NEW YORK, Dec. 26 /PRNewswire-FirstCall/ -- IDO Security, Inc.
(OTC Bulletin Board: IDOI) a provider of innovative detection solutions for
the homeland security market, including the MagShoe(TM) high speed shoes-on
portable footwear metal weapons detection system, today announced that it has
obtained commitments from several institutional and accredited individual
investors to purchase approximately
"With the MagShoe(TM) having successfully passed the tests conducted by the Israel Airport Authority during a recently completed pilot program at Ben- Gurion International Airport, we are in the process of accelerating an expanded marketing program," said Michael Goldberg , President of IDO Security Inc. "The proceeds of this funding will provide additional resources to expand marketing and sales like those we recently announced to the operators of Poland's Lech Walesa International Airport."
The notes are secured by a lien on the Company's property. As part of the
transaction, the investors will also receive a Class A and B warrant priced at
This press release does not constitute an offer to sell or the solicitation for an offer to buy securities, nor shall there by any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration of qualification under the securities laws of any such state.
About IDO Security
IDO is engaged in the design, development and marketing of devices for the homeland security and loss prevention markets for use in security screening to detect metallic objects concealed on or in footwear, ankles and feet through the use of electro-magnetic fields. These devices were designed specifically for applications in the security screening to complement the current methods for the detection of metallic items during security screenings and at security checkpoints in venues such as airports, prisons, schools, stadiums and other public locations and other venues requiring individual security screening IDO's sole commercial product, "MagShoe(TM)" has been issued one patent by the United States Patent and Trademark Office in November 2005 covering various aspects of its unique technology and there is one patent application pending in Israel . In January 2006 , the MagShoe(TM) was approved for use by the Department for Transport in the United Kingdom , after fields trials were conducted for the Home Office's Police Scientific Development Branch. In late 2007, the MagShoe(TM) successfully completed a Pilot Program conducted by the Israel Airport Authority at Ben-Gurion International Airport. In addition, IDO has been certified by the International Organization for Standardization ("ISO") under ISO 9001:2000 compliance for the design, development and manufacture of electronic, electro-optic and electro-mechanical systems.
For more information please visit us at www.idosecurityinc.com
Forward Looking Statements:
This press release may contain forward-looking statements that involve risks and uncertainties. These forward-looking statements involve a number of risks and uncertainties, including the sufficiency of existing capital resources, the closing of financing commitments, uncertainties related to the development of IDO's business plan, and the ability to secure additional sources of financing. The actual results that IDO may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. IDO encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-KSB and Form 10-QSB.