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Monday, January 25, 2021

New Breakout Potential for Strikeforce Technologies Inc (OTCMKTS:SFOR)

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Strikeforce Technologies Inc (OTCMKTS:SFOR) has been on the march again, so we thought it would be a good time to take another look. SFOR stock has been moving since announcing that it has filed patent infringement lawsuits in U.S. District Courts against Gemalto, Inc.; Vasco Data Security; Entrust Datacard; and SecureAuth Corporation.

Recent action has seen 45% tacked on to share pricing for the listing in the past month. Market participants may want to pay attention to this stock. SFOR stock past is littered with sudden rips. The stock is approaching some key potential breakout levels, particularly around the $0.017-0.02 area. Furthermore, the company has benefitted from a jump in recent trading volume to the tune of 22% beyond what we have been seeing over the larger time frame.

Strikeforce Technologies Inc (OTCMKTS:SFOR) trumpets itself as a software development and services company in the United States and internationally. The company owns the right to develop and license various identification protection software products to protect computer networks from unauthorized access, and to protect network owners and users from identity theft. Its cyber security products include ProtectID, an authentication platform to authenticate computer network users by various methods, including traditional passwords combined with a telephone, iPhone, Droid, Blackberry, PDA, or multiple computer secure sessions, biometric identification, and encrypted devices; and GuardedID that prevents the use of spyware/malware to collect user information.

The company’s cyber security products also comprise MobileTrust, an iPhone/iPad and Android device password vault that includes a password generator, as well as provides for Mobile Multi-Factor One Time Password authentication; and GuardedID mobile software development kit. In addition, it provides software and hardware that are contractually licensed from other vendors, which include VASCO tokens, as well as additional authentication and telecommunication software devices.

The company was formerly known as StrikeForce Technical Services Corporation and changed its name to StrikeForce Technologies, Inc. in September 2004. StrikeForce Technologies, Inc. was founded in 2001 and is based in Edison, New Jersey.

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According to the company’s recent release, “the lawsuits against Gemalto and Vasco were filed in the District of Massachusetts and the cases against Entrust and Vasco were filed in the Eastern District of Virginia.  These new lawsuits claim infringement of one or more of StrikeForce’s United States Patent Nos. 7,870,599; 8,484,698; and 8,713,701. These suits are in addition to the three cases filed in June 2016 involving StrikeForce’s ’698 patent that are currently pending in the District of New Jersey against Duo Security, Centrify Corporation and Trustwave Holdings, Inc.”

“We can sit by and watch competitors use our patented inventions without permission, or we can do something about it.  We’ve decided to do something about it,” said Mark L. Kay, StrikeForce CEO.  “We think competition is healthy, but competitors should create their own original technology, not use what we developed.”

“There has been an increasingly sharp rise in cyber-attacks recently with many international corporations being hacked.  This increase in cyber-attacks and the strengthening of regulations, such as the FFIEC in the financial market and HIPAA HiTech and Electronic Protected Healthcare Information (ePHI) in the healthcare market, are prompting an exponential increase in the use of ‘Out-of-Band’ Authentication,” stated Mr. Kay.  “In light of our having been granted the ’599, ’698 & ’701 Patents, and with increased activity in various markets by enterprises, government agencies and social media, StrikeForce will aggressively continue to protect its intellectual property rights and maximize shareholder value.”

According to the company communication, SFOR has retained Ropes & Gray LLP to litigate these cases.  Ropes & Gray LLP is a global law firm with 11 offices located in the United States, Asia and Europe. The firm has more than 1,200 lawyers and professionals worldwide, and its clients include corporations and financial institutions, government agencies, universities, and health care organizations.

The firm, founded in 1865, is recognized as a leader in intellectual property law and has been named to The American Lawyer’s prestigious “A-List” of top 20 firms for six consecutive years.

At this time, carrying a capital value in the market of $35.7M, SFOR has a store ($1.2M) of cash on the books, which is balanced by about $4.5M in total current liabilities. So, not a great balance sheet, by any stretch.

That said, Strikeforce Technologies is pulling in trailing 12-month revenues of $443K. In addition, the company is seeing major top line growth, with y/y quarterly revenues growing at 139.7%. We will update the story again soon as further details emerge. For continuing coverage on shares of SFOR stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

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