NEW YORK, NY -- (Marketwire) -- 10/17/12 -- IDO Security Inc. (OTCBB: IDOI) developer of the innovative MagShoe shoe scanning device (SSD), today announced that it has registered its first sale of the MagShoe under a new distribution agreement with Borlas Security Systems, a subsidiary of Borlas Consulting Group, to market the MagShoe in Russia for the Russian Homeland Security niche.
As Russia makes its security preparations to host the 2014 Sochi Winter Olympics and upgrades its security in various transportation hubs, it has looked to its neighbors to find state-of-the-art devices. The successful MagShoe installations in Azerbaijan, Lithuania, and Czech Republic all played a role in Borlas' decision to represent the MagShoe as a winning product for the Russian market. http://www.borlassecurity.ru/equipment.php?magshoe
Borlas Security Systems provides multiple services and modern integrated solutions that ensure the security of enterprises, their resources, and assets by providing consulting services that include evaluation of threats and vulnerability risks in security systems, designing and implementation of integrated security systems with the use of the most advanced techniques in this field, and integration of security systems with elements from multiple suppliers.
Mr. Andrey Prozorov, Director of Security Systems Department at Borlas Consulting Group, commented, "Following an extensive survey of available security products from around the world, we found that the MagShoe is uniquely well-suited for closing the security gap in mass transportation and other Homeland Security applications. We are honored to represent the MagShoe in Russia."
Yaniv Beran, IDO Security's General Manager, commented, "We are very pleased to have found such a capable partner to represent IDO Security in the enormous Russian market. We believe that now is a particularly strategic juncture in the development of the Russian HLS market as they continue to modernize their security procedures in preparation for the 2014 Winter Olympics."
About IDO Security, Inc.
Headquartered in New York with a subsidiary in Israel, IDO Security designs, develops and markets the patented MagShoe shoe scanning device (SSD), filling a critical void in today's detectors by extending screening to the lower body and feet. MagShoe's "shoes-on" design maximizes security, thoroughness and accuracy while eliminating the need to remove shoes for increased convenience and safety; neither invasive nor harmful to the body as some of the other screening devices currently used in the marketplace. Ideal for security and loss prevention at virtually any facility, MagShoe is currently in use worldwide at international airports, cruise lines, government agencies, correctional facilities, mints and more.
For more information on the Company, please visit: http://www.idosecurityinc.com
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry, and that reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based upon our current expectations about future events. These forward looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed as a result of a number of factors, including but not limited to, anticipated trends and challenges in our business and the markets in which we operate, our expectations regarding our expenses and revenue, the ultimate market acceptance of our products, the sufficiency of existing capital resources, our plans for future products and enhancements of existing products, the ability to secure additional sources of financing, general economic conditions, the availability of competing products and changes in technology, legislative or regulatory changes that affect us and the risks and uncertainties discussed under the heading "RISK FACTORS" in Item 1A of IDO's Annual Report on Form 10-K for the year ended December 31, 2011, and in our other filings with the Securities and Exchange Commission at www.sec.gov. We undertake no obligation to revise or update any forward-looking statement for any reason.