Stinger Systems Completes $3.0 Million Private Placement Financing

TAMPA , Fla., Aug. 6 /PRNewswire/ -- Stinger Systems, Inc. (OTC Bulletin Board: STIY), a leader in electro-stun technology to the law enforcement and military community, today announced that it has executed a securities purchase agreement and...


TAMPA , Fla., Aug. 6 /PRNewswire/ -- Stinger Systems, Inc. (OTC Bulletin Board: STIY), a leader in electro-stun technology to the law enforcement and military community, today announced that it has executed a securities purchase agreement and closed a private placement transaction with an institutional investor. The terms of the transaction include the issuance of a $3.0 million senior secured convertible note accompanied by a common stock purchase warrant.

According to Mr. Gruder , Stinger Systems' CEO, "This investment is a validation of Stinger's business model to provide state-of-the-art electro- stun technology to the world's law enforcement agencies and military. Now that our flagship S-200 projectile stun gun is ready to ship, this cash infusion should give Stinger the ability to market its products effectively and solidly compete."

ABOUT STINGER SYSTEMS

Stinger Systems, Inc., a leading provider of stun technologies, develops and sells a broad array of products utilizing advanced electro sparc-pulsed technology to police, corrections, and security sectors worldwide. The Company's product lines include: the Stinger(TM) projectile stun gun loaded with NerveLok(TM) and Quantum Flyback Technology(TM); the Band-It(TM), a market leader in electronic prisoner transport and restraint system; and the Ice Shield(TM), for use in crowd control and officer protection. The Company has a worldwide user base of 12,000 and over 1,200 instructors certified to train users of Stinger Systems' product lines. Stinger Systems stun products are currently in use by hundreds of state and municipal agencies worldwide including the U.S. Dept. of Justice, Federal Bureau of Prisons, and the U.S. Marshals Service. For more information about Stinger Systems, please visit http://www.stingersystems.com.

SOURCE Stinger Systems, Inc.