RONKONKOMA, N.Y., May 17 /PRNewswire-FirstCall/ -- Sentry Technology
Corporation (OTC Bulletin Board: SKVY) today announced it has entered into a
new Cdn $4.5 million (UD$3.6 million) global secured credit facility with
Royal Bank of Canada. Interest is payable at a rate of Royal Bank prime plus
1.25%. This facility will replace Sentry's current revolving credit agreement
in the United States and its overdraft lending and term loan agreement in
Canada. The proceeds under this facility may be used for general working
capital purposes. Borrowings will be based on accounts receivable and
inventory.
"We are pleased with the confidence shown in our Company by Royal Bank,
Canada's largest bank" said Peter J. Mundy, Vice President and CFO of Sentry
Technology Corporation. "The consolidation of our credit facilities is
another step in our efforts to improve operating efficiencies and to further
reduce our costs of financing."
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 the proprietary SentryVision(R) SmartTrack 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.
CONTACT: Peter J. Mundy
Vice President - CFO
(631) 739-2000
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 J. Mundy, Vice President - CFO, Sentry
Technology Corporation, +1-631-739-2000
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