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ID Watchdog Announces Third Quarter 2011 Revenue and Operating Results
Dec 01, 2011 (06:12 PM EST)
DENVER, Dec. 1, 2011 /PRNewswire/ -- ID Watchdog, Inc. (TSX.V: IDW, OTC: IDWAF) ("ID Watchdog" or the "Company"), provider of consumer-facing identity theft protection and resolution services, today announced its results for the third quarter ended September 30, 2011. All amounts are in U.S. dollars.
For the third quarter revenues totaled $447,000 and the Company recognized an operating loss of $(654,000). Net loss for the third quarter was $(774,000), or $(0.01) per ordinary share. For the nine months ended September 30, 2011, revenues totaled $1,543,000 and the Company recognized an operating loss of $(1,783,000). Net loss for the nine month period ended September 30, 2011 was $(2,239,000), or $(0.02) per ordinary share.
"Currently, we have negotiated partnering agreements with five anti-virus or other desktop software companies, which have their software installed on an estimated 34 million U.S. personal computers. During the third quarter ID Watchdog's proprietary identity protection and detection technology was fully integrated with the antivirus software of three of our antivirus partners and made available to their US customers. We anticipate that the two partners who have yet to launch our services will do so either in the fourth quarter of 2011 or early in the first quarter of 2012," said Michael Greene, CEO of ID Watchdog.
In November 2011, we successfully completed a $2.0 million units offering at a price of $.24 per unit. Each unit consists of two ordinary shares in the capital of ID Watchdog and two ordinary share purchase warrants (each, a "Warrant"). The first Warrant entitles the holder to purchase one additional ordinary share at a price of $0.15 and the second Warrant entitles the holder to purchase one additional ordinary share at a price of $0.25. Net proceeds from the offering were approximately $1.8 million. "The net proceeds from the offering will provide us with the resources to accelerate the roll-out of our strategy to market and distribute our credit monitoring and identity theft protection services with our anti-virus and other desktop software partners," said Jay Lewis, CFO of ID Watchdog.
About ID Watchdog, Inc.
ID Watchdog was founded in 2005 and is headquartered in Denver, Colorado. The Company provides patent-pending, three-tiered comprehensive monitoring, detection and resolution for identity theft. ID Watchdog proactively detects identity theft problems at their source and provides immediate resolution services to ensure complete peace of mind for individuals. All the Company's services have been developed with input from industry experts; national consumer advocacy groups; federal, state, and local law enforcement agencies; consumer protection agencies; and adhere to guidelines published by the Consumer Federation of America. For more information, please visit www.IDWatchdog.com.
This news release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 which address future events and conditions which are subject to various risks and uncertainties. The actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. Although the Company believes that its expectations reflected in these forward-looking statements are reasonable, no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed in the company's filings with Canadian regulators at www.sedar.com. ID Watchdog assumes no obligation to update the forward-looking statements of management beliefs, opinions, projections, or other factors should they change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE ID Watchdog, Inc.