Press Release
INTEGRATED SECURITY SYSTEMS SIGNS LETTER OF iNTENT TO ACQUIRE dOORtEk
September 1, 2004 - For Immediate Release
Irving, Texas – September 1, 2004 – Integrated Security Systems, Inc. (ISSI), (OTCBB Symbol: IZZI), a premier supplier of anti-terrorist barriers and perimeter security technology, today announced that it has signed a non-binding letter of intent to acquire DoorTek Corporation (formerly Xetron). DoorTek, a privately held manufacturer of access control and detention security products for use in light-to-heavy industry, defense, petrochemical, health care, corrections and other industries, has been working with ISSI’s Intelli-Site subsidiary through an OEM agreement.
Under the terms of the contemplated acquisition, DoorTek would join the ISSI family of companies as a wholly owned subsidiary. DoorTek will retain its name, current facilities and all key personnel. The acquisition is expected to close in November 2004. Further details of the proposed transaction are not being disclosed at this time.
“After working closely with DoorTek through Intelli-Site’s OEM agreement with them, we have developed a thorough knowledge of DoorTek’s product lines and resources,” said John Ulibarri, President of ISSI subsidiary Intelli-Site. “DoorTek’s product offering enjoys long-standing, broad acceptance in the security industry and will certainly enhance our offering in the security electronics/access control market and increase the breadth of our integration efforts. Additionally, DoorTek’s principals, Bob Gardner and Ray Deasy, have extraordinary talents and unparalleled industry experience that we believe will provide a competitive advantage.”
“This proposed acquisition is an important opportunity for the future growth of ISSI. It supports ISSI’s strategy of focusing on revenue growth, profit generation and delivering a broad array of high-quality homeland security products and services,” said C.A. Rundell, Jr., Chairman & CEO of Integrated Security Systems, Inc. “The transaction provides an opportunity for value creation and would immediately enhance underlying earnings.”
"ISSI’s goal is to expand through strategic acquisitions and internal security product development,” Rundell noted. “We are actively pursuing acquisition opportunities that will complement or extend our existing product lines or that would be compatible with our business philosophy.”
The acquisition is subject to
certain closing conditions, including satisfactory
completion of due diligence and execution of the Definitive Agreement.
About DoorTek
Headquartered in San Antonio, Texas, DoorTek Corporation is a leading manufacturer of access control systems and security system products that are used throughout the world. In addition to DoorTeks’ broad range of directly marketed access control products, DoorTek has also provided OEM products to major manufacturers such as Diebold, Wells Fargo and Notifier Systems.
About Integrated Security Systems, Inc. (ISSI)
Headquartered in Irving, Texas, ISSI is a technology company that designs, develops and markets safety equipment and security software to the commercial, industrial and governmental marketplaces. ISSI is a leading provider of traffic control and safety systems within the road and bridge and perimeter security gate industries. ISSI designs, manufactures and distributes warning gates, crash barriers (anti-terrorist and traffic control barriers), lane changers, airport and navigational lighting and perimeter security gates and operators. 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 conducts its design, development, manufacturing and distribution activities through two wholly owned subsidiaries: BB ARMR Corporation and Intelli-Site, Inc. For more information, please visit www.integratedsecurity.com, www.bb-armr.com or www.intelli-site.com.
This information contains certain forward-looking statements. It is important to note that IZZI'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.
CONTACTS:
Integrated Security Systems, Inc.
C. A. Rundell, Jr., Chairman, CEO
(972) 444-8280
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