HAUPPAUGE, N.Y., Oct. 17 /PRNewswire-FirstCall/ --
Sentry Technology Corporation (OTC Bulletin Board: SKVY) today reported that
it has signed agreements to address both short-term and long-term capital
requirements of the Company. A purchase order financing agreement has been
completed with EPK Financial Corporation, a Dallas based company specializing
in short term financing. Sentry will use funds provided by EPK to fund vendor
purchases to complete orders currently in backlog.
Sentry has also retained the New York investment banking firm of Balfour
Capital Advisors, LLC to assist the Company in conducting an organized search
and evaluation regarding a possible corporate transaction to gain access to
greater resources and to exploit the Company's products and technological
advances. Balfour will take the lead in attempting to raise up to
$5,000,000 in financing to assist the Company in bringing existing vendor
payables current and to achieve its longer-term goals. There can be no
assurance that any such transaction will be concluded.
"We are pleased that both EPK and Balfour are supporting our efforts to
grow Sentry," said Peter L. Murdoch, President and CEO of Sentry Technology
Corporation. "New funding, in combination with our current banking agreement
with CIT Business Credit and the continuing support of existing vendors, will
provide us with the interim financing necessary until a new long-term
financial partner is found. Our Board of Directors engaged Balfour to examine
the full range of available alternatives for Sentry. We believe that an
additional outside investment is necessary to properly market the Company's
new and existing product lines."
Sentry Technology Corporation designs, manufactures, sells, installs and
services a complete line of Radio Frequency (RF) and Electro-magnetic (EM) EAS
and Closed Circuit Television (CCTV) surveillance systems. The CCTV product
line features SentryVision(R), a proprietary, patented, traveling Surveillance
System including our latest generation SmartTrack 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
recent partnership with Dialoc ID Holdings BV expands the Company's product
offerings to include proximity Access Control and Radio Frequency
Identification (RFID) solutions.
For further information, please visit our Web site at
http://www.sentrytechnology.com .
Information contained in this release contains
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 which can be identified by the use of
forward-looking terminology such as "believes," "expects," "may," "will,"
"should" or "anticipates" or the negative thereof, other variations thereon or
comparable terminology, or by discussions of strategy. These forward-looking
statements involve certain significant risks and uncertainties, and actual
results may differ materially from the forward-looking statements. For
further details and discussion of these risks and uncertainties see Sentry
Technology Corporation's SEC filings including, but not limited to, its annual
report on Form 10-K. No assurance can be given that future results covered by
the forward-looking statements will be achieved, and other factors could also
cause actual results to vary materially from the future results covered in
such forward-looking statements. The Company does not undertake to publicly
update or revise any of its forward-looking statements even if experience or
future changes show that the indicated results or events will not be realized.
CONTACT: Peter L. Murdoch
President and 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 L. Murdoch, President and CEO of Sentry
Technology Corporation, +1-631-232-2100
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