ICOP and DDIT Sign MOU for Joint Venture in Saudi Arabia
February 09 2010 - 10:00AM
Marketwired
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.
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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
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