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IDO Security Completes Supply of Initial Order of the MagShoe(TM) 3G to Federal Airports Authority of Nigeria

Dépèche transmise le 29 mars 2012 par Business Wire

IDO Security Completes Supply of Initial Order of the MagShoe(TM) 3G to Federal Airports Authority of Nigeria

NEW YORK--(BUSINESS WIRE)--IDO Security Inc. (OTCBB: IDOI) developer of the innovative MagShoe™ shoe scanning device (SSD), today announced that the Company completed supplying the initial order of the MagShoe™ 3G units after winning a tender offer issued by Federal Airports Authority of Nigeria, Africa. The tender was won together with the Company's local partner in Nigeria, Security World (NIG) Ltd, for the procurement and installation of multiple MagShoe units at some of the country's airports.

Federal Airports Authority of Nigeria (FAAN) is a service organization statutorily charged to manage all commercial airports in Nigeria and provide service to both passenger and airlines. FAAN provides and maintain airports, necessary services and facilities for safe, orderly, expeditious and economic operation of air transport, including screening of passengers and their carry-on baggage to forestall the introduction of dangerous devices aboard the aircraft.

“Having over thirteen years of experience in the security equipment market and established relationships with Nigerian officials, our team believes winning the tender offer validates the importance of the MagShoe and its technology as the safety of travelers has always been a priority for FAAN. We are excited that they now have possession of the units as this will help us in demonstrating the abilities and potential of the MagShoe to all interested parties. We already have interest from other federal agencies as well,” commented Emma Didigu, Managing Director of Security World Ltd.

“This tender process took some time to materialize, as such processes do in Africa, however we are happy to finally penetrate this market. Now that there are MagShoe units deployed by an official Nigerian authority such as FAAN, we believe it will serve as a good reference in Nigeria and allow our local partner to introduce and sell the MagShoe and its technology to other potential clients in Nigeria, both local authorities and foreign companies operating in Nigeria and the region,” commented Avishai Rotshtain, Product Manager for IDO Security.

About IDO Security, Inc.

Headquartered in New York with a subsidiary in Israel, IDO Security designs, develops and markets the patented MagShoe™ shoe scanning device (SSD), filling a critical void in today's 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; neither invasive nor harmful to the body as some of the other screening devices currently used in the marketplace. Ideal for security and loss prevention at virtually any facility, MagShoe™ is currently in use worldwide at international airports, cruise lines, government agencies, correctional facilities, mints and more.

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, anticipated trends and challenges in our business and the markets in which we operate, the ultimate market acceptance of our products, the sufficiency of existing capital resources, our plans for future products and enhancements of existing products, the ability to secure additional sources of financing, general economic conditions, the availability of competing products and 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, 2010, and in our other filings with the Securities and Exchange Commission at www.sec.gov. We undertake no obligation to revise or update any forward-looking statement for any reason.