Sentry Technology Restructures Balance Sheet - Reduces Debt
RONKONKOMA, N.Y., Jan. 4, 2013 /PRNewswire/ -- Sentry Technology Corporation (OTC Bulletin Board: SKVY) announced today, that on December 28, 2012 it purchased for cancellation, a debenture owing to Brookfield Technology Fund Inc. in the amount of $2,000,000 plus accrued interest of $743,000. The purchase price was $40,000 in cash plus a $75,000 note payable over two years and warrants priced at $0.01 to purchase up to 5% of Sentry common stock. The net benefit to Sentry is the elimination of $2,628,000 debt payable to Brookfield.
Following the cancellation of the Brookfield debenture, with the exception of the $75,000 owing to Brookfield, all secured Company debt is directly or indirectly owed to, or 100% cash guaranteed by, Sentry directors Robert Furst and Peter Murdoch. Mr. Furst and Mr. Murdoch own a controlling interest in the Company's stock.
Sentry Technology Corporation designs, manufactures, sells and installs Closed Circuit Television (CCTV) solutions, Electro-Magnetic (EM) and RFID based Library security and self-service systems. Our CCTV product line features SentryVisiona, SmartTrack™, a proprietary, patented traveling Surveillance System. Our OperationalVideo™, OVportal™ software application assists retailers with on-line management of safety and security, merchandising audits and employee procedure compliance. Products are used by libraries to secure inventory and improve operating efficiency, by retailers to deter theft and enhance productivity, and by industrial/institutional customers to protect assets and people. More information can be found at 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.
President & CEO
SOURCE Sentry Technology Corporation
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