ICOP Bankrupt

By John Honovich, Published Jan 21, 2011, 07:00pm EST

US mobile DVR manufacturer ICOP has suspended operations [link no longer available] and is seeking investments or perhaps an acquisition. At the end of December the company laid off its entire staff. The stock is still trading though it has been delisted from the Nasdaq. As on January 20th, the stock is trading at 37 cents per share with 2.7 Million shares outstanding (effective market value - about $1 Million USD). In the past year, the stock price fell over 90% from nearly $5 per share.

On January 21st, ICOP filed for Chapter 11 bankruptcy [link no longer available].

For background information on ICOP, view their product brochure and company/investor's overview as well as product/solution overview video [link no longer available].

ICOP's revenue peaked in 2007 at just under $12 Million USD dropping nearly 33% to about $8 Million in 2009. According to the bankruptcy filing, 2010 revenue was approximately $7.1 Million USD.

According to the 2010 10k, the average selling price for their ICOP Mobile 20/20W [link no longer available] solution is $5,200 - a fairly price and complex mobile surveillance recorder/solution.

Two immediate questions are:

  • What should customers do for support?
  • What do you do if you want to buy ICOP / get its customer base?

We spoke with Investor Relations. They said to use the following email address: investorinfo@icop.com. This email is still active and being checked by ICOP executives. We have sent an email to this address and will share feedback if and when provided. We also called 3 phone numbers listed on ICOPs sites but all of them went to full voice mailboxes.

According to the filing, ICOP's bankruptcy attorney is Joanne B. Stutz of Evans Mullinix [link no longer available], (913) 962-8700, Email: jbs@evans-mullinix.com

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