Electronic Control Security, Inc. Terminates Equity Financing Agreement
December 13 2011 - 8:30AM
Marketwired
Electronic Control Security Inc. (ECSI) (OTCBB: EKCS), a leading
provider of integrated entry control and perimeter security system
technologies to the government and private sectors, announced that,
after careful review and consideration, it has decided to terminate
its Drawdown Equity Financing Agreement with Auctus Private Equity
Fund.
While an S-1 registration statement in respect of the resales by
Auctus of any shares of the Company's common stock that would have
been issuable under the Drawdown Agreement was declared effective
in July 2011, the Company did not utilize the drawdown facility.
Accordingly, no shares were issued to Auctus.
The Company has determined that it would not be in the Company's
best interest to retain or move forward with the equity line.
About ECSI
ECSI is a global leader in perimeter security and a quality
provider to the Department of Defense, Department of Energy,
nuclear power stations, and other large commercial-industrial
complexes. The Company designs, manufactures and markets physical
electronic security systems for high profile, high threat
environments utilizing risk assessment and analysis to determine
and address the security needs of its customers. Teaming agreements
with major system integrators enable ECSI to support the
installation and aftermarket of its products in the U.S. and
overseas. 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 visit
http://www.ecsiinternational.com.
ECSI INTERNATIONAL, INC. SAFE HARBOR STATEMENT: This press
release contains forward-looking statements that involve
substantial uncertainties and risks. These forward-looking
statements are based upon our current expectations, estimates and
projections about our business and our industry and reflect our
beliefs and assumptions based upon information available to us at
the date of this release. We caution readers that forward-looking
statements are predictions based on our current expectations about
future events. These forward-looking statements are not guarantees
of future performance and are subject to risks, uncertainties and
assumptions that are difficult to predict. Our actual results,
performance or achievements could differ materially from those
expressed or implied by the forward-looking statements as a result
of a number of factors, including but not limited to changes in
economic conditions generally and in our industry specifically, the
potential failure to forecast revenues and profits and make
adjustments to operating plans as a result of any failure to
forecast accurately, changes in security technology, legislative or
regulatory changes that affect us, the availability of working
capital, timing of purchase orders, acceptance of company
proposals, changes in costs and the availability of goods and
services, the introduction of competing products, changes in our
operating strategy or development plans, our ability to attract and
retain qualified personnel, changes in our acquisition and capital
expenditure plans, sufficiency of cash reserves and the risks and
uncertainties discussed under the heading "RISK FACTORS" in Item 1
of our Annual Report on Form 10-K for the fiscal year ended June
30, 2011 and in our other filings with the Securities and Exchange
Commission. We undertake no obligation to revise or update any
forward-looking statement for any reason.
For contact: Natalie Schneider 973-574-8555
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