time
law enforcement information sharing network in the country
According to COPsync, CEO, Russell Chaney, "We are coming off a great quarter and expect our next quarter to be even stronger in terms of licensing fees. It is our mission that, in the future, all law enforcement officers will have real-time access to the critical information necessary to protect the public and themselves directly at their fingertips in the patrol car. We see COPsync(tm) as the only solution addressing this problem. Our solution to address this problem is to maintain our neutral position in the Law Enforcement market. COPsync will utilize this neutral position to leverage support from existing software providers to create full information sharing at the point of incident. Our position has made it easy for agencies and their leaders to embrace the COPsync Technology, as implementing COPsync does not require an agency to change any existing methods of data management or collection."
The complete first quarter report, including management's discussion and analysis, financial statements, and notes can be found on the Securities Exchange Commission's website at www.sec.gov.
In general, the Company recognizes revenue related to licensing fees on a monthly basis, over the life of the licensing agreement. Per the terms of the licensing agreements, generally the entire license fee is received by the Company at the beginning of the contract. Accordingly, at March 31, 2009, the Company had received a total of $261,888 of which only $4,169 has been recorded as earned revenue. The remaining amount of $257,719 has been recorded as deferred revenue on licensing agreements, which will be recognized as revenue over the remaining term of the licensing agreements, as earned.
About COPsync, Inc.
COPsync Inc. (OTCBB:COYN) is positioned to become one of the fastest growing software technology providers to law enforcement and emergency service professionals worldwide. COPsync, Inc. is the only Law Enforcement software provider to provide full information sharing capabilities to all subscribing agencies in real time at the point of incident directly to the patrol officer. For more information please visit www.COPsync.com.
The COPsync, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5203
Forward-Looking Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, product market trends, variations in the company's cash flow, market acceptance risks, technical development risks, seasonality and other risk factors detailed in the company's Securities and Exchange Commission filings. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.