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May 06, 2009 - ID Watchdog, Inc. (TSX Venture:
IDW), the most comprehensive consumer identity monitoring service
available, reported a 934% increase for the fourth quarter
2008 compared with the same period in 2007 and a 2,836% increase in
revenue for the year ended December 31, 2008, compared to the year ended
December 31, 2007. All amounts are in US dollars.Revenue for the fourth
quarter 2008 increased to $1.4 million compared to revenue of $136,293 for the
fourth quarter 2007. Quarter over quarter revenue increased 9.9% from third
quarter revenue of $1.3 million. Revenue for the year-end December 31, 2008,
increased to $4.7 million compared to revenue of $159,681 for year-end December
31, 2007. Cost of revenue for the year-end 2008 was $1.1 million resulting in a
gross profit of $3.6 million, while cost of revenue for year-end 2007 was
$86,988 resulting in gross profit of $72,693.
As of December 31, 2008, the Company had approximately 38,000 customers with
active subscriptions. The Company has enrolled over 40,000 new customers during
the first quarter 2009.
"Our significant revenue increases are attributable to our focus on the
marketing initiatives we have implemented to support our suite of identity theft
protection, detection, and resolution products and services," said Daryl Yurek,
CEO. "In 2007, the Company was still in its developmental stages; fourth quarter
of 2007 represented our transition into an operating company and 2008 was really
about our becoming a revenue generating company."
About ID Watchdog, Inc.;
Headquartered in Denver, ID Watchdog is the only identity theft detection and
resolution company that provides patent-pending, three-tiered comprehensive
monitoring, detection and resolution for identity theft. Unlike its competitors,
ID Watchdog proactively detects identity theft problems at their source.
Developed with the assistance of national consumer advocacy groups; the U.S.
Postal Service; federal, state and local law enforcement agencies, and state and
local Attorneys General, ID Watchdog's service is focused on detecting the
source of identity theft problems as early as possible, in as many places as
possible, and taking immediate corrective action on behalf of the consumer.
Contact:
Web Site:
http://www.idwatchdog.com
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