|Page (1) of 1 - 01/04/12||email article||print page|
StrikeForce Technologies Reports on 2011 Year in ReviewCompany Notes Accelerating Sales Growth and Strong Demand for Products Followed by Increasing Revenues Into 2012 (January 04, 2012)
EDISON, NJ -- (Marketwire) -- 01/04/12 -- In looking back over 2011 and into 2012, StrikeForce Technologies (OTCBB: SFOR) is providing the following insight into the State of the Company.
STATE OF THE COMPANY
While the general business climate for many companies and markets remains challenging, the overall business environment for StrikeForce Technologies ("Company") is increasingly promising, and we directly see that demand and sales of our products is growing. Identity Theft and Cyber-crimes are increasing and in the news almost every day with reports on Data Breaches, Viruses stealing keystrokes, phishing (fake websites), financial institutions being sued and losing and projected statistics into the trillions of dollars that could be lost globally annually. In conjunction with this news, regulations are gathering strength with a focus in the financial (FFIEC) and healthcare (HIPPA) markets. In turn, management contends that demand is increasing specifically for the types of capabilities that StrikeForce Technologies' patent and patent pending products deliver. All of this translates into the potential for substantial sales and revenue growth in 2012 as the Company expands globally and reaches its Vision of "Making the World a Safer Place," as the following highlights of 2011 show:
CUSTOMERS: 2011 was a great year for new customers and end user adoption. GuardedID®, our keystroke encryption product, has seen tremendous uptake as Identity Theft and Data Breaches increase exponentially, with several million new downloads just in 2011 and growing daily with monthly recurring revenues. ProtectID®, our two-factor "Out-of-Band" Authentication product, has been licensed by more clients this year than ever before, as regulations increase in the financial and healthcare markets. Currently, there are over a dozen clients testing one or both products in the U.S. and abroad. We also project strong growth through our European partners whom we have announced over this past year and have numerous opportunities for our products across Europe.
Some of our highlighted publicly announced partners and clients in 2011 were as follows:
- MSC (Managed Service Center) - European distributor with pilots and many opportunities for both products
- Systems Specs - Nigeria's leading e-Payment Solution provider using ProtectID for its clients
- Southeast Regional Bank - Deployed ProtectID to meet regulatory compliance
- One of the Nation's Largest Financial Service Companies - Chose ProtectID for a multi-year contract for its "Out-of-Band" Authentication requirement
- DWCC - Our European Master Distributor manning StrikeForce EU in London, with many opportunities
- WhiteSky - GuardedID is embedded in their Extensible Service Platform for their clients
PLANNED PRODUCT INNOVATION: We are scheduled to minimally add several new features to both of our products in 2012 as follows:
- GuardedID - We project to be adding: a Mac version in Q1, a Mobile Client, protection for Man-in-the-Browser & Session Hijacking & Cloud Data Encryption
- ProtectID - OOB Authentication using desktop and mobile IM clients and Voice Verification
PATENTS: StrikeForce is now the patent holder of "Out-of-Band" Authentication (OOBA) and with an early strategic patent pending for Anti-Keylogging - Keystroke Encryption.
- ProtectID® "Out-of-Band" Authentication - On January 11th (2011) we received the patent (#7870599) for our ProtectID "Out-of Band" Authentication and in November 2011 emerged from a Re-Examination with net additional claims. This is significant as it positions the Company as the patent holder of OOBA, which is now being incorporated into most regulatory compliances i.e. FFIEC, SOX, HIPPA, etc. and included in many service providers and firms security program deployments. Many OOBA clients this year signed up with us because of the depth and breadth of our product innovation, as well as our patent. We have also commenced a process to defend our "Out-of-Band" patent.
- GuardedID® Anti-Keylogging Keystroke Encryption - GuardedID is patent pending. Once and if this patent is awarded to StrikeForce, we will own the process patent by which all encrypted keystrokes are sent from the keyboard to the browser/applications.
REVENUE: Our channel sales model generates a high quality revenue stream consisting of immediately recognized revenue. In addition, many of these sales include recurring monthly or yearly recurring revenue from each user or licensee. For 2011 we forecast gross revenues to be approximately 40%-70% higher than 2010's gross revenues, with over 60 percent of the 2011 gross revenues increasing and recurring throughout 2012.
BALANCE SHEET: The Company is continuing to acquire funding as we look to achieve cash flow positive in 2012. Based on the projected distributor/reseller and overall customer opportunities in 2012, the Company is in the process of talking with its investors, consultants and financial partners to develop a corporate growth plan with a goal to continue to clean up portions of the balance sheet while raising the level of our financial and market positions.
MARKETING: The Company commenced a marketing strategy that includes the following as an example:
- Over the past month, we have generated over 100 corporate and Government leads for ProtectID "Out-of-Band" Authentication; several of them have already installed and started testing
- In December we signed up with a major marketing group with a vast global reach and an impressive client list
- StrikeForce will once again exhibit at the RSA Show in San Francisco (February 27-March 1). The Company's booth is in the front row (Booth# 2217).
"We are very bullish looking ahead into 2012, even though the market may not be," says Mark L. Kay, CEO of StrikeForce. "Our products are increasing in sales and revenues, while we keep enhancing their functions and features to meet client and market demand. The distributors we added in 2011 open up whole new global opportunities that are already paying off. If you then include the updated FFIEC and HIPPA regulations as examples and greater concern of compliancy and then our awarded 'Out-of-Band' Authentication Patent, management believes this is our year. If you attend the RSA Show in February, please stop by and say hello," says Kay.
ABOUT STRIKEFORE TECHNOLOGIES, INC.
StrikeForce Technologies helps to prevent online identity theft and data security breaches for consumers, corporations, and government agencies. It provides powerful two-factor, 'Out-of-Band' authentication and keystroke encryption solutions. StrikeForce Technologies, Inc. (OTCBB: SFOR) is headquartered in Edison, N.J., and can be reached at www.strikeforcetech.com or by phone at (732) 661-9641 or toll-free at (866) 787-4542.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the sales of the company's identity protection software products into various channels and market sectors, the issuance of the company's pending patent application, and the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
Copyright @ Marketwire
Related Keywords: identity theft, RSA, authentication, out-of-band, encryption, two factor, mobile, security, Mac, OS9, OSX, USA, Marketwire, Inc., , IT (Information Technology), Security, Financial, Business, Military, terrorism, Other,