EDISON, NJ--(Marketwire -04/16/12)- StrikeForce Technologies (OTC.BB: SFOR.OB - News) today reported its 2011 Year End Financial Results which shows a 68.5% increase in its Revenues. StrikeForce also repeats excerpts from its State of the Company release with a look into 2012.
"StrikeForce delivered a year of strengthening growth in net income and total revenue in 2011, up by 68.5%, compared to the 2010 total revenue," says Mark L. Kay, CEO of StrikeForce Technologies. "With the numerous announced data breaches as reported by the Verizon 2012 Data Breach Report and other publications, in addition to updated guidance of the FFIEC financial market regulation now being enforced; strengthening of the HIPAA healthcare regulation; greater global media coverage of Identity Theft, keylogging viruses stealing keystrokes and more, the tide is turning for StrikeForce and starting to become evident in our revenue streams in a more recurring continuous manner," continues Kay.
Revenues for the year ended December 31, 2011 were $448,127 compared to $265,990 for the year ended December 31, 2010, an increase of $182,137 or 68.5%. The increase in revenues was primarily due to the increase in sales of our software products as a result of the implementation of several new contracts executed in 2011. These contracts continue for multiple years with monthly recurring revenues that currently are expected to continue to increase monthly.
In respect to StrikeForce's outlook for 2012, the following is an excerpt from a prior press release we put out on January 4th, 2012 and continues to fairly represent management's current view for 2012:
"We are very bullish looking ahead into 2012, even though the market may not be," says Mark L. Kay, CEO of StrikeForce. "Our products are increasing in sales and revenues, while we keep enhancing their functions and features to meet client and market demand. The distributors we added in 2011 open up whole new global opportunities that are already paying off. If you then include the updated FFIEC and HIPAA regulations as examples and greater concern of compliancy and then our awarded 'Out-of-Band' Authentication Patent, our management team believes this is our year."
Currently, StrikeForce's monthly increasing recurring revenues remain strong and the Company looks forward to announcing our 1st Quarter financials through our 10-Q in May 2012.
Detailed financial data and other information are available in StrikeForce Technologies, Inc. Form 10-K for the annual period ending December 31, 2011.
ABOUT STRIKEFORE 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 and keystroke encryption solutions. StrikeForce Technologies, Inc. (OTC.BB: SFOR.OB - News) 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.