ALAMO, CA, May 24, 2018 (GLOBE NEWSWIRE) -- Social Detention Inc. (SODE), recently announced that it has executed an agreement with DME Inc. to procure, perform and share profits on California Contracts. This partnership allows Social Detention Inc. to participate on proposals that are reserved for specific companies with certain classifications. The agreement is effective May 21, 2018.
The profit share is 50/50 and recognized as contract revenues are received. We anticipate the revenue for the next twelve months under this agreement to be $2-5m with profit of $600k to $1.5m and $5m to $10m in Year 2 with profit of $1.5m to $3m.
Robert Legg, President and CEO of Social Detention Inc., stated, “The execution of this agreement provides an additional stream of revenue that was not available to Social Detention Inc. We have already submitted several proposals under this agreement and expect to reap the rewards in the coming months. This agreement did not involve any cash or equity considerations so it will not affect profitability or authorized share structure. The combined entities offer an unmatched service offering in this space. Please note we are in negotiations to finalize similar agreements with other firms in the security and infrastructure space aggressively.”
For more information about Social Detention Inc. visit www.sodetention.com.
FORWARD LOOKING STATEMENTS
Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.