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Electronic Control Security, Inc. (OTCBB: EKCS), a leading provider of a broad line of electronic security system technologies to the government and private sectors, and Hyundai Syscomm Corp., a California based world leader in wireless mobile communication equipment, jointly announced their strategic security systems offerings to secure critical Asian infrastructure sites.
The highlights of the alliance between Electronic Control Security Inc. and Hyundai Syscomm Corp., formalized in definitive agreements dated as of December 22, 2006 are summarized below:
Hyundai Invests $1.2 Million in ECSI
Hyundai agreed to make an initial investment of $1.2 million in ECSI. ECSI has issued 4.8 million shares of common stock of which 3,000,000 shares will be applied to the initial funding.
ECSI to Retire Secured Debt and Obtain a More Favorable Commercial Line Of Credit
ECSI will use the initial investment to repurchase its outstanding senior secured convertible debentures issued in January 2006. That will unencumber the assets securing the convertible debentures thereby permitting the company to obtain a working line of credit through commercial banking resources.
Hyundai Guarantees ECSI At Least $25,000,000 in New Revenue
Hyundai, or one of its affiliates, will issue sub-contracts to ECSI for its security technologies and services to protect critical infrastructure in Asia on terms beneficial to both parties. Hyundai will deliver to ECSI on or prior to June 30, 2008, guaranteed contracts having gross revenues of at least twenty five million dollars ($25,000,000). ECSI has agreed to perform its obligations in a timely and efficient manner.
Provides Option for 50% Incentive Based Equity Stake for Hyundai
The issuance to Hyundai over time of up to fifty percent (50%) of ECSI common stock with the timing and amount of the issuance of shares being tied to 30% of the gross profit generated from the sub-contracts that Hyundai issues to ECSI. Hyundai may at its election take its percent of gross profits in the form of cash or in the form of the company's common stock valued at fifty-eight cents ($.58) per share until the average cost of all shares acquired by Hyundai Syscomm from ECSI averages forty cents ($.40) per share.
"The strategic alliance between ECSI and Hyundai Syscomm guarantees us at least $25 million in new revenue over the next eighteen months and Hyundai Syscomm's initial investment immediately strengthens our balance sheet from the retirement of the secured debt," said Arthur Barchenko, Chairman and CEO of ECSI. "It also gives us the strength, resources and marketing reach of a top tier international corporate partner that we need to rapidly expand our target market diversification and sales. Hyundai's expertise in advanced CDMA wireless networks and security systems combined with our proven solutions for protecting vulnerable utilities, nuclear power stations, water resources, pipeline, border, airport, ports and cargo inspection facilities creates a unique, fully integrated, wireless security technology to rapidly expand market share in the world's fastest growing markets."
Mr. Samuel Lee, Chairman of the Board, Hyundai Syscomm stated, "We are very excited about this opportunity since Hyundai Syscomm and its affiliates design, manufacture, supply, market, install and maintain wireless networks and security systems throughout the world. ECSI and its affiliates have the knowledge and capability to integrate with Hyundai Syscomm's products by retrofitting their technology with wireless video security systems into established wireless networks. Hyundai Syscomm, in connection with ECSI's technology, is positioned to meet the needs of the multi-billion dollar rapidly changing 21st century communications and security markets. With the companies' combined technological strength its' leadership expects to capture a large percentage of this ever-expanding market and should place the strategic relationship it at the forefront of the world communication industry. Hyundai Syscomm can efficiently collaborate with ECSI in target market segments."
About Hyundai Syscomm
Hyundai Syscomm is a leader in next generation mobile communication system development. The company is a CDMA infrastructure manufacturer with an installed base of over 3 million CDMA subscribers and over 2,200 base stations globally. The developer of the world's first commercial CDMA system, Hyundai Syscomm installed its first network in 1995 and its products support all major CDMA spectrums globally with a wide range of solutions. Driven by experience in Korea, the company is focusing its current efforts on seizing new market opportunities in China, Southeast Asia and the United States. Hyundai Syscomm has already supplied a WLL system in India. Hyundai Syscomm and its affiliates have installed CDMA infrastructures for Sprint PCS and Verizon Wireless. The Company has since continued to focus on CDMA and in addition diversified into markets complementary to its core assets. (650) 212-7500, Fax (650) 212-7035.
About ECSI
ECSI is recognized as a global leader in perimeter security and an effective quality provider for both the Department of Defense and Homeland Security programs. The company designs, manufactures and markets physical electronic security systems for high profile, high threat environments. The employment of risk assessment and analysis allows ECSI to determine and address the security needs of government and commercial-industrial installations. The company has teaming agreements with major system integrators in both the United States and overseas to support the installation and after market. ECSI is located at 790 Bloomfield Avenue, Bldg. C-1, Clifton NJ 07012. Tel: 973-574-8555; Fax: 973-574-8562. For more information on ECSI and its customers, please go to http://www.anti-terrorism.com.
ECSI Safe Harbor Statement
Statements in this press release, including the statements relating to projected future financial performance, are considered forward-looking statements under the federal securities laws. Sometimes these statements will contain words such as "anticipates," "expects," "plans," "projects," "estimates," "outlook," "forecast," "guidance," "assumes" and other similar words. These statements and those contained in ECSI's recent Form 10-KSB and 10-QSB's are not guarantees of ECSI's future performance and are subject to risks, uncertainties and other important factors that could cause ECSI's actual performance or achievements to be materially different from those it may project. These are only some of the numerous factors that may affect the forward-looking statements contained in this press release.
Source: Electronic Control Security Inc.
EHDT
LOL
USXP Looking to pass HOD
USXP movin! One left
GDKI 1 left
LOL Agreed!
Nowhere, just pumping
LMAO!!!
MBIR- Why did it tank in the first place?
LOL
Morning JJ, hope pinks and otcs do better than they have been this past week.
Most likely will. Should be a nice week
FFHL not a penny but has momo
ESCL good call JJ. FFHL IPO also on the move.
Running today on good news.
Holding good so far.
HYPF moving!!! Could see .40's again!!!
You got to do what you got to do.Good Luck.But imo you might want to see if the MMs let this run slow alittle early, cause that usually means news is coming, thats what happened last time. All imo.
As of now Im more then satisfied to see the pps hold. Imagine less then 3 million volume so far. If any good news comes and this has a 20+ million volume day, we should easly clear .03.imo
Oh snap, I step away for a minute and JJ lets HYPF run out of water.
HYPF NEW HOD .54 IM ALMOST OUT OF POSTS.LOL EOM
Your l2 are messed up theres buying coming in slow and steady
HYPF HOD .535
HYPF .52 HOD
HYPF .505 hod PLEASE DONT STOP. Go to the moon. LOL
Somebody buy some real quick.lol. I like this alot. Low volume and everything, imagine if we see something next week and get some buying pressure, this will ecarfly.
HYPF running on water. .49x.495 HOD
HYPF .49 HOD going eom
Man this play (hypf) reminds me of USSE slow creeper all the way to the north pole.
AURC going up on news .135x.14
Any targets on HYPF JJ? Trying to buy in on dip. eom
HYPF .46 HOD
Looks good JJ. No volume though
lol, yes very good today.eom
Man this sucks. Hopefully this will go up tommorow. It actually held up most of the day.
PLYCF (.036) entering massive China SMS marketplace
PR Newswire "US Press Releases "
TORONTO, Dec. 14 /PRNewswire-FirstCall/ - Playstar Corporation (PLYCF:PK) is pleased to announce that after a few months of negotiations and research it has decided to immediately subscribe for a unique short code in China for use with voting on contests via television or internet.
Playstar is in final negotiations with a company in China to hub the project with us but the application and short code will be owned by Playstar Corporation or a 100% wholly owned subsidiary formed in China.
Stewart Garner states "Obviously we are taking these dramatic steps after careful research and time has gone into the decision process. The text to vote business model has been a huge success in North American TV shows and now being used in China with some similar contests. American Idol set a record with 41.5 million text messages throughout the show's 12-week voting period. Opportunities have arose for us to enter this arena and we are moving forward on it quickly."
The number of mobile phone users in China ended last year at 393 million, according to the Ministry of Information Industry, adding 58.6 million users in 2005. The country's largest mobile phone service provider, China Mobile (Hong Kong), added 42.36 million new subscribers last year, bringing its total to a whopping 246.7 million.
Playstar Corporation is an Antigua corporation and foreign filer on the pink sheets under the symbol PLYCF. Current shares structure fully diluted is 87,933,246 outstanding. Authorized is 100,000,000. Its transfer agent is transfer Online of Portland Oregon.
Waking up a little!!!
ECFL looking to bounce here.
Ok Karma feel free to delete those posts then, I guess we'll just see news when and if it comes.