ComCam Completes $1.1 Million Financing and Announces Plan to Spin Off Subsidiary
June 24 2005 - 8:50AM
PR Newswire (US)
ComCam Completes $1.1 Million Financing and Announces Plan to Spin
Off Subsidiary WEST CHESTER, Pa., June 24 /PRNewswire-FirstCall/ --
ComCam, Inc. (OTC:CMCA) (BULLETIN BOARD: CMCA) ("Company") today
announced that it has completed a $1.1 million financing of ComCam
International, Inc. ("ComCam International"), the Company's wholly
owned subsidiary, in the form of a convertible promissory note with
ACC Investors LLC of New York ("ACC Investors"). The Company also
announced its plan to spin off ComCam International after the
completion of a registration statement with the Securities and
Exchange Commission by distributing ComCam International shares on
a pro rata basis to the Company's shareholders of record. The ACC
Investors promissory note will convert into shares of ComCam
International after the completion of the share distribution. The
Company is yet to determine the record date, dividend date and
ex-dividend date for the share distribution though the board of
directors does anticipate the spin-off in the first half of 2006.
ComCam International will use the financing to accelerate the
development and production of its Internet Protocol (IP)
surveillance and security platform technology, products and
services. The Company's chairman and chief executive officer, Don
Gilbreath, noted, "This is a major step forward that will permit us
to stabilize production and reduce delivery times so as to better
meet the expectations of government and commercial customers around
the world." ACC Investors was formed by Andersen & Company, LLC
(http://www.andersenllc.com/). Andersen & Company, LLC is a
private merchant bank based in New York. The firm provides
financial advisory services and engages in private equity
investment. A representative of ACC Investors will join the
Investment Committee of the Company and will join the board of
directors of ComCam International at the time of the share
distribution. ComCam International Inc. (http://www.comcam.net/) is
a pioneering developer of IP network surveillance and security
solutions for homeland security, government and commercial markets.
ComCam International has provided IP surveillance and security
solutions to the Department of Defense, Federal Bureau of
Investigation and US Navy for wireless command and control of video
security applications deployed around the world. The Company
(http://www.comcam.org/) is a Business Development Company pursuant
to Section 54 of the Investment Company Act of 1940 whose strategy
is to build an investment portfolio consisting of
revenue-generating assets and emerging companies positioned for
growth via acquisition or incubation. A number of statements
contained in this press release may be considered to be
forward-looking statements that are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements involve a number of risks
and uncertainties, including timely development and market
acceptance of products and technologies, competitive market
conditions, successful integration of acquisitions and the ability
to secure additional sources of financing. The actual results the
Company may achieve could differ materially from any
forward-looking statements due to such risks and uncertainties. The
Company encourages the public to read the information provided here
in conjunction with its most recent filings on Form 10KSB and Form
10QSB. The Company's public filings may be viewed at
http://www.sec.gov/. Contact: David Rosen V.P. Corporate
Development Tel. 610.436.8089 This release was issued through
eReleases(TM). For more information, visit
http://www.ereleases.com/. DATASOURCE: ComCam, Inc. CONTACT: David
Rosen, V.P. Corporate Development, ComCam, +1-610-436-8089, Web
site: http://www.andersenllc.com/ Web site: http://www.comcam.net/
http://www.comcam.org/
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