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Integrated Security Systems, Inc. Announces New Funding and Significant Order Monday December 19, 2:06 pm ET
IRVING, Texas--(BUSINESS WIRE)--Dec. 19, 2005--Integrated Security Systems, Inc. (OTCBB:IZZI - News) today announced $1.5 million of additional funding in the form of three-year, 8% subordinated convertible debentures with a conversion price of $0.25 per share. This funding came from entities managed by RENN ("RENN") Capital Group, Inc. that are majority stockholders in the company today. Russell Cleveland, President of RENN stated, "We believe the company is moving ahead in important new product areas." ADVERTISEMENT
RENN has also signed an agreement to purchase over 9 million shares of the common stock of the company from two existing holders.
The company also announced an order for its B&B Roadway operation in the amount of approximately $450,000 for the State of Florida for gates that will enhance the traffic flow on the Leroy Selman Expressway in Hillsborough County. This will enhance traffic flow under normal circumstances and will aid evacuation in the event of hurricanes or other disasters. Lynn Causey, President of B&B Roadway said, "We are glad to be working with Florida on this program and believe there is follow-on potential."
About ISSI
Headquartered in Irving, Texas, ISSI is a technology company that provides products and services for homeland security needs. ISSI also designs, develops and markets safety equipment and security software to the commercial, industrial and governmental marketplaces. ISSI's Intelli-Site® provides users with a software solution that integrates existing subsystems from multiple vendors without incurring the additional costs associated with upgrades or replacement. Intelli-Site® features a user-defined graphics interface that controls various security devices within one or multiple facilities. ISSI is a leading provider of anti-terrorist barriers, traffic control and safety systems within the road and bridge and perimeter security gate industries. ISSI designs, manufactures and distributes warning gates, lane changers, airport and navigational lighting and perimeter security gates and operators. ISSI conducts its design, development, manufacturing and distribution activities through three wholly owned subsidiaries: B&B ARMR, Intelli-Site, Inc. and DoorTek Corporation. For more information, please visit www.integratedsecurity.com,www.bb-armr.com,www.intelli-site.com or www.doortek.com.
About B&B Roadway
B&B Roadway is a 65% owned joint venture of B&B ARMR. This operation has a seventy-five-year history of providing gates and barriers to the State Departments of Transportation. For additional information, please visit www.roadwaymfg.com.
This information contains certain forward-looking statements. It is important to note that ISSI's actual results could differ materially from those projected by such forward-looking statements. Important factors that could cause actual results to differ materially from those projected in the forward-looking statements include, but are not limited to, the following: operations may not improve as projected, new products may not be accepted by the marketplace as anticipated, or new products may take longer to develop than anticipated.
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