Devcon International Corp. Announces Signing of Restructuring Agreement with Preferred Investors
October 10 2008 - 9:35PM
PR Newswire (US)
BOCA RATON, Fla., Oct. 10 /PRNewswire-FirstCall/ -- Devcon
International Corp. (OTC:DEVC) (BULLETIN BOARD: DEVC) announced
today that it has reached an agreement with its Preferred Investors
on a restructuring of their security. The restructuring follows the
recently announced filing of Form 15 with the Securities and
Exchange Commission ("SEC") to voluntarily deregister its common
stock under the Securities Exchange Act of 1934. In commenting on
the restructuring, Mr. Richard Rochon, the Company's Acting Chief
Executive Officer, stated, "We are pleased that during a difficult
time in our financial markets we have been able to reach an
agreement with our Preferred Investors that provides stability to
Devcon. We believe that this announcement, along with our prior
announced deregistration, clears the way for us to focus on our
operations and achieve maximum shareholder value." About Devcon
Devcon International's wholly-owned subsidiary, Devcon Security
(http://www.devcon-security.com/), is a leading provider of
installation, monitoring and related electronic security services,
currently serving more than 140,000 commercial and residential
customers in Florida, New York City and Staten Island. Since
February, 2005, Devcon has made 3 significant acquisitions of
full-service electronic security services companies with
significant concentrations throughout Florida and the New York
Metropolitan region. Currently, Devcon Security Services Corp. is
the third largest security monitoring and alarm company in Florida
and the fourteenth largest in the U.S. Forward-Looking Statements
This press release may contain statements, which are not historical
facts and are considered forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements contain projections of Devcon's
future results of operations, financial position or state other
forward-looking information. In some cases you can identify these
statements by forward-looking words such as "anticipate,"
"believe," "could," "estimate," "expect," "intend," "may,"
"should," "will," and "would" or similar words. You should not rely
on forward-looking statements because Devcon's actual results may
differ materially from those indicated by these forward-looking
statements as a result of a number of important factors. These
factors include, but are not limited to: general economic and
business conditions; our business strategy for expanding our
presence in our industry; anticipated trends in our financial
condition and results of operation; the impact of competition and
technology change; existing and future regulations effecting our
business, and other risks and uncertainties discussed under the
heading "Item 1A - Risk Factors" in Devcon's Annual Report on Form
10-K for the period ended December 31, 2007 as filed with the
Securities and Exchange Commission, and other reports Devcon files
from time to time with the Securities and Exchange Commission.
Devcon does not intend to and undertakes no duty to update the
information contained in this press release. DATASOURCE: Devcon
International Corp. CONTACT: Devcon International Corp.,
+1-561-208-7200 Web Site: http://www.devcon-security.com/
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