FARMINGDALE, NJ -- (Marketwire) -- 03/23/10 -- Allied Security Innovations (OTCBB: ADSV), owner of CGM-AST, a leading manufacturer of tamper-evident security products, announced a restructuring and reduction of its debt.
"The reduction in our debt markedly improves our balance sheet," stated Anthony Shupin, CEO. "We are pleased with the cooperation of our investors to accomplish this. Restructuring the debt in this manner allows a more accurate picture of the viability of our company to our shareholders."
"The amount of our long term convertible debentures will be decreased by approximately eight million dollars ($8,000,000.00)," explains Michael Pellegrino, CFO. "We believe this significant reduction more properly reflects the capitalization and financial position of the Company."
Allied Security Innovations, Inc. and its CGM-AST subsidiary design, manufacture and distribute products to secure unattended assets, and provide authentication and identification techniques throughout the supply chain. A recognized leader in Tamper Evident Security devices, CGM-AST produces SECURE T.R.A.C.® pressure sensitive labels and tapes, ToppClip® pallet security systems, and has just announced Stretch Wrap Secure©, Crate Secure© and Carton Secure©, innovative new products for use on stretch film, packaging crates and recycled cardboard packaging.
For more information on how Allied Security Innovations tamper-evident products may be incorporated into security systems, call 800-899-2246 or International please contact Gina Levinson +732-751-1044.
About Allied Security Innovations, Inc.
The company, based in Farmingdale, NJ, develops and markets integrated enterprise-wide image applications specifically designed for criminal justice organizations. Customers include states, cities, counties, corrections, justice, and public safety agencies. Additional information is available online, at www.ddsi-cpc.com.
Its subsidiary, CGM Applied Security Technologies, Inc., with locations in Farmingdale, NJ and a factory in Staten Island, NY, is a leading manufacturer and distributor of Homeland Security products, including indicative and barrier security seals, security tapes and related packaging security systems, protective security products for palletized cargo, physical security systems for tractors, trailers and containers, as well as a number of highly specialized authentication products. Additional information is available online, at www.cgm-ast.com.
Safe Harbor Statement:
Safe Harbor Statement Under the Private Securities Litigation Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of the Company could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rate and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors associated with our Company, review our SEC filings.
Contact Investor Relations
Michael Pellegrino 732-751-1115