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RONKONKOMA, New York, February 4, 2015 -- Sentry Technology Corporation (OTC
Markets: SKVY) today announced a major restructuring of its business.
The company completed the first stage of an agreement to sell the manufacturing and marketing
rights for its traveling camera technology in Europe and Asia. The purchaser is a French company
operating under the name SentryWay. It is expected the transaction will be finalized on April 30, 2015.
Proceeds from the $1.1 million sale are being used to repay bank debt and Sentry's secured debt
obligation to Brookfield Technology Fund. Additional annual payments may be received by Sentry
Technology during the first three years of the agreement at the rate of 20% of SentryWay's annual
traveling CCTV sales above the company's Europe/Asia revenue for the year 2013. Based on anticipated
SentryWay sales, management believes annual payments by SentryWay will make a substantial
contribution to Sentry's future profits.
As part of the restructuring plan, Sentry's library security business was sold to Sentry Funding
Partnership for $1 million. The sale price was based on an evaluation of Sentry's library operations by
Corporate Valuation Services. The sale will reduce secured debt owing to Sentry Funding Partnership. In
addition, substantial debt restructuring agreements have been signed with the company's largest
unsecured creditors. Approximately $2.5 million in unsecured debt has been settled in exchange for the
payment of $100,000 in cash and the issuance of 10,000,000 Sentry common shares. To date, a total of
$4.4 million of debt has been eliminated as a result of the restructuring including $2M owed to Custom
Security Industries, a majority owned subsidiary.
During the first quarter of 2015, Sentry is implementing a cloud based ERP accounting system.
In addition, annual expenses will be significantly reduced by exiting the company's European distribution
center and reducing operating costs and rental space at the headquarters in Long Island, NY.
"The reported transactions mark a significant change in our company's current and future
business operations," said Peter L. Murdoch, President and CEO or Sentry Technology. "We believe that
by dramatically improving our balance sheet, reducing expenses and focusing sales efforts on our new
VideoRailway™, HD/IP traveling camera technology, Sentry will generate an operating profit during
2015."
"VideoRailway™ is now installed and performing well in leading U.S., Canadian and South
African retailers. The high quality HD image improves the effectiveness of OperationalVideo™, our
online platform for managing retail operations, merchandising compliance and security. While selling the
CCTV technology in Europe and our library business will reduce total revenue, the company is better
positioned to take advantage of the significant opportunity in the fast growing digital, networked video
market."
Sentry Technology Corporation designs, manufactures, sells and installs Closed Circuit
Television (CCTV) solutions. Our CCTV product line features VideoRailway™ and SmartTrack™, a
proprietary, traveling camera technology. Our OperationalVideo™, OVportal™ software application
assists retailers with on-line management of safety and security, merchandising audits and employee
procedure compliance. More information can be found at www.sentrytechnology.com.
Corporate Headquarters
Sentry Technology Corporation
1881 Lakeland Avenue
Ronkonkoma, NY 11779
Toll-free: 1 (800) 645-4224
Tel: (631) 739-2000
Fax: (631) 739-2124
e-mail: sentry@sentrytechnology.com
Sales Office
Sentry Technology Canada
17 Ruggles Avenue, Unit #6
Thornhill, Ontario L3T 3S4
Toll-free: 1 (800) 461-2803
Tel: (416) 674-4788
Fax: (416) 674-5075
e-mail: sales@sentrytechnology.com
Customer Service
1881 Lakeland Avenue
Ronkonkoma, NY 11779
Toll-free: 1 (800) 645-7217
Tel: (631) 739-2000 x2
Fax: (631) 739-2124
Web Site: http://www.sentrytechnology.com
SHARE STRUCTURE INFORMATION:
(% Held by Insiders:====================54.18%)
% Held by Institutions4:==================0.10%
Common stock, $0.001 par value;
Authorized=========================300,000,000 Shares as of March 2015
Issued and outstanding==============206,405,000 as of March 2014
| PeterL. Murdoch | Our President and Chief Executive Officer since January 8, 2001. Mr. Murdoch has extensive experience in the retail security industry as well as in the sales of technology-based products. He was Managing Director of ID Security Systems Canada, Inc. since its inception in 1987. Beginning in 1997 he has served as member of the management committee of Dialoc ID. Prior to joining ID Security Systems Canada, Inc., Mr. Murdoch was Vice President of Sales for Catalyst International Business Systems. He is an economics graduate from the University of Western Ontario. |
| Joan E. Miller | Our Vice President - Finance since January 1, 2007, Ms. Miller is responsible for all accounting functions and financial reporting. Prior to that, Ms. Miller was the Vice President - Controller of Sentry since July 2000, the Controller of Knogo North America Inc. since December 1986 and Assistant Controller for Knogo Corporation since November 1980. Prior to joining Sentry, Ms. Miller worked for Harman Kardon Inc. as Assistant Controller from June 1976 to November 1980 and as Cost Accounting Manager from December 1975 to June 1976. Ms. Miller is a graduate from Hofstra University and is a Certified Public Accountant. |
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