Dec. 20, 2010 -- Integrated Security Systems is planning to sell off its B&B ARMR division to an affiliate of Strait Lane Capital Partners for $6 million. B&B ARMR manufactures anti-terrorism vehicle control products, including crash gates and perimeter security bollards.
The sale involves almost all of the assets of B&B ARMR, including inventory, fixed assets, intellectual property and accounts receivable, as well as an investment in B&B Roadway, which makes road and bridge vehicle control products.
The board of Integrated Security Systems has approved the sale, saying it was the choice most likely to boost the value of their stockholders. Part of the challenge for Integrated Security Systems was "difficulty in investing in new products."
After the anticipated sale of B&B ARMR, Integrated Security Systems said it will "actively seek a merger, acquisition or similar business combination with another company to again be engaged in an active business."
Integrated Security Systems is holding a stockholders meeting on Jan. 31, 2011, at the company's offices in Texas to vote on the sale of B&B as well as a reverse stock split.