SOURCE: Bullzi Security Inc.

October 05, 2010 13:00 ET

Bullzi Security Issues Shareholder Update

ALTAMONTE SPRINGS, FL--(Marketwire - October 5, 2010) - Bullzi Security Inc. (PINKSHEETS: BLLZ), a leading information security provider, issues this Shareholder update to report on recent company activity.

Bullzi Security closed the first half of 2010 with $307,379 in revenue, which represents a 5% increase over the same period last year. More importantly, Net Income for this period was up 78% from 2009 to $52,878. While the economy has hampered some of the company's sales efforts, sound cost controls have allowed Bullzi to increase overall earnings.

According to Thomas Welch, co-founder and CEO of Bullzi Security, "We recently brought all of our information disclosure statements and financial reports current, so that our Shareholders have a better understanding of our activity over the past 2 years. In light of the economic turbulence we've all been experiencing, the Company used this time to focus on two things: 1) continue our R&D efforts related to our educational product, WISE, and; 2) keep costs low. Essentially, we wanted to use prudent business practices to ride out the economic storm. We'll be announcing the release of some of our new education courses in the coming weeks and months."

Michael Welch, co-founder and president of Bullzi Security, says, "Regulatory programs are still the primary driver for overall sales in 2010 and beyond, especially the NERC CIP regulation. This includes past regulatory standards, such as Sarbanes-Oxley (SOX), Gramm-Leech-Bliley Act (GLBA), Health Insurance Portability and Accountability Act (HIPAA), the Payment Card Industry Data Security Standard (PCI DSS) and the Red Flag Rule and Chemical Facility Anti-Terrorism Standards (CFATS)." 

Mr. Welch went on to say, "We had an excellent third quarter and we'll be releasing the 3Q10 results within the next 3 to 4 weeks. In light of these positive results, the Company has approved and paid for the legal opinion to free up the restricted shares that were issued in 2007 as part of a 506 stock offering. Any investor who purchased BLLZ shares in 2007 can now exchange their restricted shares for unrestricted shares. We're excited about this opportunity to give back to our investors and we believe that the additional shares will help meet market demand."

Thomas Welch went on the say that, "In closing, we want to advise all of our current and future Shareholders, that the planned WISE Learning Solutions LLC privatization has been nullified. Based upon legal review, it was determined that such a spin off would be considered a 'public offering' and, as such, would require numerous disclosure statements and legal documents. Since we're not currently audited, it was determined that the cost to complete this spin-off would be much more than originally anticipated. As a result, WISE Learning Solutions, LLC, will remain a wholly-owned subsidiary of Bullzi Security and will continue to hold all of Bullzi's education assets." 

Bullzi Security is Strong, Stable and Secure!

About Bullzi Security Inc.

Bullzi Security is a leader in providing 'converged' security solutions. Through its consulting services and integrated delivery systems, Bullzi Security helps to minimize threats to its clients' assets, facilities, personnel and information systems. As a full service security firm, Bullzi Security offers compliance programs, information security services, physical security solutions, security education programs, document security and investigative services. Bullzi Security brings a unique set of skills and experience to ensure that its clients receive the most comprehensive, cost-effective security services available. The Bullzi Security trading symbol is (BLLZ.pk).

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