SOURCE: IDO Security, Inc.
NEW YORK, NY--(Marketwire - Jul 26, 2012) - IDO Security Inc. (OTCBB: IDOI), developer of the innovative MagShoe™ shoe scanning device (SSD), was the subject of a press release issued on July 24, 2012 by a George Sharp. Mr. Sharp has named the Company, its President, certain former directors and officers, as well as other unrelated parties, as a defendant in his lawsuit in the Superior Court of the State of California, County of San Diego.
The Company submits that Mr. Sharp's press release contains numerous misstatements of facts as well as whole fabrications. They include but are not limited to; the alleged amount of IDOI stock held by the named defendants, alleged relationships to stock promoters, the nature of the ownership of the Company, alleged relationships to other defendants and other baseless assertions. The Company has no, nor has it ever had relationships with any of Mr. Sharp's aforementioned named defendant companies or aforementioned named individuals.
The Company is informed and believes that Mr. Sharp has filed several similar types of civil actions against numerous other public companies alleging fraud, misrepresentation and violation of various California Corporations Code and Business and Professions Code. Mr. Sharp appears to not be represented by counsel.
The Company has consulted with counsel to examine the legal options available to it, which include filing a suit or counterclaim against Mr. Sharp seeking significant damages. The Company intends to avail itself of all legal avenues available to it to protect its shareholders from the potential damages caused as a result of this legal action.
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.
For more information on the Company, please visit: http://www.idosecurityinc.com
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, 2011, 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.