ComCam Announces Intent to Acquire Pinnacle Integrated Systems
Last update: 11/3/2009 7:55:00
AMWEST CHESTER, Pa., Nov 03, 2009 /PRNewswire-FirstCall via COMTEX/ -- ComCam International, Inc. (Pink Sheets: CMCJ) announced today that it has entered into a letter of intent to acquire all of the issued and outstanding shares of Pinnacle Integrated Systems, Inc. ("P2"), a leading security systems integrator focused on correctional facilities.
P2 has integrated security systems across the United States, providing a complete range of services up to turnkey system design and installation, maintenance contracts including "24/7" help desk, and field support technicians. P2 maintains a website at .
ComCam Chairman Don Gilbreath stated that "we are enthusiastic about the market opportunity that exists for the combination of talents and resources offered by both firms. I have known Bob Betty over ten years as a friend, a vendor, a supplier, a ComCam board member and one of the best operators in the system integration business. The timing is right for us to maximize current opportunities. P2 is cash flow positive on revenues of over $5m this year alone. Together we see growth in 2010 and beyond."
The letter of intent provides that ComCam will pay $1,000,000 in cash over six months, with a promissory note secured by P2's business, and 300,000 shares of ComCam common stock with performance options available for P2's management. Further, the letter of intent anticipates that ComCam will use its best efforts to complete an equity financing and secure letters of credit for system-level surety bonding which is required by state and federal agencies. The transaction is expected to close before the end of this year with P2 becoming a wholly owned subsidiary of ComCam.
ComCam is actively working on returning to full compliance with all SEC reporting requirements and will make application to move quotation of its common stock to the Over the Counter Bulletin Board as soon as is practicable.
ComCam develops and distributes computing remote network video devices, location aware analytics and services that are used, shared, managed and re-deployed throughout numerous divergent industries. More can be learned about our business by visiting our website at -
