SOURCE: IDO Security, Inc.

IDO Security, Inc.

October 11, 2010 07:30 ET

IDO Security, Inc. Signs Distributor Agreement With ORMAX Tecnologia em Seguranca

TEL AVIV, ISRAEL--(Marketwire - October 11, 2010) -  IDO Security, Inc. (OTCBB: IDOI), developer of the innovative MagShoeshoe scanning device (SSD), today announced that the Company has signed a distributor agreement with ORMAX Tecnologia em Segurança (http://www.ormax.com.br/index.asp) as part of their marketing efforts in the Brazilian market.

"This is a totally new market for the MagShoe™ with great potential and as such we have looked to cooperate with a serious player in the Brazilian market. Ormax is the perfect partner, with a large Homeland Security related client base, proven sales capabilities, local assembly and production capabilities and years of experience in the Brazilian security market. Our cooperation is very close and we expect results relatively soon," stated Mr. Dani Werber, Sales & Marketing Manager for IDO Security, Inc.

Mr. Avi Dvir, CEO of Ormax, added, "We see great potential for MagShoe™ in Brazil and Latin America. As a leading supplier of Homeland Security equipment to many different police and security agencies in the region we know that this solution is the link that was missing for our clients to have a much higher level of security in their operations."

About Ormax

Ormax is the security branch of the INTELABS Group of companies and as such is a leading provider of solutions in the security market in the Brazilian and Latin America market supplying solutions such as: X-Ray inspection systems, bomb and drug detection systems, access control, metal detectors, night vision, law enforcement solutions etc.

The industrial capacity of the INTELABS group includes two advanced industrial plants for electronics production and assembly; this makes it very attractive to foreign companies who want to take advantage of the MERCOSUL agreement by operating production or assembly in Brazil.

About IDO Security

Headquartered in New York with a subsidiary in Israel, IDO Security designs, develops and markets the patented MagShoe™ weapons metal detection system. MagShoe™ fills a critical void in today's metal detectors by extending screening to the lower body and feet. MagShoe's™ "shoes-on" design maximizes security, thoroughness and accuracy while eliminating the need to remove shoes for increased convenience and safety. Ideal for security and loss prevention at virtually any facility, MagShoe™ is currently in use at international airports, cruise lines, government agencies, private homes and more.

Forward-Looking Statements:

This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry, and that reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based upon our current expectations about future events. These forward looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed as a result of a number of factors, including but not limited to, the sufficiency of existing capital resources, uncertainties related to the development of IDO's business plan, the ability to secure additional sources of financing, general economic conditions, the availability of competing products and the ultimate market acceptance of our products, changes in technology, legislative or regulatory changes that affect us and the risks and uncertainties discussed under the heading "RISK FACTORS" in Item 1A of IDO's Annual Report on Form 10-K for the year ended December 31, 2008, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update any forward-looking statement for any reason.

Contact Information

  • COMPANY CONTACT:
    Michael Goldberg
    646-214-1234

    MEDIA CONTACT:
    Mike Elliott
    Email: Email Contact