RONKONKOMA, N.Y., Jan. 4, 2013 /PRNewswire/ -- Sentry Technology
Corporation (OTC Bulletin Board: SKVY) announced today, that on
December 28, 2012 it purchased for
cancellation, a debenture owing to Brookfield Technology Fund Inc.
in the amount of $2,000,000 plus
accrued interest of $743,000. The
purchase price was $40,000 in cash
plus a $75,000 note payable over two
years and warrants priced at $0.01 to
purchase up to 5% of Sentry common stock. The net benefit to Sentry
is the elimination of $2,628,000 debt
payable to Brookfield.
Following the cancellation of the Brookfield debenture, with the exception of
the $75,000 owing to Brookfield, all secured Company debt is
directly or indirectly owed to, or 100% cash guaranteed by, Sentry
directors Robert Furst and
Peter Murdoch. Mr. Furst and Mr.
Murdoch own a controlling interest in the Company's
stock.
Sentry Technology Corporation designs, manufactures, sells and
installs Closed Circuit Television (CCTV) solutions,
Electro-Magnetic (EM) and RFID based Library security and
self-service systems. Our CCTV product line features
SentryVisiona, SmartTrack™, a proprietary, patented traveling
Surveillance System. Our OperationalVideo™, OVportal™
software application assists retailers with on-line management of
safety and security, merchandising audits and employee procedure
compliance. Products are used by libraries to secure
inventory and improve operating efficiency, by retailers to deter
theft and enhance productivity, and by
industrial/institutional customers to protect assets and
people. More information can be found at
www.sentrytechnology.com.
This press release may include information that could
constitute forward-looking statements made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of
1995. Any such forward-looking statements may involve risk
and uncertainties that could cause actual results to differ
materially from any future results encompassed within the
forward-looking statements. Factors that could cause or
contribute to such differences include those matters disclosed in
the Company's Securities and Exchange Commission filings.
CONTACT:
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Peter
Murdoch
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President
& CEO
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(631)
739-2000
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SOURCE Sentry Technology Corporation