Command Security Independent Committee Response to 13D Filing.Business Editors LAGRANGEVILLE, N.Y.--(BUSINESS WIRE)--April 15, 2004 Command Security Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CMMD CMMD Ceramic Metal Matrix Diaphragm CMMD Command ) announced today that its Disclosure Committee recommended to the Company's Independent Committee of the Board of Directors that a statement be issued following the filing on April 12 of a Schedule 13D Schedule 13D An form that must be filed with the SEC under Rule 13D when a person or group acquiring more than 5% of any class of a company's shares to disclose this information within 10 days of the transaction. . The Chairman of the Independent Committee, Gregory J. Miller, reaffirmed the Committee's commitment to serve the Company as a whole and to address the best interests of all shareholders. Accordingly, he reported that as authorized by the Board of Directors, the Company has engaged in discussions with the 13D reporting person, as well as others, concerning any involvement by the Company in the buy-out of the interests of Reliance Security Group Plc in the Company. As reported in the 13D and earlier Company filings, Reliance owns a large number of shares of common and preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , as well as warrants. Mr. Miller reported that the Committee's discussions with the 13D reporting person have not yet progressed beyond preliminary discussions, and that the Committee will not be able to begin the formal review process until responses to specific questions have been received. Accordingly, the Committee has no position on the transaction at this time. To the extent that the 13D might be read to imply that the Committee currently supports any specific transaction at this time, there is no basis in fact. The Independent Committee stated that it plans to remain open to communications with the reporting person and others who seek information or input from the Company with respect to the proposed transaction with Reliance. Once the Committee has adequate responses and information, it will present its recommendations to the Company's full Board of Directors for appropriate action at that level. Mr. Miller concluded by stating that the members of the Independent Committee, in their capacity as such, and in their capacity as Directors of the Company's Board of Directors, intend to protect the shareholders' interests and to respond to all good faith inquiries and requests. The Independent Committee consists of Gregory J. Miller, Esq., Peter Nekos, CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. and Carl Painter, MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration . All members concur in this release. About Command Command Security Corporation provides security services 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, Florida, Massachusetts, Pennsylvania, Maryland and Oregon. Statements in this press release other than statements of historical fact are "forward-looking statements." Such statements are subject to certain risks and uncertainties including the demand for the Company's services, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience , and other risk factors identified from time to time in the Company's filings with the Securities and Exchange Commission that could cause actual results to differ materially from any forward looking statements. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements. For more information concerning the Company, please refer to its website at www.commandsecurity.com and to the Edgar website www.sec.gov/edgar.shtml. |
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