SOURCE: ICOP Digital, Inc.

ICOP Digital, Inc.

February 09, 2010 10:00 ET

ICOP and DDIT Sign MOU for Joint Venture in Saudi Arabia

LENEXA, KS--(Marketwire - February 9, 2010) - ICOP Digital, Inc. (NASDAQ: ICOP), an industry-leading company engaged in advancing digital surveillance technology solutions, today announced that it has entered into a Memorandum of Understanding (MOU) with Developed Dimension Information Technology (DDIT), ICOP's partner in the Kingdom of Saudi Arabia, to establish a joint venture company, to expand the delivery of Homeland Security solutions in Saudi Arabia and other Gulf Cooperation Council (GCC) countries in the Middle East.

President Obama and King Abdullah have placed a high priority on joint ventures between companies in the United States and companies in Saudi Arabia, for greater economic cooperation, transfer of technology, and training as well as the development of new and lasting business ties.

Under the terms of the joint venture, the two parent companies will establish a Saudi-based company that delivers world-class security products and services, with added emphasis on training and high-level local support. The joint venture's objective is to be the preeminent supplier of Homeland Security products and services to the flourishing security markets of the Middle East.

DDIT is owned by Sheik Hamad Bin Mohammed Bin Saedan Group, a prominent business group in Saudi Arabia, who following eighty-five years in business, is one of the largest real estate and investment groups in Saudi Arabia, and their holdings extend to the UAE, Tunisia, Egypt, and Jordan.

Sheik Hesham Saedan, managing director of DDIT, stated, "In light of the growing priority for security solutions, ICOP and DDIT see the need for expanding our relationship to integrate additional security products and services, and to leverage the strong brand we have established with ICOP and other security products, in Saudi Arabia and the Region. Through the joint venture with ICOP, we gain an experienced and respected management team, in addition to an ambitious growth plan to become the market-leading security company in the Region."

"Saudi Arabia's fast-growing economy is creating opportunities for both exporters and investors, as it is one of the fastest growing economies in the world. Given the elevated priority that King Abdullah has placed on securing Saudi Arabia's citizens, borders, and critical infrastructure, we believe this is a unique opportunity in history, in helping to meet the security needs of this important market," stated David Owen, Chairman and CEO of ICOP. "Our relationship with DDIT over these past few years has been outstanding, and the growing security market of this Region gives us a sense of urgency to establish this joint venture."

The transaction is subject to final documentation and regulatory approvals. Terms of the transaction, which is projected to close by the end of the last quarter of 2010, were not disclosed, pending finalization through the authorities in Saudi Arabia.

About ICOP Digital, Inc.
ICOP Digital, Inc. (NASDAQ: ICOP) is a leading provider of in-car video and mobile video solutions for Law Enforcement, Fire, EMS, Military, and Transportation markets, worldwide. ICOP solutions help the public and private sectors mitigate risks, reduce losses, and improve security through the live streaming, capture and secure management of high quality video and audio. www.ICOP.com

Forward-Looking Statements
This document contains forward-looking statements. You should not rely too heavily on forward-looking statements because they are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. 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. This, plus other uncertainties and factors described in our most-recent annual report and our most-recent prospectus filed with the Securities and Exchange Commission, could materially affect the Company and our operations. These documents are available electronically without charge at www.sec.gov.

Contact Information

  • For more information, contact:
    Melissa K. Owen
    Dir. of Communications
    16801 West 116th Street
    Lenexa, KS 66219 USA
    Phone: (913) 338-5550
    Fax: (913) 312-0264
    Email Contact
    www.ICOP.com

    For Investor Relations:
    DC Consulting, LLC
    Daniel Conway
    Chief Executive Officer
    Phone: (407) 792-3332
    Email Contact
    Email Contact