ICOP Digital Announces Third Quarter 2008 Results

LENEXA, Kan. , Nov. 13 /PRNewswire-FirstCall/ -- ICOP Digital, Inc. (Nasdaq: ICOP), an industry-leading company engaged in advancing digital surveillance solutions, today announced financial and operational results for the three and nine months ended...


LENEXA, Kan. , Nov. 13 /PRNewswire-FirstCall/ -- ICOP Digital, Inc. (Nasdaq: ICOP), an industry-leading company engaged in advancing digital surveillance solutions, today announced financial and operational results for the three and nine months ended September 30, 2008 .

Key Operational Highlights

-- The percentage of purchase orders received from existing customers engaged in fleet deployments of the ICOP Model 20/20(R)-W was approximately 61%. Based on the estimated number of current customer patrol cars yet to be equipped with ICOP's digital surveillance solution, potential future sales to the Company's existing customer base is presently estimated to exceed $40 million.

-- 40% of the total orders processed during the third quarter of this year stemmed from the Company's growing network of independent dealers.

-- ICOP won first time orders from four U.S. Military installations totaling cumulative sales of approximately $620,000 booked during the third quarter of 2008.

-- In early July 2008 , the Company was awarded a state procurement contract for digital in-car video by the state of Utah , allowing for expedited purchasing of the ICOP Model 20/20-W and ancillary products by all state, county and municipal law enforcement agencies.

-- Year-to-date, ICOP has responded to 75 Requests for Proposals (RFPs); of the 34 awarded, thus far, the Company has won 18, representing a 53% closing ratio.

-- Subsequent to the end of the third quarter, the Company announced that it launched a pilot program with one of the largest metropolitan cities in the U.S. to evaluate the use of ICOP's Model 20/20-W and Model 4000(TM) digital in-car video technology in both local law enforcement patrol cars and in metro fire/EMS vehicles.

-- Earlier this week, ICOP announced that it secured a new $5 million credit facility, replacing its former $3 million line of credit with Equity Bank.

-- ICOP unveiled its newest product, ICOP 20/20 VISION(TM), a digital video system which integrates with MDTs (laptops in the police vehicle) earlier this week at the 115th IACP Conference and Exposition held in San Diego .

"2008 has proven, thus far, to be a challenging year for our Company. Nonetheless, there are numerous reasons fueling our enthusiasm and optimistic outlook," stated Dave Owen , Chairman and CEO of ICOP. "Aside from the measured revenue growth we see represented in our current sales pipeline, ICOP is engaged in meeting increasing demand for advanced surveillance solutions in several high growth markets through our expanding platform of high performance products and solutions."

Continuing, he said, "In this regard, the reaction to our newest innovation, the ICOP 20/20 VISION, at the IACP conference was fantastic, as has been the response from transportation administrators from around the country who have been introduced to the ICOP Model 4000 digital video recording solution for school buses. Field tests underway with early adopters of our school bus solution are progressing well and should serve as the basis for tangible sales traction in the future."

"Helping us to a large degree is ICOP's growing global network of independent dealers -- the caliber of which is truly superb, and comprises world-class industry suppliers. Moreover, by leveraging the strength and influence of our strategic partners, including Sprint and other leading and emerging industry players, ICOP is gaining entree to an even broader scope of promising sales prospects," Owen added.

"ICOP is positioned to endure and prosper, in spite of the current economic challenges. With our ambitious growth objectives in focus, we are convinced that the future of advanced digital surveillance will have 'ICOP' indelibly stamped all over it," concluded Owen.

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