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Avante News
| 2003-05-30 | Synergx Systems Inc. (Nasdaq Small Cap-SYNX) Announcement |
| SYOSSET, N.Y., May 30 /PRNewswire-FirstCall/ -- Synergx Systems Inc. announced today that it had closed its previously announced investment in Secure 724 LP, an Ontario limited partnership which has developed the capability to use wireless technology to transmit alarm information from a secured site to a central station and either a client's BlackBerry(TM) pager or cellular phone. ADVERTISEMENT Management stated that, "This exciting wireless technology has potential applications for many of our product lines including transit, security and life safety and as part of the transaction we secured licenses for many of our key markets and product lines. In addition, through our equity interest, we will participate in the potential exploitation of this technology in the broader communication industry throughout North America and beyond." As reported, Synergx purchased its interest from Nafund Inc., a Toronto based private equity fund (with two common directors with Synergx) by issuing 150,000 shares of common stock and warrants to purchase 25,000 shares at $2.30 for 24 months. Synergx would issue an additional 75,000 shares of common stock if certain development and funding milestones are satisfied. Synergx would also provide Secure 724 LP with up to Cdn$300,000 of financing against satisfaction of certain development milestones. Synergx is engaged in the design, manufacture, marketing and service of a variety of data communication products and systems with applications in the fire alarm, life safety, security and communication industries. "Safe Harbor" statement under the Private Securities Reform Act of 1995: This release contains forward-looking statements, which reflect management's current views of future events and operations. These forward-looking statements are based on assumptions and external factors, including assumptions relating to product pricing, competitive market conditions, financial data, and other risks or uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the date of this release and any changes in the assumptions of external factors could produce significantly different results. -------------------------------------------------------------------------------- Source: Synergx Systems Inc. | |