Electronic Control Security, a provider of integrated entry control and perimeter security system technologies to the government and private sectors has decided to terminate its drawdown equity financing agreement with Auctus Private Equity Fund. The company decided that it would not be in the its best interest to retain or move forward with the equity line.
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.
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.