Like most businesses, MSGI's plans have been delayed by the credit market's recent difficulties. On October 30th , we received a first in a series of two revolving irrevocable commercial letters of credit from Shinhan Bank Seoul Korea in conjunction with Wells Fargo Bank, NA. The first letter of credit for
Beginning mid-November, the LOCs will revolve month to month such that MSGI will have access to
These revolving LOCs will provide MSGI with the necessary purchasing power to deliver on open contracts and importantly give us the ability for the first time to make weekly deliveries to our clients without the added expense of maintaining onsite inventory. We will now be able to start working through our significant backlog of orders and plan to provide progress reports to our shareholders on a regular basis.
In closing, I would like to take this opportunity to thank our shareholders for your support and to thank our hardworking staff, as they create the foundation of a strong and profitable company.
Chairman and CEO
MSGI Security Solutions, Inc.
About MSGI Security Solutions
MSGI Security Solutions, Inc. is a leading international provider of proprietary security solutions to commercial and government organizations. MSGI is developing a combination of innovative emerging businesses that leverage information and technology with a focus on encryption technologies for actionable surveillance and intelligence monitoring. The Company is headquartered in New York City where it serves the needs of counter-terrorism, public safety, and law enforcement in the United States , Europe , the Middle East and Asia . More information on MSGI is available on the company's website at www.msgisecurity.com
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, spending levels and other factors could cause actual results to differ materially from the Company's expectations.
SOURCE MSGI Security Solutions, Inc.