RONKONKOMA, N.Y., May 4 /PRNewswire-FirstCall/ -- Sentry Technology
Corporation (OTC Bulletin Board: SKVY) announced today that Sentry has raised
$2,000,000 in secured convertible debt with the Brascan Technology Fund, an
alternative investment fund established by Brascan Asset Management, to invest
in early stage, technology-based companies with high growth potential.
The Brascan Technology Fund financing has a four-year term bearing
interest of 8% annually and is redeemable at Sentry's option after 18 months.
In a related transaction, Sentry acquired 100% of ID Security Systems Canada
Inc. and ID Systems USA Inc. -- companies engaged in the manufacturing and
sales of anti-shoplifting, access control and RFID library products. The
terms of the deal are as described in Sentry's press release dated February
26, 2004. Following the purchase of ID Systems Canada and USA, Sentry will
have 115,750,363 shares outstanding.
"We are very pleased to welcome Brascan as our investment partner," said
Peter L. Murdoch, President and CEO of Sentry Technology Corporation. "The
support of Brascan as an investor, advisor and potential customer will
significantly strengthen our Company. We anticipate that the availability of
working capital through the participation of such a substantial investor will
greatly assist in developing the very significant growth opportunities at
Sentry and ID Systems."
"With the financing in place from our Technology Fund backed by Sentry's
strong management team with a clear strategy, we believe Sentry is positioned
to achieve high levels of growth in the global security sector," said Stephen
A. Adams, President of Brascan Technology Fund.
Sentry Technology Corporation designs, manufactures, sells and installs a
complete line of Radio Frequency (RF) and Electro-Magnetic (EM) EAS systems
and Closed Circuit Television (CCTV) solutions. The CCTV product line
features SentryVision(R), SmartTrack, a proprietary, patented traveling
Surveillance System. The Company's products are used by retailers to deter
shoplifting and internal theft and by industrial and institutional customers
to protect assets and people. The Company's acquisition of ID Systems expands
the Company's product offering to include proximity Access Control and Radio
Frequency Identification (RFID) solutions. For further information, please
visit our website at http://www.sentrytechnology.com.
This press release may include information that could constitute forward-
looking statements made pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995. Any such forward-looking statements
may involve risk and uncertainties that could cause actual results to differ
materially from any future results encompassed within the forward-looking
statements. Factors that could cause or contribute to such differences
include those matters disclosed in the Company's Securities and Exchange
Commission filings.
SOURCE Sentry Technology Corporation
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Related links:
http://www.sentrytechnology.com
Company News On-Call:
http://www.prnewswire.com/comp/494538.html
CONTACT:
Peter Murdoch, President & CEO of Sentry
Technology Corporation, +1-631-739-2000
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