EDISON, NJ--(Marketwired - Apr 15, 2014) - StrikeForce Technologies (OTCQB: SFOR) late yesterday reported its Annual 2013 Financial Results, which shows a decrease in net revenues for 2013, while projecting increasing revenues going forward, especially in 2014 based on the growing demand for our keystroke encryption and new mobile products that are now in beta testing.
"StrikeForce and its global sales channel continue to sign new contracts and pilots late in 2013 and into 2014. StrikeForce's revenues for the year ended December 31, 2013 was $434,657 compared to $805,312 for the year ended December 31, 2012, a decrease of $370,655 or 46%, primarily due to the one-time credits of $44,092 applied to our revenues as a result of the downsizing of one client causing a delay in the processing of their maintenance fees, due to the decrease in sales of our GuardedID® keystroke encryption sales resulting from our initiated litigation due to our claim of a breach of contract by one of our partners, along with delayed revenues from new contracts and the delay in completing our mobile products," says Mark Kay, CEO. "StrikeForce continues its contract litigation, now in discovery, to recoup its losses and anticipates a successful recovery of some or all the contractual amounts at issue over time, while recognizing the costly and unpredictable nature of litigation," continues Kay. "StrikeForce remains very positive in regard to our developing recurring gross revenue opportunities, renewals, new contracts and pilots. In addition we are most enthusiastic with the early strong interest in our new mobile products that are moving to production and the stores over the next few months."
"StrikeForce, even though had a disappointing year in net revenues, we are very excited about the future, even more now than ever. We were awarded two new patents and two notice of allowances; we have newly signed distribution partners in the US and abroad, new customers and new pilots underway. We are aggressively litigating potential patent and intellectual property infringers and will be releasing two new mobile products into production and the Apple and Android stores within the next few months. The timing of our products is still early but key to solving some of the biggest data breaches that occurred throughout 2013 and into 2014," says Kay, "as published in an article called 'Identity Theft Statistics 2013: Why You Should Be Alarmed,' in the July edition of Credit Donkey, the FCC reported that mobile security threats have increased more than 350% since 2010."
StrikeForce is pleased to announce in keeping our tradition, the Company's year ending December 31, 2013 10K WebEx Presentation to be available on our website for you to see and listen to sometime on Wednesday, April 16th, where Mr. Kay, joined by Mr. Ram Pemmaraju (CTO) and Mr. George Waller (EVP), will walk through a presentation of the year ending December 31, 2013 results, an update on our patents, patent litigation and our 2014 business outlook from a technology and sales perspective. Anyone interested in asking any questions relating to our year ending December 31, 2013 10K filing, please email your questions to YearEnd2013Review@strikeforcetech.com for us to consider to respond to during or after the WebEx presentation.
Detailed financial data and other information is now available in StrikeForce Technologies, Inc. Form 10QK on the StrikeForce website and www.sec.gov, for the third quarter ending December 31th, 2013.
ABOUT STRIKEFORCE 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, keystroke encryption and mobile solutions. StrikeForce Technologies, Inc. (OTCQB: 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.
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Mark L. Kay