Security With Advanced Technology - Warrant (MM) (NASDAQ:SWATW)
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Security With Advanced Technology, Inc. (Nasdaq:SWAT) (Nasdaq:SWATW)
announced that it has completed its acquisition of Vizer Group, Inc. (“Vizer”)
and Vizer's wholly-owned subsidiary, Avurt International, Inc. (“Avurt”).
As consideration, SWAT has issued Vizer / Avurt shareholders
approximately 800,000 shares of SWAT newly-issued, restricted common
stock. Up to an additional 533,333 shares of newly-issued, restricted
common stock are issuable subject to the terms of an earn-out contingent
upon the achievement of specified future revenue and operating
thresholds.
SWAT's shareholders approved the terms of the acquisition on December
28, 2006. Pursuant to the terms of the merger agreement, Scott Sutton
was appointed the president of SWAT and elected to the company’s
board of directors. In addition, David Welch has agreed to become a
director of the company and was appointed the chairman of SWAT's Audit
Committee.
“The acquisition of Vizer / Avurt broadens
SWAT's reach into the security market and is a significant step in SWAT’s
vision to expand its security solutions for large market segments,
including rapidly launching the non-lethal personal protection device,”
said Scott Sutton, President of SWAT. “SWAT’s
increased product portfolio will provide incremental revenue
opportunities by offering safety and security solutions for people,
facilities, and transportation.”
“There is a unique and compelling fit between
SWAT, Vizer and Avurt,” said Tom Marinelli,
Chief Executive Officer of SWAT. “Since we
signed our merger agreement, we have made excellent progress on
integrating the two companies and seen significant advancement in our
ShiftWatch software. We’ve also taken major
strides in patenting and producing our Avurt launchers. We anticipate
delivery of our first personal protection products at the end of the
first quarter in 2007. We are excited about the combined market
opportunities and the combining of our talented people.”
SWAT’s patent-pending Avurt line of personal
protection products are new and innovative non-lethal devices designed
for its existing agency customers and will also be marketed to consumers
for personal protection. SWAT expects the line of products to be more
durable, smaller and lighter than the current options sold in the market
today and they will address a much larger audience due to their features
than any product sold along these lines to date.
“We have several new products and
technologies scheduled to be released in 2007,”
said Sutton. "We intend to utilize our proprietary technology to offer a
number of products covering multiple market segments. Following the
initial release of the launcher, the Avurt line is anticipated to be
expanded in different configurations with multiple options and price
points.”
SWAT will initially distribute its Avurt products focusing on the market
segments of: consumers, security personnel, law enforcement, animal
control officers, delivery personnel, pet owners wishing to protect
their pets, campers, bikers, and hikers. SWAT also expects to serve its
customers’ needs and generate revenue from
follow-on consumable sales of projectiles and air canisters that are
required with each usage of the launcher. Upon completion of final
prototypes and commencing manufacturing, SWAT expects to begin pre-sales
at the end first quarter of 2007 through an aggressive marketing
campaign including on-line sales initiatives.
SWAT: About the Divisions
Avurt distributes and produces non-lethal personal protection
devices and compliance products currently in use by federal and state
agencies. The new devices when completed will be laser aimed and fire a
projectile up to 60 feet away that breaks on impact dispersing a cloud
of potent pepper based powder causing a severe debilitating reaction in
the target area, effective on most humans and animals.
Vizer specializes in product design, system design, engineering,
installation, and integration of facility security systems including
access control, video surveillance, intrusion detection, and wireless
mesh network systems. With a focus on network centric technology and
hosted services, Vizer developed a unique proprietary “e-Link”
solution which is built around a web hosted software platform and a
unique network based device providing business customers complete
control over access, alarms, and video systems remotely through a secure
and easy-to-use website. This product is sold primarily on the basis of
a monthly service fee thereby creating recurring revenue.
ShiftWatch® is a product line of
mobile digital video surveillance solutions for public transportation
and general security applications. SWAT's full motion, high resolution
video system utilizes patent pending video streaming technology and GPS
synchronization capabilities to provide agencies with data security and
reliability. SWAT's open, standards based architecture, facilitates
interoperability, easing management of the information and communication
complexities and leveraging customers’
investment in the future. The current TVS 300 product containing
significant software and feature enhancements was released in the fourth
quarter of 2006. Recent quality testing indicates that the latest
version is experiencing hardware related supply challenges delaying
several installations caused by a third party vendor. The Company is
actively attempting to mitigate this situation using all means available
to it to resolve this problem. This will affect revenues previously
expected to begin in the fourth quarter of 2006.
About Security With Advanced
Technology, Inc.
Security With Advanced Technology, Inc. is a leading provider of mission
critical high tech security products and services, which include
non-lethal personal protection devices, surveillance and intrusion
detection systems and mobile digital video surveillance solutions. SWAT’s
products and services are designed for government agencies, military and
law enforcement, in addition to transportation, commercial facilities
and non-lethal personal protection segments. For additional information
visit www.swat-systems.com or
call the corporate headquarters at (800) 498-7965. Information on SWAT's
website does not comprise a part of this press release.
This press release includes "forward looking statements" as defined
by the Securities and Exchange Commission (the "SEC"). All statements,
other than statements of historical fact, included in the press release
that address activities, events or developments that the company
believes or anticipates will or may occur in the future are
forward-looking statements. These statements are based on certain
assumptions made based on experience, expected future developments and
other factors the company believes are appropriate under the
circumstances. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of the
company and may not materialize. Investors are cautioned that any such
statements are not guarantees of future performance. Actual results or
developments may differ materially from those projected in the
forward-looking statements as a result of many factors, including the
company's ability to integrate the recent acquisitions, implement the
Vizer and Avurt business plans, increase sales of its products, and
enhance, execute and protect its technological capabilities, the
efficacy of the company's products and technologies, whether the company
will be able to release its new products as planned in 2007, and whether
the company will resolve its supply chain issue for its ShiftWatch
product, among others. Furthermore, the company does not intend (and is
not obligated) to update publicly any forward-looking statements, except
as required by law. The contents of this release should be considered in
conjunction with the warnings and cautionary statements contained in the
company's recent filings with the SEC.