SHAREHOLDERS CAST VOTE "MANAGEMENT UPDATES SHAREHOLDERS AT THE COMPANY’S ANNUAL SHAREHOLDERS’ MEETING"
October 28, 2008 - Today, Company officials and shareholders met during the Company’s annual shareholders’ meeting held at its headquarters in Utah.
Either electronically or by mail, thousands of shareholders voted over the two-month election process leading up to the annual shareholders’ meeting. Key issues on the ballet included the election of board members, changing the Company’s name from “RemoteMDx, Inc.” to “SecureAlert, Inc.”, a later rescinded proposal for a five to one stock split and the appointment of the Company’s independent auditors.
Referring to the rescinded stock split chairman and ceo, David Derrick explained “We have heard our shareholders’ opinions loud and clear and have acted accordingly. We are honored by the trust and faith you have placed in us and in our stewardship of managing the Company on your behalf.”
The results of the vote and the approval of the ballot measures were announced to the filled to capacity audience. After the meeting was formally adjourned, Company management updated shareholders and the public on the Company’s status and activities.
OVERVIEW
Leading the world with 7 million offenders the United States spends over $100 billion annually in the criminal justice and rehabilitation system.
“Our mission is to empower law enforcement, corrections and rehabilitation professionals with offender management programs, which grant offenders accountable opportunity, while providing for greater public safety at a lower cost,” said John Hastings III, president.
The mission is accomplished through the combination of technology, programs and services. Simply stated, it’s the Company’s CARE advantage.
Corrections
Tracking offender’s whereabouts, law enforcement can set restrictions specific to each offender. These restrictions with the corrective and intervening power of the Monitoring Center creates jails without walls.
Accountability
Talking and interacting directly with the offender during a violation, Monitoring Center operators hold offenders accountable to the conditions of their release.
Rehabilitation
Focusing on positive reinforcement, while discouraging violations, encourages offenders to change and offers the opportunity for “virtual” visits with rehabilitation and law enforcement personnel.
Empowerment
Incarceration alternatives empower both law enforcement and offenders alike; providing offenders with accountable opportunities to become productive members of society, while empowering law enforcement by reducing dependency on incarceration and supporting rehabilitation initiatives.
“The intent is to reduce recidivism or the likelihood of a repeat offense. There are a number of causes including the ability or inability to find a job, the offender’s dependency on drugs and alcohol and the lack of support they receive from family and friends. By shaping our programs to focus on the needs of each individual offender, we have become a real force multiplier for domestic violence, gang affiliation, sexual predators and more,” continued Hastings.
DEMONSTRATION & SALES
“This is the Monitoring Center, we see that you have entered an exclusion area, you are in direct violation of your parole, your supervising officer will be notified,” warned the TrackerPAL II. Unique to the industry this voice of warning from the Company’s Monitoring Center intervenes in real-time when the offender has violated any of their set restrictions.
Displayed in a fish tank, the TrackerPAL II began to be deployed in July of this year. Operating at less than a 1% failure rate, over 1,600 devices have been shipped since its initial deployment. “These deployments are to both new and old agency customers. Our top 13 accounts have increased the number of devices anywhere from 23% to 367%. We have agreed to or already deployed to approximately 22 new agencies, representing approximately $3,000,000 in annualized revenues,” stated Bernadette Suckel, chief sales and marketing officer.
Currently (as of September 30, 2008) managing an estimated 13,377 offenders, with over 5,000 of the offenders being electronically monitored the new management has leveraged the Company’s customer base for new sales. “With the added offerings of case management as well as drug and alcohol testing and monitoring, we have been able to go into agencies and offer a one stop shop for our services,” continued Suckel.
“When we talk about the number of units being deployed, it’s important to put it in perspective; for every 150 units deployed, it is the equivalent of $400,000 of annualized reoccurring revenue,” explained Derrick.
By being selective and mainly targeting more profitable non-RFP opportunities both domestically and internationally, Company management conservatively believes that there is a potential to manage an additional 20,500 offenders by the end of next year.
“We have positioned ourselves beyond being just a technology. We simply can’t go out with one of 10 black and grey units that provide GPS tracking in the market place. The offender population is increasing while agency budgets are decreasing or completely disappearing. Some parts of the country are faced with court mandates to release tens of thousands of offenders because of overcrowding. Our technology and Monitoring Center, along with offender pay and other offender specific case management programs address the extensive and specific needs of each agency. We’ve structured ourselves to deliver what we consider to be one of the most cost effective solutions and alternatives in the market place,” concluded Hastings.
To listen to the entire shareholders’ meeting, view the presentation or subsequent 8-K filing, please go to the investor section of the Company’s website, www.remotemdx.com/investor/ .