RONKONKOMA, N.Y., Aug. 9 /PRNewswire-FirstCall/ -- Sentry Technology
Corporation (OTC Bulletin Board: SKVY) announced today that its wholly owned
subsidiary, ID Security Systems Canada Inc. (ID Systems), is the beneficiary
of funds resulting from contractual relations entered into prior to the
purchase of ID Systems by Sentry. Approximately $1,400,000 will flow to the
benefit of Sentry and its subsidiaries through the repayment of debt incurred
by Dialoc ID Holdings B.V. prior to the ID Systems acquisition, reimbursement
of litigation expenses and the sale of common stock to Saburah Investments
Inc. The stock sale represents approximately $640,000 of the total amount
received by Sentry and is a result of a previous agreement between Sentry and
Saburah Investments Inc. as part of Sentry's recent acquisition of ID Systems.
Sentry will issue approximately 4.8 million common shares to Saburah
Investments Inc. The price per share is equal to 80% of the average closing
price for Sentry stock for the 20 days prior to August 5, 2004.
"Sentry is pleased to be receiving this additional cash infusion," said
Peter L. Murdoch, President and CEO of Sentry Technology Corporation. "Our
Company is now well positioned to execute its business plan as this additional
capital will help grow the business and meet the operational needs of the
Company for the foreseeable future."
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 SentryVision(R) SmartTrack system, 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 library security and
management tools, 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,
+1-631-739-2000
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