Electronic Control Security Arranges $3.0 Million Plus in Contract Financing to Support The Company's Continuing Expansion.CLIFTON, N.J. -- Electronic Control Security Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : EKCS), a leading integrated security provider and manufacturer of perimeter security systems announced today that it completed a $3 million plus contract financing commitment from Amerisource Funding, Inc. Under the terms of the contract financing, ECSI ECSI Export Cargo Shipping Instruction ECSI EarthKeeper Center for Self Improvement ECSI Early Childhood Systems Initiative will avoid any further dilution since no shares of stock or warrants will be issued. The company is paying interest at accepted industry rates for contract funding. A maximum 20-30 day turn around is estimated from date of invoice to date of payment. Arthur Barchenko, President of ECSI, commented, "This contract funding arrangement is a significant step forward for the company and, I believe, our shareholders. We intend to use the contract funding on a selective basis to facilitate significant sales growth and to meet stringent supplier demands as well as delivery schedules required by our customer." The financing was completed once the four accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. holders agreed to the terms and conditions of the intercreditor agreement with Amerisource. In order to obtain the convertible debenture holders' approval, ECSI agreed to decrease the conversion price of the shares from $1.15 to $.75 per share. Based upon this financial arrangement, ECSI was able to ship approximately $3.5 million in equipment today for the U.S. Air Force under the Integrated Base Defense Security System. About ECSI ECSI is recognized as a global leader in perimeter security and an effective quality provider for both the Department of Defense and Homeland Security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States programs. The company designs, manufactures and markets physical electronic security systems for high profile, high threat environments. The employment of risk assessment and analysis allows ECSI to determine and address the security needs of government and commercial-industrial installations. The company has teaming agreements with ARINC ARINC Aeronautical Radio, Inc. ARINC Aircraft Radio Incorporated ARINC Aeronautical Research Incorporated , Hudson Marine Inc., Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. Transportation & Security Solutions, Parsons Infrastructure & Technology Group, SERCO, Inc., Tetra Tech, Inc. and other industry leaders. ECSI is located at 790 Bloomfield Avenue, Bldg. C-1, Clifton NJ 07012. Tel: 973-574-8555; Fax: 973-574-8562. For more information on ECSI and its customers, please go to http://www.anti-terrorism.com. ECSI Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Statements in this press release, including the statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc projected future financial performance, are considered forward-looking statements under the federal securities laws. Sometimes these statements will contain words such as "anticipates," "expects," "plans," "projects," "estimates," "outlook," "forecast," "guidance," "assumes" and other similar words. These statements and those contained in ECSI's recent Form 10-KSB and 10-QSB's are not guarantees of ECSI's future performance and are subject to risks, uncertainties and other important factors that could cause ECSI's actual performance or achievements to be materially different from those it may project. These are only some of the numerous factors that may affect the forward-looking statements contained in this press release. |
|
||||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion