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Security Financing Services Announces Acquisition of Alarm Monitoring Assets Thursday February 22, 9:45 am ET
HOUSTON--(BUSINESS WIRE)--Security Financing Services, Inc. (Pink Sheets:SCYF - News), a provider of sophisticated, IP and physical security convergence solutions, has closed the initial $1.5 million tranche of a $4 million, three-tranche purchase of alarm monitoring assets. The seller is S3 Video Systems, LLC, a private Texas investment company. This first tranche is made up of approximately 1,100 residential and commercial alarm monitoring accounts located in and around Houston, Texas. SCYF will be providing alarm monitoring and access control services to several local governmental entities and national retail accounts, including Cici's Pizza, T-Mobile, CompUSA, Subway Restaurants, Cingular Wireless, ReMax Realty, Williams Gas Pipeline, the State of Texas Youth Commission and Department of General Services, and the Harris County Independent School District. ADVERTISEMENT
Mike Hardy, President and CEO of SCYF stated, "We expect high margin revenue to flow from this diversified portfolio of alarm monitoring accounts for a minimum of 84 months. The portfolio provides us with a strong customer base, and we expect it to generate strong demand for our equipment and services for years to come.
"We anticipate announcing the closing of the second and third tranches of this important acquisition in the very near future," continued Hardy.
Coming on the heels of its recent announcement of its intent to acquire Nsite, LLC, a provider of Lessons Learned Technology to the Defense Department and branches of the U. S. military, and its recently announced agreement with the Alliance for Security in Education, the closing of this acquisition is an important step in the consolidation of SCYF's IT/Physical Security Convergence Strategy.
Security Financing Services, Inc., a designated Honeywell Security Products dealer, is a cutting-edge technology company focused on end-to-end network solutions for customers. Solutions range from the smallest homeowner to the largest government or commercial enterprise. In addition to providing financing services to alarm dealers and integrators, SCYF also operates and manages a portfolio of alarm monitoring accounts throughout Texas and the Southeast. SCYF designs, installs and monitors digital video surveillance networks for government, industrial and commercial application.
Forward-Looking Statements: This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Contact: Security Financing Services, Inc. Phillip M. (Mike) Hardy, President 281-340-9704 mhardy*securityfinserv.com
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