COPsync, Inc. Sees Rise in Second Quarter Licensing Fees
June 24 2009 - 8:30AM
PR Newswire (US)
Company provides guidance for the third quarter 2009 CANYON LAKE,
Texas, June 24 /PRNewswire-FirstCall/ -- COPsync, Inc. (OTC
Bulletin Board: COYN), a software technology provider to law
enforcement and emergency service professionals, announced today
that software licensing fees it will receive during the quarter
ended June 30, 2009 are anticipated to increase to over $350,000,
representing an approximate 41% increase from the previous quarter
ended March 31, 2009. Additionally, COPsync anticipates that during
the third quarter of 2009, its licensing fees should exceed
$675,000, which represents a 92% increase over the anticipated
second quarter results. COPsync believes that it is able to
forecast these amounts because they involve existing contractual
agreements with various law enforcement agencies, which have
already been approved. The timing of the receipt of the funds is
subject to legislative funding cycles and COPsync's implementation
schedule. COPsync cannot predict the legislative funding cycles,
and will need to acquire additional funding to fully realize its
implementation schedule. COPsync believes that its software is the
first and only integrated software product that provides a
real-time in-car, nationwide information collection and sharing
network for law enforcement officers. Currently, COPsync has more
than 3600 police officers committed to utilize its mobile software
application. 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. According to
COPsync, CEO, Russell Chaney, "We are finishing a successful
quarter and expect the third 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 the COPsync software
as the only solution addressing this problem." COPsync, Inc.
recognizes revenue related to these licensing fees on a monthly
basis, over the life of the licensing agreement. Pursuant to the
terms of the licensing agreements, generally the entire license fee
is received by COPsync at the beginning of the contract period, but
under GAAP accounting only a portion of this fee can be recognized
as revenue on the Company's income statement. About COPsync, Inc.
COPsync Inc. (OTC:COYN) (BULLETIN BOARD: COYN) is positioned to
become one of the fastest growing software technology providers to
law enforcement and emergency service professionals worldwide.
COPsync, Inc. believes that it 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
http://www.copsync.com/. 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.
DATASOURCE: COPsync, Inc. CONTACT: David Zazoff, Public and
Investor Relations of ZA Consulting Inc., +1-212-505-5976 Web Site:
http://www.copsync.com/
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