09.11.2010 14:00:00
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COPsync Names Barry Wilson Chief Financial Officer
COPsync Inc. (OTCBB: COYN) today announced that Barry W. Wilson has been named chief financial officer. Mr. Wilson, who has been working with the company in a consulting capacity, will report to Ronald A. Woessner, the company’s chief executive officer.
The appointment reflects the company’s commitment to hiring experienced business professionals to manage the company’s operations as its business expands. "Barry’s extensive work experience with publicly-traded, start-up and emerging technology companies with a Software-as-a-Service (SaaS) business model will assist us in executing against our plans for growth and expansion,” said Woessner. "Because of his prior work experience with subscription-based business models, he understands the key drivers for increasing our revenues and profitability. He can immediately focus on improving these operational metrics as the company strives to become cash-flow breakeven. He also brings the experience needed to build scalable financial and operational reporting systems, to manage the financial reporting obligations of a publicly-traded company and to implement the internal controls required by Sarbanes-Oxley.”
Wilson stated, "I look forward to being part of the COPsync executive team and implementing processes and systems to reduce expense and increase operational efficiency. These accomplishments will enable the company to optimize the profitability of its subscription-based business model, which is expected to produce annually recurring, sustainable and predictable revenue and revenue growth, year-over-year as new officers are added to the COPsync network. I also plan to implement scalable financial and operational systems needed to support the company’s anticipated growth.”
The U.S. market opportunity for the COPsync field-based reporting and information-sharing subscription service is estimated at 1.3 million law enforcement officers in the United States and an estimated 99,000 in Texas alone. The company is currently concentrating its sales activities in the South Texas border region and on two significant, multi-agency opportunities, one in North Texas and one in the Northeast.
Wilson has worked for over seventeen years in a variety of accounting and financial capacities at publicly-held, start-up and emerging, technology companies. His expertise is helping these companies implement sound financial and operational systems which provide accurate reporting and scalability in support of their growth strategies. He served as chief financial officer and treasurer as well as vice president of accounting and finance for Zix Corporation (NASDAQ: ZIXI), a subscription-based, encrypted email SaaS services provider that enables healthcare and financial institutions to comply with HIPAA and GLBA. Prior to that, he served as director of finance at Amtech Corporation (NASDAQ: AMTC), a manufacturer of RFID products and services, whose electronic toll collection systems are used throughout the U.S. and whose automatic equipment identification systems are used by railroads in 24 countries and on all habitable continents of the world. Prior to joining Amtech, Wilson held accounting and finance positions at both publicly-held and privately-owned enterprises. Wilson is a licensed certified public accountant with a degree in accounting from Point Park University, Pittsburgh, PA.
About COPsync, Inc.
COPsync, Inc. (COYN.OB) markets and licenses a field-based reporting and information-sharing network that enables officers to collect, report and share critical data in real-time at the point of incident and obtain instant access to various local, state and federal law enforcement databases. The COPsync service increases officer productivity by reducing or eliminating manual processes. It also saves lives, reduces unsolved crimes and assists in apprehending criminals - through such features as a nationwide officer safety alert system, GPS/auto vehicle location and distance-based alerts for crimes in progress, such as child abductions, bank robberies and police pursuits. The service provides law enforcement agencies the means to be proactive instead of reactive in nature. For more information, please visit www.copsync.com.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not purely historical facts or that necessarily depend upon future events, including forecasts of revenue or earnings, or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies for the future may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Examples of these forward-looking statements include the statements, "…I look forward to being part of the COPsync executive team and implementing processes and systems to reduce expense and increase operational efficiency. These accomplishments will enable the company to optimize the profitability of its subscription-based business model, which is expected to produce annually recurring, sustainable and predictable revenue and revenue growth, year-over-year as new officers are added to the COPsync network. I also plan to implement scalable financial and operational systems needed to support the company’s anticipated growth.” Readers are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements are based upon information available to COPsync on the date this release was issued. COPsync undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to COPsync's ability to raise capital to sustain operations, to obtain market acceptance for our service offering and to establish and maintain strategic and distribution relationships to gain customers and grow revenues; COPsync customers’ ability to obtain government grants to acquire the company’s services; and risks associated with the effect of changing economic conditions, product market trends, variations in the company's cash flow, market acceptance risks, technical development risks, and seasonality. COPsync may not succeed in addressing these and other risks. Further information regarding factors that could affect COPsync’s financial and other results can be found in the risk factors section of COPsync’s most recent filing on Forms 10-K and 10-Q with the Securities and Exchange Commission.
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