NEW YORK , Oct. 30 /PRNewswire-FirstCall/ -- MSGI Security Solutions Inc. (OTC Bulletin Board: MSGIE) today announced that it has 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
The LOC's will revolve month to month such that MSGI will have access to
Each letter of credit generally stays open for approximately 60 days to allow for adequate processing time of orders. The first such letter of credit was issued on October 22, 2008 .
Jeremy Barbera , Chairman and CEO of MSGI stated; "Since embarking on our global commercial security expansion plan, the greatest challenge has been funding the prerequisite inventory acquisition, particularly given the present credit market. These revolving LOC's will provide MSGI with the necessary purchasing power to deliver on open contracts and 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
About Shinhan Bank
Shinhan Financial Group Co. Ltd. is Korea's first financial holding company that delivers comprehensive financial solutions through a powerful One-Portal network. Our goal is to make continual improvements in our One-Portal network to meet all of our customers' financial needs and to secure SFG's position as the leading financial service group in Asia . Our subsidiaries offer quality financial products and services in commercial banking, corporate banking, credit card, private banking, asset management, investment banking, brokerage and insurance service. We serve more than 10 million active customers with 15,000 employees and 970 network branches nationwide. The company has 21 offices in nine countries, including the U.S., the U.K., Japan , China , Germany , India , Hong Kong , Vietnam and Singapore . Currently, Shinhan Financial Group is listed on both the Korea Stock Exchange and the New York Stock Exchange.
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.