CANYON LAKE, Texas, April 12, 2010 (GLOBE NEWSWIRE) -- COPsync, Inc. (OTCBB:COYN), a software technology provider to law enforcement, emergency service and public safety professionals, has reported financial results for the fourth quarter and year ended December 31, 2009.
Throughout the year, the company's primary business activities included the sale and implementation of COPsync™, an open architecture data collection and information sharing software product for the law enforcement community. 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, in-car, public safety information sharing network. The software shares critical law enforcement data collected by all agencies on the system regardless of their geographical location in real-time, in the patrol car environment, at the point of incident.
COPsync defines "gross sales" as the gross contract price accrued by the company for installations of its COPsync software product and hardware related to that product. During 2009, COPsync received $1,153,914 in gross sales, versus $913,836 in software and hardware costs related to those receipts. This gross sales number included $278,018 in revenues recognized during the year, $533,293 in deferred revenues, which will be recognized over the term of the applicable license agreements, and $342,606 in incentives that COPsync gave back to its customers to supplement their purchase of hardware. Additionally, as of December 31, 2009, the company had executed software license agreements with customers under which it expects to install its product and related hardware, and receive $945,492 in gross sales, in the first half of 2010.
According to the CEO of COPsync, Russell Chaney, "I am extremely proud of our performance in 2009, especially considering that it was our first full year of generating revenues and keeping in mind the economic climate of 2009. We made many improvements to our software platform, successfully completed a capital raise, exponentially increased our user base and encouraged numerous law enforcement agencies to apply for grants in order to receive federal funding for the implementation of our information sharing software. I am extremely pleased in the direction the company is headed. The year 2010 presents both opportunities and challenges for us as we start our national rollout. I believe our geographic footprint will continue to expand as more law enforcement agencies find out about our company and begin to adopt our technology to facilitate true law enforcement information sharing.
"In 2009, COPsync focused a significant amount of our resources to assist potential client agencies in pursuing federal and state grant programs to help finance the purchase of our product. Our client agencies have successfully received financing through numerous grant programs, including the Border Security Equipment and Technology (BSET) Grant Program, the Homeland Security Grant Program (HSGP), the Edward Byrne Memorial Justice Assistance Grant (JAG) Program and the Department of Homeland Security Operation Stonegarden Grant."
The complete year-end report, including management's discussion and analysis of financial condition and results of operations, financial statements, and notes can be found on the Securities Exchange Commission's website at www.sec.gov">www.sec.gov. ( http://www.sec.gov/cgi-bin/browse-edgar?company=copsync%2C+inc&match=&CIK=coyn&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany )
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 data collection and 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/.
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Forward-Looking Statements
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