Capital Growth Financial Issues Research Update on ICOP Digital

Sept. 18, 2007

LENEXA, Kan., Sept. 18 /PRNewswire-FirstCall/ -- ICOP Digital, Inc. (Nasdaq: ICOP), an industry-leading company engaged in advancing digital surveillance solutions, today announced that Capital Growth Financial, LLC (CGF) has issued a research update on ICOP, raising its rating to "Buy" from "Neutral," while reducing its 12-month price target to $7.50 from $9.00.

Howard Rosencrans , Chief Research Analyst at CGF, stated, "We view the current enterprise value of $36 million as modest, given the Company's emerging leadership status in digital video surveillance and the multi-billion dollar opportunities being addressed. Our 12-month target price of $7.50 represents 1.0x the Company's expected three to five year top-line growth rate of 25.0x discounted back. We view significant market capture as simply a timing issue."

For more information on how to access this research update, please contact Elite Financial Communications Group at 407-585-1080 or via email at [email protected].

The opinions expressed in the Capital Growth Financial Investment Update on ICOP Digital, Inc. are those of the analyst and not of ICOP Digital, Inc. ICOP does not accept responsibility for the accuracy of any of the information contained in this report. For information provided by ICOP with respect to its business and business prospects, as well as the risks associated with an investment in ICOP's stock, please see the Company's reports filed with the Securities and Exchange Commission, copies of which are available at and also on the Company website at


CGF or its affiliate(s) managed or co-managed a public offering of securities for the subject company in the past 12 months. CGF or its affiliate(s) received compensation for investment banking services from the subject company in the past 12 months. CGF presently makes a market in the subject company.

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This report is not to be relied upon in substitution for the exercise of independent judgment. CGF may have issued, and may in the future issue, a trading call regarding this security. Trading calls are short term trading opportunities based on market events and catalysts, while stock ratings reflect investment recommendations based on expected total return over a 12- month period relative to the relevant coverage universe. Because trading calls and stock ratings reflect different assumptions and analytical methods, trading calls may differ directionally from the stock rating. In addition, CGF may have issued, and may in the future issue, other reports that are inconsistent with, and reach different conclusions from, the information presented in this report. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them and CGF is under no obligation to ensure that such other reports are brought to the attention of any recipient of this report.

Past performance should not be taken as an indicator or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Information, opinions and estimates contained in this report reflect a judgment at its original date of publication by CGF and are subject to change without notice. The price, value of and income from any of the securities or financial instruments mentioned in this report can fall as well as rise. The value of securities and financial instruments is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities or financial instruments. Investors in securities such as ADRs, the values of which are influenced by currency volatility, effectively assume this risk.

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Please note that this report was originally prepared and issued by CGF for distribution to market professionals and CGF's institutional investor customers. Reports may also be distributed through CGF representatives to individual investors. In addition to CGF representatives, individual investors, as well as recipients who are not market professionals or institutional investor customers of CGF, should seek the advice of their independent financial advisor prior to making any investment decision based on this report or for any necessary explanation of its contents.

Reports may contain references to "consensus" estimates (referring, unless otherwise noted, to the mean analyst estimate as reported by Thomson First Call(R)), or to the research of other broker-dealers and/or other sources. CGF personnel have not reviewed and make no assurance as to the accuracy of those estimates and/or the research of other sources.

Additional information is available upon request. You may request this information by writing to Michael Falken, Capital Growth Financial, 1200 N. Federal Highway, Suite 400, Boca Raton, Florida 33432 or Howard Rosencrans , CFA 685 Fifth Avenue, 9th Floor, New York, New York 10022; or via email to [email protected] or to [email protected], or visit CGF's corporate website at

About Capital Growth Financial, LLC

Founded in 1995, CGF is a diversified financial services firm which provides investment and merchant banking, retail and institutional brokerage and proprietary research. For more information, please visit

About ICOP Digital, Inc.

ICOP Digital, Inc. protects people, assets and profits, providing a Veil of Protection(TM) for our nation's communities with innovative, mission- critical security, surveillance and communication solutions. The Company engineers, manufactures and markets mobile and stationary surveillance products for use in the public and private sectors, and facilitates the delivery of live video to first responders. The ICOP Model 20/20-W(TM), ICOP's flagship product, is the leading digital in-car video recorder system for law enforcement. The ICOP Guardian(TM) is a stationary IP camera that records high quality video images on a local server, and is capable of activation through several triggers. ICOP LIVE(TM) delivers live streaming video to and from first responder vehicles and headquarters, empowering first responders with enhanced situational awareness, helping to optimize the outcome of a crisis. (GSA Contractor)

For more information, please view the following video presentations at and, or visit

Safe Harbor Statement

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission.

For more information, contact: Laura E. Owen, COO & President 16801 West 116th Street Lenexa, KS 66219 USA Phone: (913) 338-5550 Fax: (913) 312-0264 [email protected] For ICOP Investor/Media Relations: Elite Financial Communications Group/Elite Media Group Dodi Handy, President and CEO Phone: (407) 585-1080 [email protected]

SOURCE ICOP Digital, Inc.

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