New contracts also anticipated in the Caribbean
DALLAS, April 6, 2017 /PRNewswire/ -- COPsync, Inc. (COYN) today announced a proactive corporate restructuring plan to reduce overhead costs and streamline efficiency. Approximately $1.2 million in initial expense reduction have already been realized, with additional expense reduction anticipated within the next several weeks.
Phil Anderson, acting CFO and interim CEO, explained, "The purpose of the expense reduction is to align our fixed costs with our current revenue and gross profit. These cost savings were realized through headcount reduction with buy-in from departmental heads to ensure that the company can appropriately support our customer base and also execute on our short and long-term sales pipeline."
Under Mr. Anderson's leadership, the Company has also restructured the executive leadership team with the appointment of two professionals to increase experience and expertise in key sales and marketing roles.
COPsync is pleased to welcome Scott Platzer as the new Director of Sales. Mr. Platzer is a former Green Beret and an experienced entrepreneur and software sales executive. Scott will refocus domestic sales efforts on key states and lead the closing of large account prospects.
COPsync has also engaged John Marchese, Managing Partner of Marchese Associates marketing consultants. With a 30+ year track record of building brands and a specialty in B2B technology product and service marketing, Mr. Marchese has served global Fortune 100 enterprises as well as small and medium-sized public and private businesses.
"John will be serving as interim Chief Marketing Officer and a member of the executive leadership team. We welcome John's extensive consulting and management experience to COPsync," Mr. Anderson noted. "His primary responsibilities will include corporate positioning, integrated marketing planning, plan management and execution while supporting Scott and his reorganized sales team."
Mr. Anderson continued, "In addition to reducing overhead costs and increasing Company efficiency, our immediate goals also include the continuing of COPsync expansion in Puerto Rico. Based on the progress of our Puerto Rican team, we anticipate additional contracts in the near future."
About COPsync, Inc.
COPsync, Inc. (COYN) is a technology company that connects law enforcement officers across the nation, so they can communicate and share mission-critical non-adjudicated information in real-time. This saves officers' lives, keeps the public safer and helps law enforcement officers catch criminals. The COPsync Network™ can help stop child kidnappings, vehicle thefts, bank robberies and other crimes in progress, and arms the nation's law enforcement officers with needed information so they can help defend against terrorism. For more information, go to www.copsync.com.
Safe Harbor Statement
Statements in this press release that are not purely historical facts or that depend upon future events, including statements about forecasts of earnings, revenue, product development, sales, proposed financing transactions or other statements about anticipations, beliefs, expectations, intentions, plans 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. For example, statements containing words like "expect," "anticipate," "potential," "expects," "believe," "confident," "estimated," "future," "plan," "planning," "projected," "strategy," "pursuing," "objective" and other similar terms, express management's current views concerning future events, trends, contingencies or results, which may be considered forward-looking statements. Specifically, the statements "New contracts also anticipated in the Caribbean"; "…additional expense reduction anticipated within the next several weeks" and "Based upon the progress of our Puerto Rican team, we anticipate additional contracts in the near future." These statements are highly dependent on the Company's success in leveraging both the experience of its new sales and marketing professionals and its current and anticipated cost savings measures and its success in executing its sales strategy in Puerto Rico. All forward-looking statements are based on information available to the Company on the date this release was issued. The Company undertakes no obligation to update publicly 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 the Company's ability to succeed in its sales strategy, raise sufficient capital, maintain its NASDAQ listing or succeed in its business strategy, which may adversely affect the Company's business and the value of an investment in the Company's stock. The Company may not succeed in adequately addressing and managing these and other risks. Further information regarding factors that could affect the Company's financial, operating and other results can be found in the risk factors section of the Company's Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission.
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SOURCE COPsync, Inc.
Released April 6, 2017