Command Security Corp. announces agreement in principal to resolve ISS dispute.LAGRANGEVILLE, N.Y.--(BUSINESS WIRE)--Sept. 17, 1996--Command Security Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CMMD CMMD Ceramic Metal Matrix Diaphragm CMMD Command ) announced Tuesday that has reached an agreement in principle to resolve all pending issues with ISS ISS See Institutional Shareholder Services (ISS). International Service System Inc., in connection with its October 1993, acquisition of certain security guard assets. Under the terms of the agreement, the purchase price of the customer lists has been reduced by $500,000 which will be offset against the current $1 million note and Command has agreed to pay $100,000 of the remaining note to ISS immediately and the balance of the note ($400,000) by Jan. 31, 1997. William C. Vassell, chairman of the board of Command said: "This agreement will have a positive impact on our balance sheet by immediately reducing our short term debt by $500,000 and Intangible Assets by $500,000. This will result in a reduction of more than $100,000 per year in amortization expense for the next four years." Command Security Corp. provides security services Security services are state institutions for the provision of intelligence, primarily of a strategic nature, but also including protective security intelligence. Examples include the Security Service (MI5) and the Secret Intelligence Service (MI6) in the United Kingdom, and the through company owned offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New Jersey, California, Illinois, Connecticut and Florida and provides back-office service agreements to independent security companies nationwide. CONTACT: Command Security Corp. William C. Vassell, Chairman of the Board 914/454-3703 or H. Richard Dickinson, Chief Financial Officer 212/689-6565 or Radcliffe & Associates Inc. Donald Radcliffe, 212/605-0174 |
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