CANYON LAKE, Texas, Aug. 20, 2009 (GLOBE NEWSWIRE) -- COPsync, Inc. (OTCBB:COYN), a software technology provider to law enforcement and emergency service professionals, has reported financial results for the second quarter ended June 30, 2009.
During the second quarter, the Company continued to market, sell and implement its mobile 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 for the public safety community 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 June 30, 2009, COPsync had more than 3,600 police officers committed to utilizing its mobile software application. In the three and six months ended June 30, 2009, the Company received $294,880 and $556,768 from licensing its software product, respectively. This represents a 12.5% improvement from the first quarter ended March 31, 2009.
According to COPsync CEO Russell Chaney, "While we are coming off a good quarter, we expect our next two quarters to be even stronger in terms of licensing fees. Although we did not achieve our anticipated financial results this quarter due to certain grants extending into the upcoming quarters, we continue to experience strong interest and demand for our law enforcement software, COPsync(tm). Revenue targets missed were not lost for the company, as they will appear in subsequent quarters as the delayed grants become awarded. In only our second true quarter of marketing our software, we have made tremendous strides and are now one step closer to our mission of providing all law enforcement officers with real-time access to potentially lifesaving critical information directly at their fingertips in the patrol car. Our staff has done a tremendous job facilitating the implementation of our information sharing software at numerous law enforcement agencies this quarter and I appreciate their dedication and support. In fact in the second quarter our installation rate is up over 100% from the previous quarter. In the coming quarters we expect to continue to witness strong growth in contracts awarded for the implementation of our technology."
The complete second 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 June 30, 2009, the Company had received a total of $556,768 of which only $26,292 has been recorded as earned revenue. The remaining amount of $530,476 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.