Press Release
INTEGRATED SECURITY SYSTEMS, INC. CLOSES 3.8 Million Financing.
December 3, 2004 - For Immediate Release
Irving,
Texas – December 3, 2004 – Integrated Security Systems, Inc. (ISSI), (OTCBB
Symbol: IZZI), a leading manufacturer and provider of homeland security related
products, including anti-terrorist and perimeter security technology, today
announced that it closed on a $3.8 million funding round in a PIPES financing
transaction. These funds consisted
of $2.3 million in new funding, along with a $1.5 million infusion of previously
received capital.
“We
are extremely pleased with this new round of funding”, said C. A. Rundell,
Jr., Chairman and CEO of ISSI. “We
are committed to see this Company grow and provide a good return for all of our
investors,” concluded Rundell.
Under
the terms of the financing, the Company entered into a Loan Agreement with
accredited investors in the transaction, and issued to the investors
Subordinated 10% Convertible Promissory Notes.
Each of the notes is due and payable on November 30, 2009 and is
convertible into the Company’s common stock at the conversion rate of $0.38
per share. The common stock to be
issued on conversion of the notes is subject to a Registration Rights Agreement.
Peter Beare, President of ISSI stated, “This round of funding allows us to move aggressively forward with our business planning and will enable us to provide a wider range of products to our valued customers, while taking advantage of new and exciting business opportunities.”
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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Integrated Security Systems, Inc • www.integratedsecurity.com 8200 Springwood Dr. Ste 230 • Irving, TX 75063 • 972-444-8280 All images & content © Copyright 2003 ISSI. All Rights Reserved. |