StrikeForce's gross revenues for the three months ended June 30, 2012 were $168,427 compared to $48,355 for the three months ended June 30, 2011, an increase of $120,072 or 248%. The increase in revenues was primarily due to StrikeForce's recurring gross revenues, maintenance payments and the increase in sales of our software products as a result of the implementation of new contracts executed in the first and second quarter of 2012.
StrikeForce's gross revenues for the six months ended June 30, 2012 were $353,081 compared to $149,160 for the six months ended June 30, 2011, an increase of $203,921 or 237%. The increase in gross revenues was primarily due to sales of our security products.
StrikeForce's gross revenue comparisons do not include $120,000 of booked advance billing that occurred during the 2nd Qtr 2012 relating to the second year of a multi-year agreement with a financial services Fortune 1000 company for our ProtectID® product, which will be recorded as earned revenue in the third quarter of 2012.
"StrikeForce continues to remain on target with its gross revenue guidance provided in 1st Qtr 2012. StrikeForce continues to execute on its current strategy of concentrating in the financial, healthcare and technology markets in selling its products through its growing international distribution channel and directly," says Mark L. Kay, CEO of StrikeForce Technologies. "With the numerous announced data breaches as reported by the Verizon 2012 Data Breach Report and reports such as Dark Reading's article, 'Best Buy Says Some Customer Accounts Have Been Hacked,' on July 10, 2012 and many other identity theft articles, StrikeForce's 2nd Qtr 2012 reported financials continue to show increases in gross revenues that we project to continue to grow throughout 2012 and beyond mainly based on executed contracts," continues Kay.
StrikeForce is pleased to announce the Company's second live public Webex Presentation on Tuesday, August 14th at 2PM EDT, where Mr. Kay will walk through a presentation of the 2nd Qtr 2012 results, the status of our Patents and our 2012 business outlook continuing into 2013. Anyone interested in attending, or with any questions relating to our 2nd Qtr 10Q filing, please email your questions and or request to Q2Review@strikeforcetech.com to then receive your official invite.
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. (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.