HAUPPAUGE, N.Y., June 23 /PRNewswire-FirstCall/ -- Sentry Technology
Corporation (OTC Bulletin Board: SKVY) announced today, the restructuring and
postponement of approximately $1,100,000 of its supplier debt as part of a
comprehensive plan to restructure the Company. Creditors participating in the
plan will be paid 10 cents on the dollar over three years beginning January
2004. They will also receive two shares of unregistered Sentry common stock
per dollar of debt.
"The restructuring of approximately 75% of past due supplier debt is one
of several steps being taken to improve our balance sheet," said Peter L.
Murdoch, President and CEO of Sentry Technology Corporation. "We greatly
appreciate the support and assistance of our suppliers and we anticipate their
partnership in Sentry's future will be rewarded through an increase in the
value of the Company."
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 partnership with Dialoc ID
Holdings BV expands the Company's product offering to include RFID and
proximity Access Control 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 Murdoch
President & CEO
(631) 232-2100
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, +1-631-232-2100
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