DENVER, CO — (Marketwire) — 05/03/12 — ID Watchdog, Inc. (TSX VENTURE: IDW) (PINKSHEETS: IDWAF) (“ID Watchdog” or the “Company”), provider of consumer-facing identity theft protection and resolution services, today announced its results for the fourth quarter and year ended December 31, 2011. All amounts are in U.S. dollars.
For the fourth quarter revenues totaled $477,552 and the Company recognized an operating loss of $(410,593). Net income for the fourth quarter was $484,200, or $0.00 per ordinary share. While the Company generated a net operating loss for the quarter, we recognized a gain on warrant liabilities during the quarter, which generated net income of $484,200 for the fourth quarter of 2011. For the year ended December 31, 2011, revenues totaled $2,020,063 and the Company recognized an operating loss of $(2,367,443). Net loss for the year ended December 31, 2011 was $(2,613,541), or $(0.03) per ordinary share.
Currently, we have partnering agreements with five anti-virus or other desktop software companies, which have their software installed on an estimated 34 million U.S. personal computers. We anticipate that the two partners who have yet to launch our services will begin to do so either late in the second quarter or early in the third quarter of 2012. “As we continue to roll out our anti-virus partnering strategy, we are also expanding on our existing distribution channels to drive revenues and we anticipate moderate sequential revenue growth beginning in the second quarter of 2012,” said Michael Greene, CEO of ID Watchdog.
The Company completed two financings during 2011 and ended the year with $1,589,688 of cash, cash equivalents and available-for-sales securities. “We substantially decreased our operating costs during the latter half of 2011, improved our working capital position and, as revenue growth accelerates as 2012 progresses, we are projecting to achieve positive operating income in late 2012 or early 2013,” said Jay Lewis, CFO of ID Watchdog.
About ID Watchdog, Inc.
ID Watchdog was founded in 2005 and is headquartered in Denver, Colorado. The Company provides patent-pending, three-tiered comprehensive monitoring, detection and resolution for identity theft. ID Watchdog proactively detects identity theft problems at their source and provides immediate resolution services to ensure complete peace of mind for individuals. All the Company-s services have been developed with input from industry experts; national consumer advocacy groups; federal, state, and local law enforcement agencies; consumer protection agencies; and adhere to guidelines published by the Consumer Federation of America. For more information, please visit .
Forward-Looking Statement
This news release includes certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 which address future events and conditions which are subject to various risks and uncertainties. The actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company-s control. Although the Company believes that its expectations reflected in these forward-looking statements are reasonable, no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed in the company-s filings with Canadian regulators at . ID Watchdog assumes no obligation to update the forward-looking statements of management beliefs, opinions, projections, or other factors should they change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Company Contact:
ID Watchdog, Inc.
Jay B. Lewis
Chief Financial Officer
303-339-8099
You must be logged in to post a comment Login